Even on a close reading of the Circular makes it very clear that the term “advertising” has not been defined in the Act. During the course of the consideration of the Finance Bill, 1995, the Finance Minister clarified on the floor of the House that the amended provisions of tax deduction at source would apply when a client makes payment to an advertising agency
Once Section 44BB is attracted, it is common ground that the computation has to be made in accordance with that provision and no other special provision, viz., Section 44DA or Section 115A would come into play in view of the fact that the payment is being made by a non-resident to another non-resident.
The applicant, Federation of Indian Chambers of Commerce and Industry (“FICCI”) is a company registered under the Companies Act, 1956. It is stated that for meeting several objects, the applicant maintains a liaison with the Government of India/State Governments on the one hand and several corporations and other members on the other
VSAT Charges- Members of the stock exchanges trade (purchase and sell) on behalf of their clients. As a part of infrastructure provided to the members a trading system, known as on screen trading is provided by stock exchanges. Such trading facilities are established by Stock exchanges to enable trading anywhere in the territory of India.
Section 158BC(b) provides that where any search has been conducted u/s.132 or books of account, other documents or assets are requisitioned under section 132A, in the case of any person, then the Assessing Officer shall proceed to determine the undisclosed income of the block period in the manner laid down in section 158BB and the provisions of section 1
It has also been argued that while computing the perquisite value the salary from only one employer should be considered. We are however unable to accept the argument. The computation of perquisite value as per the rule is based on the annual salary and not on the basis of salary from one employer
CIT Vs Aimil Ltd – It was held that if the employees contribution is not deposited by the due date prescribed under the relevant Act and is deposited late, the employer not only pays interest on such delayed payment but could incur penalties also. Those Acts permit the employer to make deposit with some delays. Therefore, these amounts could not be disallowed under section 43B
No capital gains are accrued or arisen at the time of conversion of partnership into a private limited company under Part IX of the Companies Act, irrespective of subsequent change in the shareholding of such company [Umicore Finance Luxembourg (AAR No. 797 of 2009)].
This Article summarizes a recent ruling of the Authority for Advance Rulings (A.A.R. No. 825 OF 2009) in the case of Aramco Overseas Company B.V. (Applicant) on the issue of taxation of procurement support services rendered by the Indian liaison office (Indian office) of the Applicant.
CIT vs. Lokmat Newspapers (Bombay High Court) (Income Tax Appeal No 3005 of 2009). Speculative loss incurred in earlier years by a company can be set off against profit earned on delivery-based share trading transactions. The HC held that since the business of delivery-based share trading transactions is deemed to be a speculative business for a company, such set off is permissible.
