| All about Taxation of Partnership Firms Posted: 11 Jul 2010 08:37 PM PDT 
Rate of tax :-Flat rate of 30% on the total income after deduction of interest and remuneration to partners at the specified rates. (No surcharge for Asst. Yr. 2010-11) to be increased by education cess secondary and higher education cess @ 3% on... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Income tax provisions related to 'Income from House Property' in brief Posted: 11 Jul 2010 08:29 PM PDT 
Where property consisting of buildings or buildings and lands appurtenant thereto is owned by two or more persons and their respective shares are definite and ascertainable, such persons shall not be assessed as an A.O.P. (Association of Persons)... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Income tax provisions related to charitable trust in brief Posted: 11 Jul 2010 08:15 PM PDT 
Exemption :-Income derived from property held under trust or of an institution ('trust') wholly for charitable/religious purpose is exempt, if 85% of the income is spent on the objects of the trust, during the year. If the amount spent is less than... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| An update on possible renegotiation of India-Mauritius Tax Treaty Posted: 11 Jul 2010 07:49 PM PDT 
A recent media report suggests that the Governments of India and Mauritius are slated to renegotiate the India-Mauritius Tax Treaty (Treaty). The Treaty is one of the few tax treaties that provides for an exemption, from taxation in India, of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| India-US Competent Authorities negotiated on transfer pricing matters to resolve such disputes within a period of two years Posted: 11 Jul 2010 07:53 AM PDT 
Recent negotiations between the Competent Authorities (CAs) of India and the USA under Article 27 of the India-US tax treaty (Tax treaty), which deals with the Mutual Agreement Procedure (MAP), provides for a dispute resolution mechanism where the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Finance Ministry to arm tax authorities with information of Indian residents claiming exemption under DTAA Posted: 11 Jul 2010 06:59 AM PDT 
The Finance Ministry has decided to arm its tax authorities with exhaustive financial and personal data of Indian residents who use the exemption clauses under the Double Taxation Avoidance Agreement (DTAA) and escape paying taxes in one of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Irda clears IPO guidelines for insurance companies ; Sebi nod expected shortly Posted: 11 Jul 2010 06:52 AM PDT 
The sectoral regulator Irda today said it has finalised the IPO guidelines for insurance companies and has referred the same to the capital markets watchdog Sebi for final approval which is expected soon."We are expecting the guidelines shortly. We... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Employees Provident Fund (EPF) interest rate likely to be fixed at 8.5 percent for 2010-11 Posted: 11 Jul 2010 06:45 AM PDT 
The Employees Provident Fund (EPF) is expected to retain the interest rate for its six crore account holders at 8.5 per cent in 2010-11, with a formal announcement likely to be made in August."I hope that the recommendation of 8.5 per cent by the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Builders likely to challenge imposition of service tax on flats under construction in court Posted: 11 Jul 2010 06:42 AM PDT 
Builders are all set to legally challenge the imposition of the service tax levied by the Centre on flats under construction. The Maharashtra Chamber of Housing Industry (MCHI), which has leading developers as its members, is considering filing a... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| HC grants stay to Retailers and Multiplexes from levy of service tax on rental income Posted: 11 Jul 2010 06:35 AM PDT 
Opposing the government's decision to levy service tax on rentals, several retailers and multiplexes across cities have obtained stay orders against the move from their respective high courts over the last one month. The Union Budget for 2010-11 had... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| LIC, IDFC, IFCI and few other finance companies get government nod to issue tax-free infrastructure bonds eligible for deduction u/s. 80CCF of the Income Tax Act, 1961 Posted: 11 Jul 2010 06:26 AM PDT 
The rebate will also be allowed for bonds issued by Industrial Finance Corporation of India, Infrastructure Development Finance Company and any other non-banking finance company classified as an infrastructure finance company. The Reserve Bank of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Service tax on residential properties to have minimal impact on demand for residential properties Posted: 11 Jul 2010 06:19 AM PDT 
The recent imposition of service tax on residential properties will have only a minimal impact on the demand for residential properties in the real estate sector as most buyers in the market are end-users than investors. This service tax of 10.3 per... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| SEZ units and developers may come under MAT net under the DTC Regime Posted: 11 Jul 2010 06:16 AM PDT 
Although the revised draft Direct Taxes Code (DTC) has suggested the continuation of profit-linked incentives for existing SEZ units and developers, they are likely to come under the ambit of Minimum Alternate Tax (MAT). The revised draft of DTC has... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Tax-free infrastructure bonds u/s. 80CCF to have minimum tenure of ten year Posted: 11 Jul 2010 06:11 AM PDT 
The tax-free infrastructure bonds proposed in this year's budget will have a minimum tenure of 10 years and a lock-in period of at least five years, allowing lenders to raise the much-needed long-term funds for the sector. The guidelines issued by... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Satyam scam: Price Waterhouse seeks ruling on SEBI's jurisdiction over auditors Posted: 11 Jul 2010 05:40 AM PDT 
Audit firm Price Waterhouse has moved the Bombay High Court challenging the Securities and Exchange Board of India's jurisdiction to investigate its role in the multi-crore Satyam fraud.The audit firm filed a petition in the Bombay High Court on... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Five Major Differences Between Small Accounting Firms and the Big 4 Posted: 11 Jul 2010 05:25 AM PDT 
As a casual fan of Going Concern, and a senior auditor of a small to mid size local firm, I feel the site is quite comical and a vast insight into the world of "bigger and better" feelings. I read the site for humor, comparison, and overall... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| E-filing Mandatory for Individual and HUF who required to furnish the return in Form ITR-4 and to whom provisions of section 44AB are applicable Posted: 10 Jul 2010 09:04 PM PDT 
E-filing Mandatory for Individual and HUF who required to furnish the return in Form ITR-4 and to whom provisions of section 44AB are applicable [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Section 80-IA of the Income-tax Act, 1961 – Deductions – Profits and gains from industrial infrastructure undertakings, etc. – Notified undertaking Posted: 10 Jul 2010 09:00 PM PDT 
Whereas the Central Government in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the said Act), has framed and notified a scheme for... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| NBFCs-ND-SI issuing guarantees – Applicability of exemption from Concentration norms Posted: 10 Jul 2010 08:58 PM PDT 
In terms of the third proviso of para 18 of the Non-Banking Financial (Non- Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007, any systemically important non-deposit taking non-banking financial company not... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
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