taxation laws

Taxation of Foreign Companies in India

Income Tax - In India, companies are taxed on their income according to their residential status. A company with residential status in India will be taxed on its global income whether earned in India or outside India whereas a non resident company will be taxed only on income received, accrued or arise in India....

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Taxation of HUF & Family Arrangement

Income Tax - Basic requirements for the existence of an HUF are as follows :(i) Only one co-parcener or member cannot form an HUF Family is a group of people related by blood or marriage. A single person, male or female, does not constitute a family. However the property held by a single co-parcener does not lose its character of Joint Family propert...

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Taxation, Business and Gujarat: Some Historical Facts

Income Tax - Gujarat area is known to have been inhabited by man for thousands of years. It has fertile land and great sea shores, which have been utilized to travel to distant countries. Right business attitude and peace has bestowed this area with wealth. Gujarat and nearby areas not only pioneered business ideas, but had an impact on religious and ...

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Taxation of Mutual Funds

Income Tax - Mutual Funds are like a department store where many products are on display and every one can get product suitable to his needs, risk appetite, investment horizon.  From product for parking your overnight funds to investing for decades, mutual funds can cater to needs to all investors. As the products offered by mutual fund houses [&hell...

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All About Derivative under Income Tax Act

Income Tax - This Article Helps you to understand the Provision of Income Tax Act i.r.t. Derivatives like Meaning, Income Consideration, Books of Accounts Requirement, Meaning of Turnover, Audit Requirements, Adjustments of Losses etc...

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Ambiguous tax treaties could hit FDI inflows – Ruia

Income Tax - Leading industrialist and Essar Group chairman Shashi Ruia has warned of an adverse impact on FDI inflows in India if its taxation laws with various countries remain 'ambiguous'. The Government (of India) is signing a spate of treaties with other countries. But all this will come to nought if the treaties are ambiguous and open for depart...

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PWC asked for clarity on taxation rules regarding payments made for acquiring spectrum

Income Tax - “There is no specific provision in Indian tax laws governing the deductibility of the payments made for acquiring spectrum,” a PwC report on the telecom sector said. With the allocation of spectrum, especially 3G being an issue of concern, rules governing the same in the taxation laws also assume significance. “Since, substantial am...

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Assessee is entitled for depreciation on assets of a closed unit which are part of block of assets

Swati Synthetics Ltd. Vs. ITO (ITAT Mumbai) - The assets did not fall under any of the above exceptional three conditions. The said block of assets was used for the purpose of business during the year. Under the circumstances the assets of the said closed unit amounts to use for the purpose of business in the year under consideration ,...

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S. 220(2) Interest chargeable with reference to due date reckoned from original notice of demand

DCIT Vs. AS Krishna & Co. (P.) Ltd. (ITAT Visakhapatnam) - It is thus clear that the entire assessment order was not set aside to enable the Assessing Officer to reframe the assessment; the order passed by the first appellate authority was only to enable to the Assessing Officer to vary the assessment originally made and not to take a reiook at all the issu...

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Tribunal’s power u/s 254(2) is not to review its earlier order but only to amend it with a view to rectify any mistake apparent from the record

Express Newspapers Ltd. Vs. Dy. CIT (Madras High Court) - . From the various judgments of the Supreme Court above referred to and other High Courts, it is clear that the Tribunal's power under Section 254(2) is not to review its earlier order but only to amend it with a view to rectify any mistake apparent from the record. What can be termed as "mistake ap...

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The depreciation cannot be taken as ‘notionally allowed’, but only as ‘actually allowed’

Padmavathi Srinivasa Cotton Ginning & Pressing Factory Vs DCIT (ITAT Vishakhapatnam) - The effect of omission of section 34 and Rule 5AA and consequential amendment in section 32 by omitting reference to section 34 makes it clear that one cannot taken support from the decision of the Hon'ble Apex Court in the case of Mahendra Mills, supra, after the amendment. Section 43(6) of the Act...

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Notional advantage will not form part of actual rent received

ITO Vs Pushya Properties (P.) Ltd. (ITAT Mumbai) - 5.11 Now coming to the merits of the case. For this purposes, we are required to consider the scheme of taxation of income from house property. Section 22 says that the measure of income from house property is its annual value. The annual value is to be decided in accordance with section 23. Sub-sec...

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The Taxation Laws (Amendment) Bill, 2019 as Passed by Lok Sabha

Bill No. 362-C of 2019 - (02/12/2019) - AS PASSED BY LOK SABHA ON 2.12.2019 Bill No. 362-C of 2019 THE TAXATION LAWS (AMENDMENT) BILL, 2019 A BILL further to amend the Income-tax Act, 1961 and to amend the Finance (No. 2) Act, 2019. BE it enacted by Parliament in the Seventieth Year of the Republic of India as follows:— CHAPTER I PRELIM...

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Recent Posts in "taxation laws"

Taxation of Foreign Companies in India

In India, companies are taxed on their income according to their residential status. A company with residential status in India will be taxed on its global income whether earned in India or outside India whereas a non resident company will be taxed only on income received, accrued or arise in India....

Read More
Posted Under: Income Tax |

Taxation of HUF & Family Arrangement

Basic requirements for the existence of an HUF are as follows :(i) Only one co-parcener or member cannot form an HUF Family is a group of people related by blood or marriage. A single person, male or female, does not constitute a family. However the property held by a single co-parcener does not lose its character of Joint Family propert...

Read More
Posted Under: Income Tax |

Taxation, Business and Gujarat: Some Historical Facts

Gujarat area is known to have been inhabited by man for thousands of years. It has fertile land and great sea shores, which have been utilized to travel to distant countries. Right business attitude and peace has bestowed this area with wealth. Gujarat and nearby areas not only pioneered business ideas, but had an impact on religious and ...

Read More
Posted Under: Income Tax |

The Taxation Laws (Amendment) Bill, 2019 as Passed by Lok Sabha

Bill No. 362-C of 2019 (02/12/2019)

AS PASSED BY LOK SABHA ON 2.12.2019 Bill No. 362-C of 2019 THE TAXATION LAWS (AMENDMENT) BILL, 2019 A BILL further to amend the Income-tax Act, 1961 and to amend the Finance (No. 2) Act, 2019. BE it enacted by Parliament in the Seventieth Year of the Republic of India as follows:— CHAPTER I PRELIMINARY […]...

Read More

Taxation of Mutual Funds

Mutual Funds are like a department store where many products are on display and every one can get product suitable to his needs, risk appetite, investment horizon.  From product for parking your overnight funds to investing for decades, mutual funds can cater to needs to all investors. As the products offered by mutual fund houses [&hell...

Read More
Posted Under: Income Tax | ,

All About Derivative under Income Tax Act

This Article Helps you to understand the Provision of Income Tax Act i.r.t. Derivatives like Meaning, Income Consideration, Books of Accounts Requirement, Meaning of Turnover, Audit Requirements, Adjustments of Losses etc...

Read More
Posted Under: Income Tax |

Plain Language Drafting – Need of Hour

In general, it is observed that many laws are written, arranged and designed in a way that makes them hard for common man to understand. The same is true for various contracts which are used in day to day life e.g. insurance contracts. USA Government has passed a law namely the Plain Writing Act of […]...

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Posted Under: Income Tax |

Ambiguous tax treaties could hit FDI inflows – Ruia

Leading industrialist and Essar Group chairman Shashi Ruia has warned of an adverse impact on FDI inflows in India if its taxation laws with various countries remain 'ambiguous'. The Government (of India) is signing a spate of treaties with other countries. But all this will come to nought if the treaties are ambiguous and open for depart...

Read More
Posted Under: Income Tax |

Irregularities in VAT department at Punjab

Since rules of natural justice are part of the fundamental rights provided by our constitution the same have to be followed while taking any quasi judicial or administrative action under every law and the taxation laws are no exception to it. Any authority whether appellate or not has to follow the rules of natural justice while making an...

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Posted Under: Income Tax |

Assessee is entitled for depreciation on assets of a closed unit which are part of block of assets

Swati Synthetics Ltd. Vs. ITO (ITAT Mumbai)

The assets did not fall under any of the above exceptional three conditions. The said block of assets was used for the purpose of business during the year. Under the circumstances the assets of the said closed unit amounts to use for the purpose of business in the year under consideration ,...

Read More

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