Income Tax : Explore the changes in taxation of debt mutual funds pre and post April 2023. Learn about impacts, benefits, and strategies. Inves...
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 ...
Income Tax : Section 80P: Deduction in respect of Income of Co-operative Societies In case of all co-operative societies, except co-operative b...
Income Tax : Arjun (Fictional Character): Krishna, nowadays more and more people are making investments in mutual funds through SIPs? Krishna(F...
CA, CS, CMA : Understand the taxation rules for political parties. Learn about the conditions for excluding certain incomes and maintaining prop...
Income Tax : Reeling under the impact of global slowdown and a high interest rate regime, India Inc on Monday demanded that tax rates be retain...
Income Tax : Finance Minister Pranab Mukherjee today said the government is negotiating changes in a tax treaty with Mauritius, the country whi...
Income Tax : Five crore commemorative coins of Rs 5 denomination, unveiled recently to celebrate 150 years of taxation, will be minted for publ...
Income Tax : India signed Tax Information Exchange Agreements (TIEA) with various countries to avoid tax evasions and fiscal frauds such as mon...
Goods and Services Tax : The Maharashtra Sales Tax department is taking steps to apply more caution while disposing of VAT refund applications following di...
Income Tax : The applicant is a US-based manufacturer engaged in manufacturing of engineering goods and is also an R&D-based service provider. ...
Income Tax : The penalty proceedings and the assessment proceedings both are different. Explanation 1to section 271(1)(c) in respect of any fac...
Income Tax : A partnership firm is a separate entity than that of its partners under the Income-tax Act and therefore, partners vis-à-vis part...
Income Tax : As can be seen from the above the adjustment made by the assessee is according to the provisions of the Act. Since both the indust...
Income Tax : I have duly considered the rival contentions and the material en record. The perception of the CIT that the profit is low prompted...
Goods and Services Tax : Representations from various Trades and Associations have been received with a request to extend the due date for submission of Au...
Service Tax : Legal Consultancy Services provided from outside India, in relation to immovable property shall be deemed to be import of service...
Goods and Services Tax : 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] ...
Income Tax : CIRCULAR NO-2/2008-Income Tax Securities and Exchange Board of India (SEBI) vide circular No.-MRD/DoP/SE/Dep/ Cir14/2007 dated 20/...
Income Tax : CIRCULAR NO. 7/2007-Income Tax The Board had issued Circular No. 790 dated 20th April, 2000, laying down the procedure for refund ...
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 a non-exempt income in the hands of a partner of such firm and, therefore, provisions of section 14A would be applicable in computing the total income of such partner in respect of his share in the profits of such firm.
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 sold. Accordingly we do not find any mistake in assessee’s working of the block of assets which is according to the provisions of section 43(6)(c). The A.O.’s action in denying the inclusion of asset within the block is on the condition that the asset was not put to use.
The Budget 2009-2010 amended the Income Tax Act so as to tax notional income resulting from transactions in immovable properties under section 56 i.e. Income from other sources. Our focus in this write-up will be only on newly inserted provisions in section 56 pertaining to Immovable Property which is bound to result in more questions than their answers.
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
Admittedly there was no DTAA with Hongkong for the relevant year. As such we will restrict ourselves in examining the provisions of section 9(l)(vii) in order to ascertain the deductibility or otherwise of tax at source from the payment so made to the firm of legal advisors at Hongkong.
In addition to the Notifications and Circulars given in the Appendix to the RTPs for November, 2009, students may note that rate of service tax has been reduced from 12% to 10% with effect from 24.02.2009 vide Notification No. 8/2009-S.T. dated 24-2-2009. The said notification is relevant for the following mentioned papers in November, 2009 examinations: –
Insurance companies have asked the government to shift to the new tax regime under the Direct Tax Code only for those policies sold after the proposed Code came into effect from April 2011. The draft code, circulated for public comments, had suggested that life insurance policies should be taxed at the time of maturity. So, the […]
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 to be import of services if the services are received by a recipient located in India for use in relation to business or commerce.Cosmetic and Plastic Surgery Services and Transportation of Coastal Goods and Goods Transported Through National Waterways and Inland Water Services shall be deemed to be import of services if such services are wholly or partly performed in India.
The offshore supply of equipment from abroad, in common parlance, means that the supply of goods is made outside India. Ordinarily in such a case, the Indian party opens a letter of credit and nominates a bank to issue irrevocable LOC favouring the foreign party.
A Chartered Accountant or ‘CA’ as commonly known, is a professional who has undergone high standards of theoretical education and practical training, and in the process, has passed final examination in Chartered Accountancy conducted by The Institute of Chartered Accountants of India (ICAI) and has been enrolled as its member. He is a well rounded professional—well-versed […]
