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Feb 17, 2013

Compensation for loss of asset of enduring value is capital receipt

Computer Software- Direct Tax Implication

Posted: 16 Feb 2013 10:50 AM PST

There is a never ending debate on whether software related payment made by a resident to a foreign recipient is in the nature of Royalties or Fees for Technical Services or Business Income.

Issue Arising from Dissolution of Partnership

Posted: 16 Feb 2013 10:32 AM PST

R. Kumar, B.Com. MBA (Finance) Introduction: Normally the partnership would stand dissolved on the death of a partner unless it is otherwise contracted for, but if it is found from the subsequent conduct of the parties that despite the death of partner, partnership business continued to function,...

Rebate of Duty Paid By Merchant Exporter

Posted: 16 Feb 2013 08:37 AM PST

Notification No. 19/2004 –CE (NT) dated 6.09.2004 prescribes the conditions and procedure relating to export under claim of rebate. This notification is applicable for Manufacturer exporter as well as Merchant exporter.

CST -Assessment orders u/s. 6A(1), 6A(2) & 6A(3) – Appellate Forum to be approached

Posted: 16 Feb 2013 08:25 AM PST

There is confusion in the minds of dealers/assessees as to the appellate forum to be approached in case of assessment orders passed under Sections 6A(1), 6A(2) and 6A(3) of the Central Sales Tax Act, 1956

Salaried Person and their Expectation from Budget

Posted: 16 Feb 2013 08:18 AM PST

CMA Arif Farooqui As next year budget is just round the corner, everyone is expecting something from Finance Minister but we should understand, he has some limitations due to heavy fiscal deficits. There are numbers of points which we are expecting from this budget but I would limited my article to...

Penalty u/s 51 of Punjab VAT Act whether just and reasonable?

Posted: 16 Feb 2013 08:11 AM PST

Section 51(7)(c) of Punjab VAT Act, 2005 prescribes penalty equal to 50% of the value of goods for not producing requisite documents i.e (Invoice/Delivery challan, Goods Receipt etc.) at the check post or Information collection centre with a view to attempt or avoid or evade the due tax. Similarly...

Taxation of Software –Sale of Goods or Services- Legal Controversy

Posted: 16 Feb 2013 08:05 AM PST

Information technology services are declared services under Section 66 E (d) - Development, design, programming, customization, adaption, upgradation, enhancement, implementation of information technology software

Retrospective amendment to Income-tax Act has no impact on DTAA & Corporate veil can't be lifted in case transactions are genuine – HC

Posted: 15 Feb 2013 11:30 PM PST

The retrospective clarificatory amendments (vide the Finance Act, 2012) do not seek to override the DTAA. In case of a  conflict between the domestic law and the DTAA, DTAA will prevail, in terms of Section 90 of the Act. The corporate veil can't be lifted in case the transactions are genuine...

Compensation for loss of asset of enduring value is capital receipt

Posted: 15 Feb 2013 09:41 PM PST

In view of decision of Hon'ble Supreme Court in the case of Kettlewell Bullen & Co. Ltd. Vs. CIT: (1964) 53 ITR 261, It was held that the compensation received for loss of an asset of enduring value would be regarded as capital receipt.

Law governing Inbound Investment in India

Posted: 15 Feb 2013 09:15 PM PST

Over the last several years, there has been considerable liberalization in the inbound investment regime, The Industrial Policy Resolution of 1956 and the statement on Industrial Policy of 1991 provides the basic framework for the overall industrial policy of Indian Government. The process of...

Law Governing Outbound Investments in India

Posted: 15 Feb 2013 08:33 PM PST

The current age of globalization can be distinguished from the previous one by the much higher mobility of capital than labor this increased mobility has been the result of technological changes.

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