tax act

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Latest blogosphere posts tagged “tax act”

• Allowability of depreciation on the Bombay Stock Exchange Membership Card

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 159
  Recently, the Bombay High Court in the case of CIT v. Techno Shares & Shares Limited and Various other Stock Broking Houses (ITA no. 971 of 2006 and 218 of 2007) held that the depreciation cannot be granted on Bombay Stock Exchange Membership... [[ This is a content summary only. Visit my website www.taxguru.in ...
  17 hours ago

• Section 14A submission accepted by AO can not be sent back to AO for reconsideration by tribunal

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 159
  The Bombay High Court ruled that once the taxpayer’s submissions with respect to section 14A was accepted by a tax officer, the Tribunal cannot send back the same matter for the tax officer’s re¬consideration. Recently, the Bombay High Court in the... [[ This is a content summary only. Visit my website ...
  18 hours ago

• Government notified rules for valuation of perquisites for the financial year 2009-2010

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 159
  In exercise of the power conferred by section 295 read with sub-section (2) of section 17 of the Income Tax Act, 1961 (43 of 1961) , the central Board of Direct taxes hereby makes the following rules further to amend the Income Tax Rules, 1962... [[ This is a content summary only. Visit my website www.taxguru.in for ...
  1 day ago

• Short term capital losses subject to STT can be set off against Short term capital gains not subject to STT

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 159
  The Finance Act, 2004 introduced section 111A in the Income-tax Act, 1961 (the Act) prescribing a tax rate of 10 percent on Short Term Capital Gains (STCG) arising from sale of shares on or after 1 October 2004 on a stock exchange which are subject... [[ This is a content summary only. Visit my website www.taxguru.in ...
  2 days ago

• Payments made by telecasting companies to satellite companies for telecommunication or broadcasting constitutes royalty

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 159
  Conflicting decisions of the Income-tax Appellate Tribunal (the Tribunal) concerning similar payments in the case of Asia Satellite Telecommunications Co. Ltd. v. DCIT [2003] 85 ITD 478 (Delhi ITAT) and DCIT v. Pan AmSat International Systems Inc.... [[ This is a content summary only. Visit my website www.taxguru.in ...
  2 days ago

• The difference between the market price and the issue price of the ESOP is not an allowable expenditure

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 159
  Recently, the Delhi Bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of Ranbaxy Laboratories Ltd. has held that the difference between the market price and the issue price of the shares offered to employees under the Employee... [[ This is a content summary only. Visit my website www.taxguru.in ...
  2 days ago

• Conversion of DTA unit to STPI unit – eligible for deduction under Section 10A

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 159
  The agitation by the revenue is that the assessee company was not entitled to deduction under section 10A as the CIT (A) failed to appreciate the fact that the assessee had commenced manufacture, production of software prior to its registration as... [[ This is a content summary only. Visit my website www.taxguru.in ...
  2 days ago

• Capital gain tax on Transfer of redevelopment rights?

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 159
  # As per the Development Control Regulations of the Municipal Corporation of Greater Bombay, 1991 (‘DCR’), in the case of redevelopment of existing buildings, an additional FSI is granted tothe land owner. The additional FSI can be utilised in the... [[ This is a content summary only. Visit my website ...
  3 days ago

• Expenditure related to exempt income to be disallowed even if assessee has not earned any tax-free income

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 159
  Special Bench of the Income Tax Appellate Tribunal, New Delhi in the case of Cheminvest Ltd. (ITA Nos.87Del//2008, 4788/Del/2007 and 233/Ahd/ 2006) holds that expenditure relating to exempt income to be disallowed even if assessee has not earned... [[ This is a content summary only. Visit my website www.taxguru.in ...
  4 days ago

• Tax paid by employer on behalf of employee is a non-monetary perquisite subject to single grossing up

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 159
  The Income-tax Appellate Tribunal, Delhi in the case of Triton Holdings Ltd. vs Dy. Director of Income Tax, Deharadun (ITA Nos. 2541 to 2559/Del/2009) held that the tax paid by employer on the behalf of employees should be considered as a... [[ This is a content summary only. Visit my website www.taxguru.in for full ...
  4 days ago

• Penalty should not be imposed if full disclosure of the facts of the case made by the Assessee

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 159
  The Delhi Bench of the Income - tax Appellate Tribunal (Delhi Tribunal), in the case of Vertex Customer Services (India) Pvt. Ltd. (the taxpayer) held that exclusion of provision of doubtful debts from the operating expenses being a debatable issue... [[ This is a content summary only. Visit my website www.taxguru.in ...
  4 days ago

• Payment made to foreign company for outright purchase of plant and know-how cannot be considered as ‘Royalty’

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 159
  Recently, the Himachal Pradesh High Court in the case of CIT v. Maggronic Devices Pvt. Ltd. [2009-TIOL-568-HC-HP-IT] held that payment made by the taxpayer to a Singapore company for outright purchase of plant and product knowhow cannot be... [[ This is a content summary only. Visit my website www.taxguru.in for full ...
  4 days ago

• Online Merchants Brace for New Reporting Requirements

  
  taxgirl — Authority: 551
  The Housing Assistance Tax Act of 2008 made headlines as part of the larger Housing and Economic Recovery Act of 2008, or HERA, signed into law by President Bush. HERA was introduced as HR 3221 by Rep. Nancy Pelosi (D-CA), with the title: A bill to provide needed housing reform and for other purposes and was ...
  4 days ago

• MAT will be eased for infrastructure companies in new DTC

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 159
  The government is likely to ease the incidence of minimum alternate tax, or MAT, on infrastructure companies. The department of revenue plans to change the proposed direct tax code to exempt these companies from MAT for the first few years since... [[ This is a content summary only. Visit my website www.taxguru.in ...
  4 days ago

• Scrutiny Assessment under the Income-tax Act with Special reference to Annual Information Returns

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 159
  The scrutiny of returns had been a regular measure to check tax evasion since long. The collection of information for the purpose of making enquiries in the course of such scrutiny assessments is as much important as the assessment proceedings... [[ This is a content summary only. Visit my website www.taxguru.in for ...
  5 days ago

• High-pitched assessments u/s. 147/143(3) of the Income-tax Act – Some remedies

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 159
  After the judgment of the Supreme Court in the case of ACIT vs. Rajesh Jhaveri Stock Brokers (P) Ltd. delivered on 23-5-2007 and reported at (2007) 291 ITR 500 (SC), a large number of actions are being initiated u/s. 147/148 of the Income-tax Act,... [[ This is a content summary only. Visit my website www.taxguru.in ...
  5 days ago

• DTH services, some household items to become costlier in Delhi

  
  Thaindian News — Authority: 728
  New Delhi, Dec 14 (IANS) At a time when spiralling food prices are burning a hole in citizens’ collective pocket, the Delhi government Monday introduced two bills - to tax television through DTH (Direct to Home) services and to increase taxes on some goods, including household items.Finance Minister Ashok Kumar ...
  5 days ago

• Income from Other Sources – Method of Accounting – Concealment Penalty – Provisional Attachment

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 159
  In this article, the proposed amendments by The Finance (No. 2) Bill, 2009 relating to sections 56(2), 57, 145A, 271(1) Explanation 5A and 281B, are briefly discussed. These amendments proposed in the Finance (No. 2) Bill, 2009, are aimed towards... [[ This is a content summary only. Visit my website www.taxguru.in ...
  1 week ago

• Direct Taxes ‘Manufacture’ – Reassessment – Stamp Valuation – Service of Notice – Document Identification Number

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 159
  Definitions – Manufacture – Clause 3 - S 2 (29BA):- Clause 3 of the Finance Bill 2009 has sought to introduce sub section 29BA in section 2 of the Income Tax Act wherein the manufacture is defined for the first time The amendment is to take effect... [[ This is a content summary only. Visit my website ...
  1 week ago

• Post budget Weighted Deduction for in-house research and development

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 159
  The Finance Bill, 2009 has introduced changes in the provisions relating to deduction for scientific expenditure incurred by an assessee in connection with his business. Clause 12 of the Finance Bill, 2009 proposes to substitute the following words... [[ This is a content summary only. Visit my website www.taxguru.in ...
  1 week ago

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