BASIC KNOWLEDGE ABOUT TRUST A trust is an agreement between people (called trustees) to manage property over which they have control either to benefit other people (called beneficiaries) or for charitable purposes. A groups of trustees may be incorporated as a board under the Charitable Trusts Act 1957 if the objects are charitable. DEFINITION OF …
CORPORATE & PROFESSIONAL UPDATE DECEMBER 15, 2015 INCOME TAX ACT SECTION 5 INCOME – ACCRUAL OF Income : Where interest income from security accrued in terms of books of account maintained by assessee, but same was offered to tax on actual receipt, and Tribunal passed detailed order in favour of assessee in earlier year, which it …
CORPORATE & PROFESSIONAL UPDATE DECEMBER 14, 2015 INCOME TAX ACT SECTION 2(15) CHARITABLE PURPOSE Object of general public utility – Banking technology service : Where assessee-society was established by RBI to provide Banking Technology services and to carry out research which was charitable in nature; merely because it had generated surplus during course of carrying on …
CORPORATE & PROFESSIONAL UPDATE DECEMBER 13, 2015 INCOME TAX ACT SECTION 9 INCOME – DEEMED TO ACCRUE OR ARISE IN INDIA Penalty as ordered by US Court : An amount levied as penalty by an order of US Court can never attract any tax nor would such a payment made by applicant attracts any tax liability …
COMMITTEE OF GOVT OF INDIA GIVEN 10 SUGGESTIONS FOR TAX REFORM PANEL TO SIMPLIFY INCOME-TAX PROVISIONS. The Government has constituted a 10-member Committee (‘Tax Reform Panel’) on October 27, 2015 to simplify provisions of the Income-Tax Act. Justice R.V. Easwar, former Judge of the Delhi High Court is the Chairman of Tax Reform Panel. The …
CORPORATE & PROFESSIONAL UPDATE ON DECEMBER 12, 2015 www.caindelhiindia.com; CORPORATE UPDATES IT: Exemption u/s 10A – the disallowed expenditure becomes a part of the income derived from the activity of export of software and entitled to the deduction under Section 10A of the Act – CIT-II Vs. Ntrance Customer Services Pvt. Ltd. (2015 (12) TMI 566 – …
INTEREST ON TAX REFUND NOT COVERED BY DEFINITION OF INTEREST UNDER INDIA-ITALY DTAA AND LIABLE TO TDS AT 40% Ansaldo Energia SPA v. DDIT [ITAT Chennai], ITA No. 1496 to 1498 of 2014, dated: July 17, 2015 Facts of the case The assessee, an Italy based company, was engaged in the business of designing, building and supplying …
CABINET APPROVES REAL ESTATE (REGULATION AND DEVELOPMENT) BILL, 2015 The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the Real Estate (Regulation and Development) Bill, 2015, as reported by the Select Committee of Rajya Sabha. The Bill will now be taken up for consideration and passing by the Parliament. The Real …
Corporate & Professional Update December 11, 2015 INCOME TAX ACT SECTION 2(1A) AGRICULTURAL INCOME Income from coffee business: Where assessee was selling only sun dried coffee seeds and was not engaged in other processing activities, its income from coffee estate had to be computed by applying Rule 7B – [2015] 175 (Chennai – Trib.) SECTION 2(15) CHARITABLE PURPOSE …
GUIDELINES FOR FOREIGN COLLABORATION Guidelines to be considered in connection with the formulation of proposals and agreements of foreign collaboration: Alternative sources – The collaborator should explore, to fullest extent possible, alternative sources of technology, evaluate them from a techno-economic point of view and furnish reasons for preferring a particular technology and the source of import. …