Under the provisions of section 115JB of the Income-Tax Act, 1961 (the Act), where in the case of a company, the income-tax payable on the total income in respect of any assessment year (AY), is less than ten percent of its book profit, such book profit shall be deemed to be the total income of the assessee and tax payable by the assessee on such total income shall be the amount of income-tax at the rate of ten percent.
From 1st April 2008, payment of tax has been made mandatory for all corporate and firms covered under tax audit. During the first month, many practical issues were faced by depositors. Some of these are discussed below: Only few Banks authorised Only 27 banks are authorised to accept online payments. Persons not having account with […]
CIT vs. Divine Leasing & Finance (SC) – The amount of share application money received by a Company from alleged bogus shareholders cannot be regarded as undisclosed income under S. 68 of I. T. Act for the simple reason that if the names of the alleged bogus shareholders are given to the AO, then the Department is free to proceed to re-open their individual assessments in accordance with law.
Finance Bill 2008 stands enacted with effect May 10, 2008. In case of transactions between Associated Enterprises, service tax is required to be paid on actual receipt of money for taxable service or on crediting / debiting the account whichever is earlier effective from May 10, 2008. Seven new services came into effect from May 16, 2008 in the net of service tax.
Jamna Auto Industries vs. CIT – The assessee before the Hon’ble Punjab and Haryana High Court was a Partnership firm. The assessee firm had entered into an agreement with M/s. Deutsche Strahil Metail of Berlin a German firm for supply of certain goods of a particular value. The agreement so arrived at, however, could not be acted upon by the assessee as it did not have the requisite import licence for material intended to be imported. On a dispute being referred to the arbitrator, the assessee had to pay damages to the German firm in terms of the award dated 29th July, 1974 for failure to perform its part of the contract.
Tax Audit for the Financial Year 2009-2010 is although over but I am sure most of us have not taken a deceleration from the management regarding the following items appearing in Tax Audit Report. Given Below is the format in which we can now take the deceleration from management which should be dated either by the Tax Audit Report date or a date prior to that.
The tax treatment of cross border software transactions has always been a matter of controversy. One of the major issues has been whether payments for software, where the seller retains all copyright, trademark and other proprietary rights in the software, should be characterized as royalty or as business income. This article addresses the said issue in the light of the definition of ‘royalty’ as per domestic law and as per DTAA (India – USA) and by making reference to some relevant case-laws. The author makes a pointer to the fact that though a Special Task Force was set up to examine the issues of taxation of software, no clarification has been issued by the CBDT so far. He, therefore, opines that it is high time that the CBDT/Finance Act should come up with a clarification/ amendment so as to address the confusion and litigation which is prevailing on the taxability of software payments.
The Supreme Court has held that services rendered by the office of Regional Provident Fund Commissioner of the Employees Provident Fund Organisation will fall within the ambit of ‘service’ under the provisions of Consumer Protection Act (1986) and the subscriber under the Provident Fund scheme is a ‘consumer’ under this Act.
Whether oil rigs engaged in operations in the exclusive economic zone/ continental shelf of India, falling outside the territorial waters of India, are foreign going vessels as defined by Section 2(21) of the Customs Act, 1962, and are entitled to consume imported stores thereon without payment of customs duty in terms of Section 87 of the Customs Act, 1962?
Whether the activity of booking the residential units to be undertaken by the applicant is a taxable service liable to Service Tax under the provisions of section 65 (105) of the Finance Act, 1994? Whether the applicant is liable to service tax under section 65 (105) (zzzh) of the Finance Act, 1994 under the notified taxable service of construction of Complex?
