Payment received on account of supply of software products to independent third party re-sellers in India not royalties but business income Posted: 04 Jul 2010 08:44 PM PDT 
The applicant is a company incorporated in Japan and is engaged in the business of providing „Products Lifecycle Management? software solutions, applications and services. These software products are standardized and not customized or tailor-made.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
Loss of a unit not eligible for any tax holiday cannot be set off against profits of the eligible unit for the purpose of computing deduction Posted: 04 Jul 2010 08:40 PM PDT 
Loss of a unit not eligible for any tax holiday cannot be set off against profits of the eligible unit for the purpose of computing deduction [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
Characterization of income from sale of shares Posted: 04 Jul 2010 08:36 PM PDT 
The Mumbai Tribunal, following earlier judicial pronouncements and Circulars, has once again highlighted that the characterization of income from sale of shares as „capital gains or business income is a fact-based analysis. The decision of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
Adjustment of brought forward losses and unabsorbed depreciation, applicable only from the initial assessment year in case of eligible business Posted: 04 Jul 2010 07:53 PM PDT 
Section 80-IA of the Income-tax Act, 1961 (ITA) deals with tax holidays for eligible businesses. Sub-section (5) of section 80-IA of ITA provides that for the purpose of determining the quantum of the deduction, the profits of the eligible business... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
Domestic companies routing their investments through Mauritius may soon have to pay capital gains tax Posted: 04 Jul 2010 07:05 PM PDT 
Domestic companies routing their investments through Mauritius may soon have to pay capital gains tax as the tax authorities are pressing for checking the misuse of the tax treaty with the island nation. The Central Board of Direct Taxes (CBDT)... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
Indians in US, other countries to get tax concession Posted: 04 Jul 2010 07:02 PM PDT 
Indians, staying in the US, could in next three months avail tax concession on the money they will spend on social welfare projects at their native places in India. Under the 'India Development Foundation for Overseas Indians', an initiative of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
SEZs unlikely to get tax sops under Direct Tax Code Posted: 04 Jul 2010 06:58 PM PDT 
The Finance Ministry indicated that the revised Direct Taxes Code draft may stick to denying tax sops to special economic zones (SEZs), even as Commerce Minister Anand Sharma assured that the interests of investors will be protected. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
RBI board to decide on further hike in its lending and borrowing rates : Pranab Posted: 04 Jul 2010 06:55 PM PDT 
Finance Minister Pranab Mukherjee today said the Reserve Bank will decide on a further hike in its lending and borrowing rates at the quarterly review meeting on July 27. "The RBI Board will come up with its policy on July 27. Let us wait till... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
Obligation to withhold tax attracted only when the payment to a non-resident is wholly or partially chargeable to tax in India Posted: 04 Jul 2010 09:51 AM PDT 
Prasad Production Ltd. ("Taxpayer") was awarded a contract by the Government of the State of Andhra Pradesh to establish IMAX Theatre at Hyderabad. The Taxpayer entered into an agreement with IMAX Ltd., Canada for purchase of the system (which... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
Loss on purchase and sale of units issued by UTI not a speculative loss and not a colourable device even if entered into with a motive to avoid taxes Posted: 04 Jul 2010 09:44 AM PDT 
The taxpayer, Porrits & Spencers (Asia) Limited, is a public limited company incorporated under the Companies Act, 1956. It is in the business of manufacturing of engineered fabrics and industrial textiles. During the financial year 1990-91 it... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
Authority for Advance Ruling liberally interprets tax residency rules for returning employees Posted: 04 Jul 2010 09:36 AM PDT 
The plain reading of the income tax provisions dealing with determination of residential status of an individual indicates that beneficial provisions relaxing the tax residency will apply to an Indian citizen leaving India for the purpose of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
Reminder : Person receiving income subject to withholding tax is required to obtain Permanent Account Number (PAN) Posted: 04 Jul 2010 09:31 AM PDT 
The Finance (No.2) Act of 2009 introduced section 206AA under the Income Tax Act, 1961 (the ITA) to provide that any person who is entitled to receive any sum or income or amount, on which tax is to be withheld under the ITA shall furnish PAN to the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
Charges paid for bill discounting transactions does not amount to interest Posted: 04 Jul 2010 09:27 AM PDT 
The Interest Tax Act, 1974 specifically includes discounting charges in the definition of interest, however interest defined under ITA does not include discounting charges. Wherever the legislature was conscious of the fact that even the discount of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
Mumbai Tribunal rules that no Permanent Establishment arises on deputation on hire basis. Further, no income arises to recipient on reimbursement of salary costs Posted: 04 Jul 2010 09:25 AM PDT 
This is yet another decision on the issue of whether the deputation of personnel by an overseas entity results in Permanent Establishment in India and the related attribution of profit and withholding tax issues. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
Fee for technical services may be taxable in India even if completely rendered outside India Posted: 04 Jul 2010 09:22 AM PDT 
The decision of tribunal reaffirms the position that after amendment to section 9 of the Act, what is required is that, the services should be utilized in India in order to be taxable in India irrespective of the situs of rendering of the services. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
AAR ruling is binding on the revenue authorities despite any contrary ruling in other tax payer's case Posted: 04 Jul 2010 09:20 AM PDT 
Prudential Assurance Company Ltd. (Prudential) is a foreign company incorporated in United Kingdom and is engaged in the business of Insurance. Prudential registered with the Securities and Exchange Board of India as a sub-account of a Foreign... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
Interest free security deposit not a perquisite Posted: 03 Jul 2010 10:38 PM PDT 
The High court agreed with the position taken by the appellate authorities that the security deposit did not constitute a loan since it was paid to the respondent in his capacity as the owner of the accommodation and in pursuance of a lease... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
Simplification of E-visa process for Information technology sector Posted: 03 Jul 2010 10:33 PM PDT 
The guidelines issued on 26 April 2010 ("new guidelines") are measures taken by the Government to counter the adverse effects of the employment visa ("E-visa") notification of December 2009. In terms of the new guidelines, E-visa applications... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
Maintenance of stock of goods by the foreign enterprise at the customer's location for standby use may not give rise to PE Posted: 03 Jul 2010 10:27 PM PDT 
The Tribunal has held that a simple maintenance of stock of goods by the foreign enterprise at the customer?s location for standby use may not constitute a PE, while keeping the issue open with regard to royalty on use of equipment. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
Focus on Foreign Institutional Investors (FII's): Revised Direct Tax Code Posted: 03 Jul 2010 10:17 PM PDT 
The draft Direct Taxes Code (DTC) along with a Discussion Paper was released on 12 August 2009 for public comments with the intention to simplify direct tax legislation in India. Subsequently, comments were solicited from the public and examined by... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
Public sector units may get audit deadlines Posted: 03 Jul 2010 09:21 PM PDT 
The government is set to fast track the process of updating and finalising accounts of public sector units in order to get a correct picture of their financial health before it decides a roadmap for them. The department of public enterprises is... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
No service tax on payments received before 01.07.2010 for which services was delivered on or after 1st July Posted: 03 Jul 2010 09:16 PM PDT 
Post the finance ministry's move to include eight new services such as domestic air travel and health under the ambit of service tax from 1 July, the revenue department has clarified that payments made before that date for services yet to be... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
Citizens' Charter requires I-T department to return possession of sealed properties and assets in two months Posted: 03 Jul 2010 09:11 PM PDT 
The new Citizens' Charter will be a guiding rule book for the I-T department and its officials.Taxpayers whose premises have been searched or raided by the Income Tax (I-T) department can now expect to get possession of their sealed properties and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
New Companies Bill likely to be in winter session: Corporate affairs secretary Posted: 03 Jul 2010 09:08 PM PDT 
The new companies Bill, pending approval of the Parliamentary standing committee, is expected to be tabled in Parliament by this year-end, corporate affairs secretary R Bandyopadhyay said here today. "The committee will submit its report soon. The... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
ICAI presidents Message on Enhanced Students Initiatives, Harnessing Information Technology, Expanding Infrastructure, Creating Global CAs etc |Tax Guru [del.icio.us] Posted: 13 Mar 2010 09:08 AM PST Chinese philosopher Confucius had once said, ' The journey of a thousand miles begins with a single step.' As I take this first step as 58th President of the second largest accountancy body of the world, I wish to thank all those who have s  |
Is Arbitration better suited to get corporate disputes resolved? |Tax Guru [del.icio.us] Posted: 13 Mar 2010 09:06 AM PST Unless there is an express bar under law and when there is an arbitration agreement either express or implied, a dispute between or among the parties can be referred to an Arbitrator or panel of Arbitrators as specifically agreed to. As everybody knows, Alternative  |
Rights and duties of assessee during conduct of search under the Income Tax Act, 1961 |Tax Guru [del.icio.us] Posted: 13 Mar 2010 09:05 AM PST What remedy does the assessee have in case of misbehaviour of the officers? Ans. Misbehaviour may lead to some injury, damag  |
Brief Note on Concepts Related to Search and Seizure in question- answer mode |Tax Guru [del.icio.us] Posted: 13 Mar 2010 09:05 AM PST I. ON MONEY Q.1 Whether book result can be disturbed in case of Assessment relating to search & seizure? Ans. Book result cannot be  |
Book under construction flat before July 2010 to avoid 3.30% Service tax on Agreement Value |Tax Guru [del.icio.us] Posted: 13 Mar 2010 09:03 AM PST w service tax levy on construction service will come into effect. The cost of flats will go up 3.3% of the total purchase consideration once service tax begins to be levied on construction. The go  |
IT department detected huge tax evasion by two steel companies |Tax Guru [del.icio.us] Posted: 13 Mar 2010 09:03 AM PST Income Tax department is understood to have detected an evasion of Rs 502 crore by two major steel manufacturers after it conducted searches and surveys against them in various parts of the country. T  |
Government prosecuted over 13,000 companies during last three years for violation of provisions of Companies Act, 1956 |Tax Guru [del.icio.us] Posted: 13 Mar 2010 09:01 AM PST Government on Thursday said it has prosecuted over 13,000 companies during the three years ending 2008-09 for not following the provisions of the Companies Act. "As many as 13,437 companies were prosecuted for non-compliance of provisions of the Companies A  |
Tax benefit from Equity Linked Saving Scheme (ELSS) and why to invest in it |Tax Guru [del.icio.us] Posted: 13 Mar 2010 09:01 AM PST Most of the tax saving instruments under Section 80C are savings-oriented instruments, with returns after adjusting for inflation either in the negative or slightly positive. The exceptions to  |
Companies having permanent establishment in India will be taxed on their technical services fees at marginal tax rate |Tax Guru [del.icio.us] Posted: 13 Mar 2010 08:59 AM PST The finance ministry is hoping to recover about Rs 10,000 crore from non-resident service providers to oil and gas explorers in India. Finance Minister has inserted a clarification in the Finance Bill 2010-1  |
Government may ask TPAs to get audited by external auditors to check delay in settlement of claims |Tax Guru [del.icio.us] Posted: 13 Mar 2010 08:59 AM PST The government may ask third party administrators (TPA) that provide cashless medical insurance service to undergo external audit following complaints of  |
Audit Firms started hiring Chartered Accountants directly at CA Coaching Classes |Tax Guru [del.icio.us] Posted: 13 Mar 2010 08:57 AM PST At Ahmedabad-Based Fountainhead, a little-known coaching academy for chartered accountants, February 20 was a day of celebration. The two-year-old chartered accountants' training institute was playing host to a recruiting team  |
Professionals are under Income Tax scanner after Mumbai-based lawyer disclosed income of 7.50 Crore |Tax Guru [del.icio.us] Posted: 13 Mar 2010 08:55 AM PST Mumbai based lawyers, doctors and film professionals are under Income-Tax department scanner, the department is planning to carry out a series of raids on such professionals,  |
FAQs on Reverse Mortgage in India |Tax Guru [del.icio.us] Posted: 13 Mar 2010 08:54 AM PST Q.1.What is reverse mortgage? When you buy a house through a home loan, every EMI you pay towards servicing the loan increases your equity in the house. Once you payoff the loan in full, your  |
Gift to doctors by Pharma Companies |Tax Guru [del.icio.us] Posted: 13 Mar 2010 08:53 AM PST The Indian Medical Council (Professional conduct, Etiquette and Ethics) Regulations, 2002 were amended by Medical Council of India with the prior approval of Government of India by inser  |
Government to enter MOU with other countries to exchange information on money laundering and terror funding |Tax Guru [del.icio.us] Posted: 13 Mar 2010 08:51 AM PST The Government of India has authorized Financial Intelligence Unit – India (FIU-IND) to enter into Memorandum of Understanding (MOU) with FIUs of other countries to exchange information pertaining to money laundering  |
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