Section 56 of the Income Tax Act, 1961 provides for taxability of income which is not chargeable to income-tax under any of the heads specified in section 14, items A to E thereof. It provides for such income to be chargeable under the residuary head
With the Bombay Stock Exchange launching its mobile trading platform, the stock market is all set to get a tech boost.Especially since the National Stock Exchange also plans to launch a similar service in the first week of October. A month ago, the S
Schedule Profit and Loss is filled with a claim for depreciation but depreciation details are either not added back in Schedule BP or details of depreciation in plant and machinery and other assets are not filled by the assessee in Schedule DP
As per the Income-tax Rules, 1962 (Rules), a return of income which is required to be filed electronically can be filed either under a digital signature or by transmitting the data in the return electronically and thereafter submitting the signed ver
A dispute often arises when the payer of the amount to the non-resident feels that the amount to be remitted by him is not recipient’s income chargeable under the Indian Income-tax Act. Should the payer in such a case deduct tax at source? It was bel
Arbitration in India was earlier governed by the Indian Arbitration Act, 1859 with limited application and the Second Schedule to the Code of Civil Procedure, 1908. Then came the Arbitration Act, 1940. Section 8 of that Act conferred power on the Cou
The Labour Laws (Exemption from Furnishing Returns and Maintaining Registers by Certain Establishments) Act, 1988 presently provides for exemption by way of allowing ‘very small’ establishment (employing up to 9 workers) to maintain only one register and submit one return and ‘small establishments’ (employing 10 to 19 workers) to maintain three registers and submit one return. The passage of the Amendment Bill will benefit establishments employing up to 40 workers in maintaining registers and submitting returns electronically under 16 Labour Laws.
Indian-listed shares:-Long-term capital gains on transfer of the above securities (where securities transaction tax is payable) would continue to be eligible for a 100% deduction, and remain exempt from tax. The DTC has reduced the tax burden substantially for short-term small investors. Short-term capital gains on such securities (taxable at 15.45%) would be eligible for 50% deduction and thereafter taxed as per the normal slab rates applicable. Effectively, the tax under DTC would range between 5% and 15%, depending on the tax bracket in which an individual falls. Small investors (with an income between Rs 2 lakh and Rs 5 lakh) would pay only 5% capital gains tax.
It has come to our notice that, certain Overseas Entities who are authorized by the Reserve Bank of India, under the Payment and Settlement System Act, 2007, to operate in-bound cross border money transfer services through agents appointed in India, have been insisting on “exclusivity” arrangements with their agents for rendering such services in India. […]
It is true that even now people repose so much confidence on the High Court or the Supreme Court and we know the reputation of many judges as independent, knowledgeable and courageous. Professionals connected with the judiciary know the reputation of a judge and if there is some corruption, then, definitely, they will know the allegations of corruption or even the corruption. With the change of adoption of methods in the corruption practice, now, it has become very difficult to find proof or establish the corruption charges on a High Judge or a Supreme Court Judge.
