taxation

Companies cannot be subjected to service tax for renting premises to run their businesses, the Delhi High Court has ruled while disposing of petitions filed by some retailers against a government directive. The court struck down Centre's notification, by which renting of immovable property for use in the course of business was brought within the ambit of service tax. "We hold that law does not in ..

ITAT, DELHI BENCH ‘H’: DELHITurner Broadcasting System Asia Pacific, Inc.v.ADIT (Int’l Taxation)ITA No. 724 (Del)/2008March 13, 2009 RELEVANT EXTRACTS:3.1 Section 209 furnishes the method for computation of advance-tax payable by the assessee. It starts with the estimate of the current income, which according to us, should be bo..

The number of income-tax payers in the country has nearly doubled from 1.73 crore in 1998-99 to 3.37 crore in 2007-08, going by the data available with the tax department. In 1998-99, the effective income-tax payers’ base stood at 1.73 crore with their overall contribution to the exchequer at about Rs 46,600 crore. The taxpayer base for 2007-08 had swelled up to 3.37 crore with direct tax contribu..

ITAT, DELHI BENCH ‘H’ NEW DELHI Sahara India Fianncial Corpn. Ltd. v. Addl. CIT ITA NOS. 97 TO 100/DEL/2006 MARCH 20, 2009 RELEVANT EXTRACTS: ** ** ** ** ** ** ** ** ** ** ** ** 3. We have duly considered the rival contentions and gone through the records carefully. Learned Assessing Offi..

Making a strong case for reduction in the corporate tax rate to 25 per cent, a FICCI-PwC study has said that companies have to pay about 24 taxes. "The study has led us to (the) conclusion that (the) corporate tax rate should not be more than 25 per cent and dividend distribution tax not more than 10 per cent ... (the) tax burden is too high," FICCI Secretary-General Amit Mitra said while releasin..

In what could have serious ramifications for multinational companies and their expat employees, the Supreme Court on Wednesday held that a foreign company registered and situated abroad is liable to deduct tax (TDS) on salary paid in the home country to their employees working here. Tax experts say that the decision has wider implications for MNCs with the court holding that TDS provisions can be ..

The Income-Tax department has approached the Supreme Court challenging the Bombay High Court order granting 30 per cent rebate in income tax under section 80 RR of the Income Tax Act to Bollywood star Amitabh Bachchan on his income from the game show Kaun Banega Crorepati. Amitabh had pleaded in the High Court that being an artist he was entitled to 30 per cent rebate in the income tax and was ..

Wealth-Tax (Second Ammenment) Rules, 2009- Amendment in Rule 3A Notification No. 16/2009, Dated 13-2-2009 In exercise of the powers conferred by section 46 of the Wealth-tax Act, 1957 (27 of 1957), the Central Board of Direct Taxes hereby makes the following rules further to amend the Wealth-tax Rules, 1957, namely :— 1. (1) These rules may be called the Wealth-tax (Second Ame..

Delhi HC Allows IT Dept To Re-Assess Mayawati's Income 2/14/2009 The Delhi High Court allowed Income Tax officials to reassess the income of Uttar Pradesh Chief Minister Mayawati for the financial year 2001-2002, ruling that it is not mandatory to send a prior notice to her for such an assessment. A bench comprising Justices Vikramajit Sen and V B Gupta dismissed the plea of the BSP supre..

Delhi HC Allows I-T Dept To Reassess Mayawati's Income 13 Feb 2009, 1131 hrs IST, PTI Text: NEW DELHI: In a setback to Uttar Pradesh Chief Minister Mayawati, the Delhi High Court on Friday allowed the Income Tax department to go ahead with reassessment of her income for the financial year 2001-02. A Bench headed by Justice Vikramajit Sen dismissed BSP supremo Mayawati's plea se..

S S N Moorthy on Saturday took over as the new Chairman of the Central Board of Direct Taxes, after the retirement of N B Singh. Moorthy, a 1973 batch Indian Revenue Service officer, has served as a CBDT member and was the Director General of Income Tax (Investigation) in Mumbai for over two years. Earlier, he had served in various capacities in the Income Tax department in Kerala, Tamil N..

Rs 9 Cr Unearthed In I-T Raid 25 Jan 2009, 2315 hrs IST, TNN Text: VADODARA: Undisclosed income to the tune of Rs 9 crore biggest ever in the city was detected by I-T sleuths during a two-day survey at a builder's premises in the city. Chief commissioner YS Ravat and commissioner S Rajyaguru led teams of range-2 I-T officers in a major swoop on ten premises of a leading builde..

SC Directs Vodafone To Respond To IT Authorities 1/24/2009 In a major setback to Netherlands-based Vodafone, the Supreme Court directed M/S Vodafone to respond to the Income Tax Department notice, demanding two billion dollars as capital gained tax in 10 billion dollar-Vodafone-Hutch deal of February 2007. A bench comprising Justices S B Sinha and M K Sharma disposed off the petition file..

NEW DELHI : India’s inflation rate rose to 5.60 percent for the week ended 10th January from 5.24 percent in the previous week. The rates are on the declining track for the past one month mainly on declining fuel rates globally and domestically. The inflation rate was 4.36 percent during the corresponding week the previous year. The wholesale price index for all commodities rose 0.4 percen..

Madras HC Dismisses Jaya's Discharged Petition In Wealth Tax Case 1/21/2009 The Madras High Court dismissed a discharged petition filed by former Tamil Nadu Chief Minister J Jayalalithaa in the Wealth tax case, pending in the Economic Offences court. While dismissing the petition, Mr Justice K Mohan Ram, directed the Lower court to expedite the case within five months and made it clear th..