taxation

Korean taxation: Evolution over the decades

Income Tax - In our tribute to top 25 GDP nations of the world, South Korea has shown a remarkable story to be written in golden letters. Like any Asian country, this lateral part of the century 2000 along with the next one naturally belongs to this quality obsessed nation. Luckily, I came across its taxation in a […]...

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Taxation of Co-Operative Society

Income Tax - Section 80P: Deduction in respect of Income of Co-operative Societies In case of all co-operative societies, except co-operative banks (excluding a primary agricultural credit society or a primary co-operative agricultural and rural development bank), full deduction is allowable in respect of the following income: A.Where 100% deduction i...

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Taxation of Mutual Fund SIP

Income Tax - Arjun (Fictional Character): Krishna, nowadays more and more people are making investments in mutual funds through SIPs? Krishna(Fictional Character): Arjuna, SIPs i.e., Systematic investment plans are a convenient method of investing in mutual funds in which the investor can invest small amounts periodically. Investors can choose the fre...

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Taxation of Political Parties

Income Tax - Any of the following incomes of a political party received by it from any person shall not be included in its total income of the previous year, on fulfillment of prescribed conditions: Income from House Property; or Income from Other Sources; or Capital Gains Income by way of Voluntary Contributions (Donations); or Conditions: – 1....

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Taxation of Shares, Futures And Options

Income Tax - In the previous financial year that is FY 2020, in India, fresh Demat accounts opening jumped to a record high, around 14.2 million fresh Demat accounts have been opened during the year.  This jump is more than three times the number of new accounts opened in FY 2019 (4.70 million accounts).  The accounts are not […]...

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Corporate India wants no change in tax rates in 2012-13 Budget

Income Tax - Reeling under the impact of global slowdown and a high interest rate regime, India Inc on Monday demanded that tax rates be retained at existing levels even as finance minister Pranab Mukherjee expressed concerns about challenges facing the economy.In their customary pre-Budget meeting with Mukherjee, industry leaders also demanded that h...

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India negotiating changes in DTAA with Mauritius – Pranab Mukherjee

Income Tax - Finance Minister Pranab Mukherjee today said the government is negotiating changes in a tax treaty with Mauritius, the country which accounts for the maximum foreign investment in India. So far as Mauritius is concerned, we are having discussions with them for amendment of the avoidance of double taxation agreement. Talks are going on, Mu...

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5 crore special coins to mark 150 years of taxation

Income Tax - Five crore commemorative coins of Rs 5 denomination, unveiled recently to celebrate 150 years of taxation, will be minted for public distribution soon. The coins, released by Finance Minister Pranab Mukherjee on February 26, will be put in public domain and will be a collector's item. These will have no extra price, a senior Finance Minis...

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India signs tax information exchange pacts to avoid tax evasions

Income Tax - India signed Tax Information Exchange Agreements (TIEA) with various countries to avoid tax evasions and fiscal frauds such as money laundering. Talking to mediapersons onboard the aircraft while returning from Paris after attending the G-20 summit, Finance Minister Pranab Mukherjee said: "India has initiated negotiations with other count...

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VAT refund claims to be cross-checked – Sanjay Bhatia

Income Tax - The Maharashtra Sales Tax department is taking steps to apply more caution while disposing of VAT refund applications following discovery of a major refund scam involving officers of the department and traders in Palghar recently. Speaking at an even...

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If certain activities are not really services but more in the nature of stewardship/shareholder activities, the amounts cannot be taxed in India in the absence of a permanent establishment (PE)

Invensys Systems Inc. Re (Authority for Advance Rulings) - The applicant is a US-based manufacturer engaged in manufacturing of engineering goods and is also an R&D-based service provider. It entered a cost al ocation agreement with its India-based group company. The applicant raises invoices on the Indian group company for services rendered based on the ...

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Confirmation of addition by tribunal does not mean concealment of income or inaccurate furnishing of particulars of income

ADIT (Intl. Taxation) Vs Precision Drilling (Cyprus) Ltd. (ITAT Ahmedabad) - The penalty proceedings and the assessment proceedings both are different. Explanation 1to section 271(1)(c) in respect of any fact relating to the computation of total income states that the amount added or disallowed in computing the total income of an assessee shall be deemed to be the income in ...

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Section 14A of IT Act applicable in respect of share of profit from partnership firm

Mr Dharmasingh M Popat Vs ACIT 11(2) (ITAT Mumbai) - A partnership firm is a separate entity than that of its partners under the Income-tax Act and therefore, partners vis-à-vis partnership firm would stand on the same footing of shareholders vis-à-vis company; accordingly , income charged in the hands of partnership firm cannot be treated as being ...

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Reopening under section 147 by the AO on the same set of facts, without there being any additional information, can only be considered as change of opinion

Fluroscent Fixtures Pvt. Ltd. Vs ITO (ITAT Mumbai 'F' Bench) - As can be seen from the above the adjustment made by the assessee is according to the provisions of the Act. Since both the industrial galas fall within the block the WDV is increased by the actual cost of the asset falling within the block and reduced by the amount payable in respect of the asset s...

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If the Assessing Officer has made the assessment by making such inquiries as he deemed fit, the order cannot be termed as erroneous

SICAL Logistics Ltd. Vs. Additional CIT (ITAT Chennai) - I have duly considered the rival contentions and the material en record. The perception of the CIT that the profit is low prompted him to issue show cause notice to the assessee. Profit before taxation of the company as a whole for the year under consideration...

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Due Date for MVAT audit in form 704 for financial year 2008-09 extended to 31st March 2010

Trade Circular No. 5 T of 2010 - (28/01/2010) - Representations from various Trades and Associations have been received with a request to extend the due date for submission of Audit Report in Form-704 for the year 2008-09. The Finance Department, Government of Maharashtra has examined and considered aforesaid representations. Accordingly, it has ...

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Taxation of Services Provided from outside India and Received in India

Notification No. 37/2009 – Service Tax - (23/09/2009) - Legal Consultancy Services provided from outside India, in relation to immovable property shall be deemed to be import of services if the immovable property is situated in India. Legal Consultancy Services provided from outside India which are not in relation to immovable property shall be deemed t...

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Notification about composition Scheme for Drug Retailers

Notification No. VAT.1507/CR- 55/Taxation- 1 - (27/11/2008) - In exercise of the powers conferred by sub-section (1) of section 42 of the Maharashtra Value Added Tax Act 2002 [Mah IX of 2005] the Government of Maharashtra hereby amends the Government Notification, Finance Department, No. VAT-1505/CR- 105/Taxation 1 dated the 1st June 2005 as follows namely....

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Securities lending/borrowing Scheme of Securities and Exchange Board

Circular No. 2/2008-Income Tax - (22/02/2008) - CIRCULAR NO-2/2008-Income Tax Securities and Exchange Board of India (SEBI) vide circular No.-MRD/DoP/SE/Dep/ Cir14/2007 dated 20/12/2007, has decided to permit all classes of investors (individuals, institutional, etc.) to short sell. Further, with a view to provide a mechanism for borrowing of sec...

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Procedure for refund of TDS U/s. 195 to person deducting tax- reg

Circular No. 7/2007-Income Tax - (23/10/2007) - CIRCULAR NO. 7/2007-Income Tax The Board had issued Circular No. 790 dated 20th April, 2000, laying down the procedure for refund of tax deducted under section 195, in certain situations to the person deducting the tax at source from the payment to the non-resident. Representations have been receive...

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Recent Posts in "taxation"

Korean taxation: Evolution over the decades

In our tribute to top 25 GDP nations of the world, South Korea has shown a remarkable story to be written in golden letters. Like any Asian country, this lateral part of the century 2000 along with the next one naturally belongs to this quality obsessed nation. Luckily, I came across its taxation in a […]...

Read More
Posted Under: Income Tax |

Taxation of Co-Operative Society

Section 80P: Deduction in respect of Income of Co-operative Societies In case of all co-operative societies, except co-operative banks (excluding a primary agricultural credit society or a primary co-operative agricultural and rural development bank), full deduction is allowable in respect of the following income: A.Where 100% deduction i...

Read More
Posted Under: Income Tax |

Taxation of Mutual Fund SIP

Arjun (Fictional Character): Krishna, nowadays more and more people are making investments in mutual funds through SIPs? Krishna(Fictional Character): Arjuna, SIPs i.e., Systematic investment plans are a convenient method of investing in mutual funds in which the investor can invest small amounts periodically. Investors can choose the fre...

Read More
Posted Under: Income Tax |

Taxation of Political Parties

Any of the following incomes of a political party received by it from any person shall not be included in its total income of the previous year, on fulfillment of prescribed conditions: Income from House Property; or Income from Other Sources; or Capital Gains Income by way of Voluntary Contributions (Donations); or Conditions: – 1....

Read More
Posted Under: Income Tax |

Taxation of Shares, Futures And Options

In the previous financial year that is FY 2020, in India, fresh Demat accounts opening jumped to a record high, around 14.2 million fresh Demat accounts have been opened during the year.  This jump is more than three times the number of new accounts opened in FY 2019 (4.70 million accounts).  The accounts are not […]...

Read More
Posted Under: Income Tax |

Taxation & Other Benefits Available To Startups

In continuation of the previous article where the eligibility of Startup was discussed, in this article we shall discuss the Taxation & other benefits available to start-ups. Under the taxation benefits, following benefits shall be available to start-ups: I. Deduction Under Section 80-IAC of The Income Tax Act, 1961 (‘Act) II. Angel...

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Posted Under: Income Tax |

Invocation of Section 68 if Assessee is Opting for Presumptive Taxation

The basic edifice of presumptive scheme u/s 44AD is assessee would not be called to maintain books under the Act and get them audited if profit shown by assessee is otherwise in accordance with prescription of section 44AD of the Act. But maintaining books of account is sine qua non for making addition under section 68. Since […]...

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Posted Under: Income Tax |

Money 2.0 | Taxation of Cryptocurrencies | Income Tax Perspective

As per Investopedia, a cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. A defining feature of cryptocurrencies is that they are generally not issued by any central governmental authority and thus immune to government interference or manipula...

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Posted Under: Income Tax |

Taxation In Case of Export Services under GST

India has always been one of largest exporting countries all around the world. With new emerging policies in India regarding exports, people are moving towards export business which helps our Indian economy and GDP to grow at a faster rate. Here we will talk about various aspects of taxation in case of export of services (including- GST, ...

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Posted Under: Income Tax |

Taxation of Shares & Securities for FY 2020-21 | AY 2021-22

Taxation on Capital gain on shares & securities has always been a matter of concern for investors since special rates apply on Income from capital gain. In the table below, we have bifurcated the capital gain assets on the basis of period of holding & type of entities: ASSETS PERIOD OF HOLDING SHORT TERM/ LONG […]...

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Posted Under: Income Tax |

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