taxation

IN A first-of-its-kind judgement, the Income Tax Appellate Tribunal (ITAT) recently ruled that a recipient of an interest-free loan from a non-relative is not liable to pay tax. The judgement will come as a major relief for people who borrow money from friends and colleagues and later grapple with notices from tax authorities. Section 56(2)(v) of the Income Tax Act provides for taxing any sum i..

INDIA BUSINESS WORLD - 1st May To 15th May - 2009   NO CHANCE OF SERVICE TAX ON LOTTERY, RULES SUPREME COURT THE Supreme Court has ruled that no service tax can be levied on the sale, promotion and marketing of lottery tickets. A bench comprising Justice SB Sinha and Justice Cyriac Joseph ..

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The full budget to be presented by the new government in the forthcoming session of Parliament to begin some..

Come May 16, the commercial tax department will switch to a new slab system for value added tax (VAT) levied on hotels. As of now, irrespective of the size of a hotel, the tax levied is 7.5 per cent in addition to the input tax levied on purchasing groce..

In a significant departure from its original plans, the Centre and states have decided not to reduce the Central Sales Tax (CST) rate in 2009-10. Instead, the tax will be completely withdrawn once the proposed goods and services tax (GST) is introduced. ..

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The Coimbatore District Small Industries Association (Codissia) and the Commercial Taxes department are organising an awareness programme on `e-filing of Commercial Tax returns' at the Codissia hall on May 19. Mr K. Ilango, President, Codissia, said that the commercial taxes department has planned to make t..

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In exercise of the powers conferred by sub-section(1A) of section 86 of the Finance Act, 1994(32 of 1994), the Central Board of..

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