Whether MAT applicable to share of a company in income of a joint venture business 1. Introduction We have been witnessing a new and different trend in relation to the real estate development. Earlier, a builder would go for outright purchase of a piece of land from the landlord and develop the same at his […]
Category Archives: Income Tax
Income Tax is the tax which directly levy on income of any personal.Central Board of Direct tax manage all the things related Direct Tax.
Planning the Pay – Package of a Senior Executive As is well known income-tax is deducted at source in respect of income from ‘Salaries’. As the income of salaried tax-payers is fixed, they are more susceptible to inflationary pressures. Therefore, there have been progressive attempts on the part of the Legislature to grant more and […]
Profit on Sale of Share immediately after conversion from Stock in Trade to Investment is Business Income lndo Stosec (P.) Ltd. vs. lncome-Tax Officer (ITAT Mumbai), Appeal No. I.T.A.No.3472/Mum/2010, Date of Pronouncement : 20.8.2014, Assessment Year: 2006-07 The assessee is engaged in the business of manufacture of Gas mantle and stove. Besides the assessee was […]
No Legal Bar on conversion of Stock in Trade to Investment ACIT vs. M/s. Superior Financial Consultancy Services (ITAT Mumbai), Appeal No. ITA No. 4208/Mum/2007, Date of Pronouncement : 06.03.2013, Assessment Year: 2004-05 Briefly stated, the assessee, a private limited company, engaged in the business of borrowing and lending funds reflected stock-in-trade of Rs.8,30,95,223.15 in […]
Whether a Non-resident is liable to deduct TDS from payments made to persons resident in India? Of late the Government of India has been making use of the provisions of Tax Deduction at Source (TDS) for augmenting tax revenues. Vide Finance Act 1995 the scope of TDS has been vastly enlarged. There are certain provisions […]