| Profits / losses on futures and options contracts (derivative transactions) would be in the nature of 'Business Income': AAR Posted: 09 May 2010 09:09 PM PDT 
Recently, the Authority for Advance Rulings (AAR) in the case of Royal Bank of Canada (A.A.R No 816 of 2009) has held that the profits / losses on futures and options contracts (derivative transactions) carried out by Canadian entity would be in the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| UK rules for determining tax residency in the UK Background Posted: 09 May 2010 09:01 PM PDT 
The Inland Revenue (now HMRC) in the United Kingdom (UK) in the Gaines-Cooper case has clarified the rules in respect of determining tax residency in the UK. The Decision-The case was not about the residence status of the taxpayers as such, but... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Employer's contribution towards overseas social security – not taxable : ITAT Delhi Posted: 09 May 2010 08:54 PM PDT 
Recently, the Income Tax Appellate Tribunal, New Delhi (ACIT vs Harashima Naoki Tashio, ITA No. 4634/Del/) has held that the employer's contribution towards the social security in the home country of the employee is not taxable in the hands of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Hypothetical tax – Not taxable as salary income Posted: 09 May 2010 08:48 PM PDT 
The Delhi High Court (CIT Vs. Dr. Percy Batlivala [ ITA No. 13 08/2008]) has held that in respect of the expatriate employee sent on deputation to India, the amount of hypothetical tax representing the difference between the tax liability in the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Proposed amendments to the Finance Bill, 2010 Posted: 09 May 2010 08:42 PM PDT 
The Finance Bill, 2010 (the Bill) was presented by the Finance Minister (FM) before the Lok Sabha ( The lower house of Parliament of India ) with certain amendments. This Flash News gives a snapshot of the key amendments to the Bill as passed by... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| How controversial/litigating can an inclusive definition be? Posted: 09 May 2010 08:09 PM PDT 
It was realised that defining goods (and even artificially) would solve problems. It did. But now the trend has become too often to give artificial definition by incorporating deeming clause through the word 'includes'. The concept of 'manufacture'... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Rights of nominee override the rights of heirs Posted: 09 May 2010 08:02 PM PDT 
The law on nomination of shares held in companies has taken a new meaning with perhaps the first interpretation of the provisions governing nomination in the Companies Act, 1956 by the Bombay high court. Interpreting Section 109A of the Companies... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Excess ITC can be utilised for payment of 25% of additional demand u/s 62(5) of PVAT Act 2005 Posted: 09 May 2010 06:55 PM PDT 
I have written an article earlier explaining the provisions of section 15(3) of Punjab VAT Act 2005. Section 15 of Punjab VAT Act deals with the Net Tax Payable by a taxable person. According to section 15(3) excess ITC after adjustment u/s 15(2)... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Maharashtra Tax Laws (Levy and Amendment) Act, 2010 Posted: 09 May 2010 06:39 PM PDT 
In pursuance of clause (3) of article 348 of the Constitution of India, the following translation in English of the Maharashtra Tax Laws (Levy and Amendment) Act, 2010 (Mah. Act No. XII of 2010), is hereby published under the authority of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Maharashtra Value Added Tax (Second Amendment) Rules, 2010 Posted: 09 May 2010 06:32 PM PDT 
No.VAT-1510/ CR-53/Taxation- 1, - Whereas the Government of Maharashtra is satisfied that circumstances exist which render it necessary to take immediate action further to amend the Maharashtra Value Added Tax Rules, 2005, and to dispense with the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| MVAT Notification No. VAT 15107 C.R. 52/Taxation-1 – Amendment to Schedules Posted: 09 May 2010 06:26 PM PDT 
No. VAT 15107 C.R. 52 (A)/ Taxation-1.— In exercise of the powers conferred by sub-entry (8) of entry 107 of SCHEDULE C appended to the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government of Maharashtra hereby, with effect from... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
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