| Applicability of Minimum alternate tax on Revaluation Reserve credited to profit and loss account Posted: 07 Oct 2009 07:40 PM PDT 
Section 115JA of the Income-tax Act, 1961 - Minimum alternate tax - Assessment year 2000-01 - Assessee had created a reserve in assessment year 1986-87 by enhancing value of assets - Assessee had withdrawn Rs. 1.53 crores from said reserve and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| The depreciation cannot be taken as 'notionally allowed', but only as 'actually allowed' Posted: 07 Oct 2009 07:33 PM PDT 
Explanation – 5 to section 32 is clarificatory in nature and hence it will have retrospective operation. Accordingly, the depreciation cannot be taken as `notionally allowed', but only as `actually allowed'. Related posts:Depreciation @ 60% is... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| Allowability of deduction u/ 10B to company engaged in business of contract research and in providing of laboratory facility to its parent company in USA Posted: 07 Oct 2009 07:25 PM PDT 
Section 10B of the Income-tax Act, 1961 - Export oriented undertaking - Assessment year 2003-04 - Assessee-company was engaged in business of contract research and in providing of laboratory facility to its parent company in USA - It had claimed... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| Taxability of Sale Proceed of Assets Purchased before introduction of block concept and sale thereafter Posted: 07 Oct 2009 07:14 PM PDT 
Each of the sub-sections to section 41 deal with different and distinct topics and one cannot read recoupment under one sub-section into another; the depreciation recovered on sale of the capital asset was includible in the total income as balancing... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| Losses could not be ignored in determining the applicability of exception clause of Explanation to section 73 Posted: 07 Oct 2009 07:07 PM PDT 
Section 254 of the Income-tax Act, 1961 - Appellate Tribunal - Powers of - Assessment year 1996-97 -Whether though Tribunal is not akin to a Court but functions discharged by it are similar to a Court, and, hence, in addition to its expressed... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| RBI Circular to RBs – Priority Sector Lending Categorisation of activities under service under the MSMED Act, 2006 Posted: 07 Oct 2009 06:39 PM PDT 
In terms of paragraphs 2.1.1 and 2.1.2 of Section I of the guidelines on lending to priority sector enclosed to circular RPCD.No.RRB. BC.20/ 03.05.33/2007- 08 dated August 22, 2007, credit to small enterprises includes loans granted to micro and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| Frequently asked question on Profession Tax (PT) in Maharashtra Posted: 07 Oct 2009 10:36 AM PDT 
Who is liable to pay Profession Tax?Every person engaged actively or otherwise in any profession, trade, callings or employment and falling under one or the other of the classes mentioned in the second column of Schedule I appended to Profession Tax... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| New Guidelines on requirement of employment visa for Foreign Nationals working in India on Projects Posted: 06 Oct 2009 10:36 PM PDT 
Indian diplomatic posts worldwide are no longer accepting employment visa applications from individuals who are not nationals of the country where the post is located. Instead, these applicants are advised to file their applications at the post in... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
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