The Income-tax Appellate Tribunal (“the Tribunal”) , in the case of First State Investments (Hongkong) Ltd. A/c First State Asia Innovation and Technology Fund1 (“the assessee”), examined the manner of set-off of short- term capital loss suffered from sale transactions subject to Securities Transaction Tax (”STT”) against short- term capital gains arising prior to introduction of STT, during the financial year.
In 1918, the scheme of Government Diploma in Accountancy (GDA) was introduced by the Government of Bombay to provide the eligibility to accountants for Unrestricted Certificate to practise accountancy in India. In 1930, the Government of India decided to control and regulate the accountancy profession and provided for the grant of certificates to auditors through […]
As per the provisions of section 43B(f) of the Income-tax Act, 1961 (the Act), any sum payable by the assessee as an employer in lieu of any leave at the credit of his employee shall be allowed only in the previous year or financial year in which such sum is actually paid by him. In other words, the claim for deduction in respect of the provision made by an assessee-employer in relation to the liability under the leave encashment scheme
The Income-Tax Appellate Tribunal (ITAT) has held that any expenditure, which is viewed as an offence or is prohibited by law, but is of a commercial nature incurred in the normal course of business, can be treated as an outgo at the time of calculating tax liabilities.
Dear CA Pariwar, The enthusiasm of our members and students throughout the country in celebrating our Diamond Jubilee Year has indeed been overwhelming and I would also like to take this opportunity to extend my heartfelt gratitude to all our members, students, my colleagues in the Council, Regional Councils and Branch Managing Committee Members for […]
Learn about the modified e-TDS/TCS data structure and new File Validation Utility introduced by the Income Tax Department since October 1, 2009.
Surchage, Education Cess and applicability on TDS related to A.Y. 2010-11 (F.Y. 2009-10)? Undermentioned provisions are applicable for Financial Year 2009-10 (A.Y. 2010-11) and w.e.f. 01.04.2009. 1. Surcharge: No Surcharge on TDS in case of payment is made to Resident or Domestic Company No Surcharge on TDS in case of payment is made to Non Resident other than Foreign Company 2.5% Surcharge on TDS if the recipient is a foreign company and amount exceeds Rs. 1 Crore.
The process of electronically filing Income tax returns through the internet is known as e-filing and is meant to ensure saving of time and paperwork for taxpayers. It is mandatory for companies and Firms requiring statutory audit u/s 44AB to submit the Income tax returns electronically for AY 2009-10. E-filing is possible with or without […]
The long awaited Direct Tax Code Bill 2009 (‘Code’) was finally unveiled by the Finance Minister on August 12, 2009. The Code seeks to bring all direct taxes under one code and pave way for a single unified tax reporting system. The Finance Minister has indicated that the Code has been drafted on a clean […]
As per section 195, tax is required to be deducted at source from payment to non-residents, if the same is chargeable to income-tax under the Income-Tax Act, 1961 (the Act). In this connection, it may be stated that as per the Instruction issued by the Reserve Bank of India (RBI), except in the case of certain personal remittances which have been specifically exempted, no remittance could be made to a non-resident, unless a No Objection Certificate (NOC) has been obtained from the Income-Tax Department.
