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Double Taxation Avoidance Convention ( DTAC ) modified by India & Netherlands
News & FAQs | By ALOK PATNIA | May 26, 2012
Double Taxation Avoidance Convention have been modified by India and the Netherlands in order to facilitate sharing of bank details and t...
Interest income assessable under “Income from Other Sourcesâ€
News & FAQs | By ALOK PATNIA | May 25, 2012
Among the five specified heads of the income, “Income from Other Sources†is the residuary head covering income from Winning from lot...
Special Economic Zone ( SEZ ) Act will be scraped
News & FAQs | By ALOK PATNIA | May 24, 2012
The Government on 23rd May 2012 has clearly announced that it is scrapping the West Bengal SEZ Act 2003. As per The Times of India report...
Non Performing assets of nationalised banks stand at Rs. 59397 Crore
News & FAQs | By ALOK PATNIA | May 23, 2012
As per The Economic Times report: The government on 22nd May 2012 said, gross non performing assets (GNPAs) of nationalised banks stood a...
Tax Concession to Non-profit & Cooperative Organisations may be reduced
News & FAQs | By ALOK PATNIA | May 22, 2012
Taxation is done differently of non-profit and cooperative organisations as compared to other profit oriented bodies. Government has give...
Inflow of FDI may be impacted with retrospective amendment to IT laws
News & FAQs | By ALOK PATNIA | May 21, 2012
Retrospective amendment made in the income tax provision has impacted most of the areas. Now the inflow of foreign direct investment (FDI...
Land valuers are exempt from service tax
News & FAQs | By ALOK PATNIA | May 18, 2012
Service tax cannot be levied land valuers as they did not fall within the ambit of services rendered by a consulting engineer. As per The...
Tax cap of 20% for imported and company owned vehicles
News & FAQs | By ALOK PATNIA | May 17, 2012
It has been decided to provide tax relief for imported and company owned vehicles by imposing a cap of 20%. As per The Times of India rep...
Cases like Vodafone could be reopened upto 6 years
News & FAQs | By ALOK PATNIA | May 16, 2012
Income tax department can now pursue cases in six year window. Cases of companies entering into Vodafone-like transactions could be pursu...
In Monsoon Session, DTC Bill will be brought in Parliament
News & FAQs | By ALOK PATNIA | May 15, 2012
In the monsoon session, the Direct Taxes Code (DTC) Bill, which seeks to overhaul the 50 year-old Income tax laws, will be brought in and...
Cases against members of ITAT are likely to be registered
News & FAQs | By ALOK PATNIA | May 15, 2012
Cases against more than 20 members of the Income Tax Appellate Tribunal (ITAT) are going to be registered by the Central Bureau of Invest...
Pantaloon ready for takeover
News & FAQs | By ALOK PATNIA | May 14, 2012
At the beginning of 2012, a debtburdened Kishore Biyani roped in Vishal Kampani of investment bank JM Financials to advise him on easi...
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