Budget 2002- Compensation for restraint on trading or on exercise of profession made taxable
Until now receipts of such nature were treated as capital in nature by the Courts. . In one such case…
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Today's
Wrong reopening ......Read More
Yesterday's In no way the AO has power to question arm’s length pricing in unrelated party transactions ......Read More
Yesterday's In no way the AO has power to question arm’s length pricing in unrelated party transactions ......Read More
Budget 2002- Must Declare Dividend On or Before 31.03.2002
Dividend exemption is proposed to be withdrawn after 31st March 2002 with a simultaneous withdrawal of 10.2% dividend tax. Any…
......Read MoreInfraction of Law- Confiscation by Customs Department
There is a distinction between an infraction of the law committed in the course of carrying on of a lawful…
......Read MoreCredit Card and Club Subscriptions – Case of Real Anomaly
In the explanatory Circular No. 15/2001 dated 12.12.2001issued by the Central Board of Direct Taxes it is explained that credit…
......Read MoreFundamental Rule for Grant of Exemption
Clause (vi) of section 10(23) provide for an exemption to an educational institution existing solely for educational purposes. The Madras…
......Read MoreInterest on Refund- Not Automatic
Under the Income tax Act every entity is required to deduct tax on specified payments. Often it is found that…
......Read MoreInterest on Borrowed Capital- Unoccupied House
After 01.04.1995 even deduction for interest is available in respect of unoccupied (vacant) house. In other words such deduction is…
......Read MoreAdvantage to Supporting Manufacturer
Often a manufacturer for want of quota ties up with a third party for shipping goods. The export incentives are…
......Read MoreTransfer of Assets to Spouse- II
The Madras High Court in CIT v. M S S Rajan (120TAX680) held that interest on fixed deposit made out…
......Read MorePayments to Sister Concerns- Excessive or Reasonable
Section 40A(2) of the Income tax Act, 1961 authorise assessing officer to examine transactions with associates and disallow sums or…
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