About five lakh unlisted companies in India will continue to pay long-term capital gains tax, if the recommendations of the Kelkar Committee are implemented, tax experts point out.
Companies are entitled for full tax deduction of export income under section 80 HHC of the Income-Tax Act, even if the same company generates income from local sales also, according to a recent ITAT judgement. The ITAT, Mumbai, held that profits of units that generate export income should be computed separately for calculating the quantum of exemption under section 80 HHC.
Most of the additions and deductions in the Income-Tax Act, may face the axe in the next budget.
The Income Tax Appellate Tribunal (ITAT) Mumbai has ruled that donations to educational institutions are exempt from taxation, if there is no evidence to prove that these donations were capitation fees.
The government is likely to appeal against the recent Delhi High Court decision quashing the April 2000 CBDT circular that barred income-tax officers from probing the verity of the claim of Mauritius residence.
A cut in food and fertiliser subsidies, expansion of tax base and checking tax evasion is one of the priorities of the new finance minister Jaswant Singh, a source in the finance ministry told ET.
Foreign companies may need to take note as the transfer pricing regime begins in India.
MUMBAI: The IT authorities can now find out whether one has filed income-tax returns or not at the click of a button. Armed with the recently developed database, the income-tax authorities are all set to send notices to the anyone who has not filed I-T returns.
MUMBAI: The Income-tax department in Mumbai is planning to conduct intensive survey operations on corporates in Mumbai in the coming weeks.
MUMBAI: THE government is considering a proposal to increase the central excise duty exemption limit for small scale industries from the existing Rs 1 crore to Rs 2 crore. If the proposal is accepted, products made in units with a turnover of up to Rs 2 crore will not have to pay excise duty.
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