Undoubtedly, the DTC has done more good to the power industry, for instance, relief by way of grandfathering clause and removal of MAT based on Gross assets, there are certain provisions where further clarity would be required. For e.g. DTC has no sp
The Bangalore Bench of the Income Tax Appellate Tribunal (the Tribunal) has, in case of SAP Labs India Private Limited (the taxpayer), confirmed the benefit of 5 percent variation as a standard deduction, to the taxpayer as provided in Section 92C(2) of the Income Tax Act, 1961 (the Act). The Tribunal has further confirmed the inclusion of foreign exchange gain as part of the sale proceeds of the taxpayer and rejected abnormally high profit companies as comparables.
Under the existing provisions of the Income-tax Act, 1961 (‘the Act’), tax holiday is available to an undertaking which has commenced providing telecommunication services on or before 31 March 2005 (Section 80-IA of the Act). Such benefit is availabl
The DTC 2010 seeks to provide that the Central Government may enter into an agreement with the Government of any country or specified territory for the granting of relief or avoidance of double taxation (‘DTAA’), for exchange of information
It is interesting to note the path of the Direct Tax Code from the 2009 Bill to the 2010 one. The promises of a lower corporate tax rate have not crystallised. However, relief has been given to SEZ developers & SEZ units by way of grandfathering clau
GST, when implemented, will replace many of the taxes and will obviously reduce the paper work, man power and money. Further, there are no. of ambiguities in certain cases which makes it difficult to ascertain as to which law is applicable. For eg. s
In 2010 Budget, infrastructure bonds were announced as one of the tax saving options to assessees whereby under section 80CCF of the Indian Income tax Act, investment upto Rs 20,000 in notified infrastructure bonds was allowed tax benefit by way of reduction from total taxable income. This is over and above Rs one lakh tax benefit available under sections 80C, 80CCC and 80 CCD.
The Help Line Desk will be functional from 18th October to 16th NOVEMBER, 2010 for 24 hours on all days (inclusive of holidays and Sundays) to attend to any query relating to the ensuing Chartered Accountant Examinations to be held from 8th to 16th N
I am very happy to listen to the news pertaining to the approval of the cabinet to the Judicial Standards and Accountability Bill, 2010. I believe that it becomes law very soon. I know that it will not be easy to deal with the issue of corruption in Higher Judiciary even after the proposed law, but, it will be a good beginning. The judiciary in this country has enjoyed so much respect in the past and it has started degrading day-by-day and there is an urgent need to restore the lost dignity.
We are all well acquainted with the words named DEVELOPED and UNDER DEVELOPED. We can define the meaning of these two words from all corners from an economic condition of a country. But precisely saying developed means more economic growth, revenue g
