| Study of recent amendment in deduction for developing and building housing projects – S. 80-IB Posted: 25 May 2010 07:50 PM PDT 
Section 80-IB (10) of the Act is aimed at promoting construction of housing projects, so as to address the problem of shortage of dwelling units. The predominant objective of this incentive provision, therefore, is to encourage better availability... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Changes in provisions related to Computation of profits in the case of units in SEZ – S. 10 AA (7) Posted: 25 May 2010 07:47 PM PDT 
Section 10AA was inserted in the Income-tax Act, 1961 ("the Act") by the Special Economic Zones Act, 2005 ("the SEZ Act") with effect from 10-2-2006. The section was enacted specially with respect to provide tax exemption to the newly established... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Amendment to definition of charitable purpose and power of Commissioner to cancel of registration of charitable trusts Posted: 25 May 2010 07:38 PM PDT 
The Finance Act, 2008 had amended the definition of charitable purpose contained in section 2(15), by adding a proviso to the effect that advancement of an object of general public utility would not be a charitable purpose, if it involved the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Section wise study of recent changes in Income tax law related to LLP made by finance Act 2010 Posted: 25 May 2010 07:31 PM PDT 
The Finance (No. 2) Act, 2009 provided for the taxation of LLPs in the Income-tax Act on the same lines as applicable to partnership firms. Presently LLP is subject to tax @ 30%. There will be no change in this tax rate.. Section 47 – Transactions... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Buying Vehicle in Delhi gets costlier Posted: 25 May 2010 07:05 PM PDT 
Consumers will have to pay at least Rs 5,000 more to buy a car and up to Rs 2,000 for purchasing a two-wheeler in Delhi as the state government is raising road tax on vehicles. Automakers say this would increase the cost of ownership of their... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Benefit of House Rent Payment for Salaried receiving HRA Posted: 25 May 2010 07:02 PM PDT 
HOUSE rent allowance, or HRA, is a major component of your salary. This is given by an employer to an employee to meet the cost of renting a home. As a salaried employee you can claim a tax exemption on such an amount. But there are certain... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Banks on expansion spree as RBI eased branch licensing norms Posted: 25 May 2010 09:44 AM PDT 
Banks double expansion plans after RBI's decision to allow them to open branches in Tier-III to VI cities without prior permission. An easing of the requirement to take the Reserve Bank of India's (RBI's) permission for opening new bank branches has... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Sebi wants voting rights for ADR/GDR investors Posted: 25 May 2010 09:38 AM PDT 
Market regulator Sebi wants to end the practice of placing restrictive clauses by companies which strip their ADR/GDR investors of voting rights. The Sebi board meeting last week had deliberated on the need to remove obstacles to bringing the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Allowing of authorized employees of IT/ITES units in SEZto work from Home vide Instruction No. 58, dated 21-5-2010 Posted: 25 May 2010 09:35 AM PDT 
In partial modification of the Instruction No. 55 dated 5th May, 2010 issued by the Department of Commerce on the above mentioned subject, this is to clarify that off-site employees of SEZ may be permitted to work from home or from place outside the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Clarification regarding applicability of service tax on laying of cables under or alongside roads and similar activities Posted: 25 May 2010 09:10 AM PDT 
Disputes have arisen in some parts of the country regarding applicability of service tax on certain activities such as shifting of overhead cables to underground on account of renovation/widening of roads; laying of electrical cables under or... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Soon mediclaim for treatment at overseas hospitals Posted: 25 May 2010 08:42 AM PDT 
Medical care at overseas hospitals could well be within your reach with a number of health insurance providers planning to launch a premium health cover shortly. Health insurance providers, both private and state-owned, are readying products... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| CIC has limited powers, should remain in its boundary: Delhi HC Posted: 25 May 2010 08:11 AM PDT 
"Information is power. This is truer now, in this information age, than ever before. In a democracy this power of information which the public authorities possess is to be shared with the people. But at the same time, not every piece of information... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Profits from shares is business profits: ITAT Mumbai Posted: 25 May 2010 07:59 AM PDT 
The assessee, a director and shareholder in a company engaged in share trading, returned income of Rs. 78,89,499 earned by her on transfer of shares as a "short-term capital gain". The AO took the view that as there were voluminous transactions, the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| ITAT Mumbai laid down principles to determine whether income from shares is "business" income or "capital gains" Posted: 24 May 2010 11:02 PM PDT 
The assessee, engaged in management consultancy, offered profits of Rs. 1.03 crores earned by it on sale of shares as long-term and short-term "capital gains" depending on the period of holding. The AO took the view that as the assessee was... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Internationalisation of Currency: The Case of the Indian Rupee and Chinese Renminbi Posted: 24 May 2010 08:47 PM PDT 
This study examines the recent debate on the need for a new global reserve currency in the context of the recent global financial crisis, which has, to an extent, eroded the confidence in the US dollar as a numero uno global reserve currency and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
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