Financial, Legal & Tax Updates from TaxGuru (in this message: 7 new items)

Minimum Alternate Tax – Enhancement: Budget 2010

Posted: 22 Mar 2010 08:55 PM PDT

Presently, the corporate entities are liable to pay 15% tax on its book profits u/s. 115JB of the Act, if the said amount is more than the tax computed under the other normal provisions of the Act. Due to the effect of surcharge, education cess and...

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Disallowance on account of non-deduction / non-payment of TDS: Budget 2010

Posted: 22 Mar 2010 08:55 PM PDT

As per existing provisions of Section 40(a)(ia) of the Act, certain payments made to residents were not allowable as deduction where tax was not deducted or after deduction, was not paid before end of the year. In case where the tax was deducted in...

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Computation of Income of Non-Resident providing services in respect of extraction or production of Mineral Oil: Budget 2010

Posted: 22 Mar 2010 08:52 PM PDT

The income of Non-resident from fees for technical services or from royalty is chargeable to tax as per section – 9(1)(vi) and (vii). In case the non-resident has permanent establishment in India the income shall be computed in accordance to the...

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Common mistakes in filling up Income Tax Return form that result in reduction of refund or additional tax demand during processing by the Income Tax Department

Posted: 22 Mar 2010 08:47 PM PDT

A. Reasons for mistakes in calculation of Income:- The accurate and complete filling up of the relevant column or detail in the Income Tax Return (ITR) form is most crucial for correct calculation of income by the Income Tax Department. As a general...

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No capital gains on intra-group transfer of shares in an Indian company for no consideration: AAR

Posted: 22 Mar 2010 08:43 PM PDT

Authority for Advance Rulings (AAR) [2010-TIOL-07- ARA-IT] in the case of Amiantit International Holding Ltd. (Applicant) on the issue of whether the transfer of shares held by the Applicant in an Indian company, to its Cyprus-based 100% subsidiary...

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Discount retained by distributors of SIM cards and recharge coupons liable for TDS

Posted: 22 Mar 2010 08:40 PM PDT

Delhi High Court (HC) [2010-TIOL-139-HC-DEL-IT] in the case of Idea Cellular Ltd. (Taxpayer) on the issue whether the discount retained by Prepaid Market Associates (PMAs) on sale of Subscriber Identification Module (SIM) cards or recharge coupons...

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Input Tax Credit on goods purchased under the PVAT Act is admissible only upto the fourth stage of its purchase

Posted: 22 Mar 2010 06:14 PM PDT

The Punjab VAT Rules have been amended to provide for that the input tax credit on purchase of goods from manufacturer or importer will be available to a dealer only up to the fourth stage of its purchase. The dealers will also have to mention on...

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