M Padmakshan

  • Export income, local sales cannot be clubbed: ITAT

    Export income, local sales cannot be clubbed: ITAT

    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.

    Educational donations will not be taxed

    Educational donations will not be taxed

    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.

    Govt may move SC on Mauritius tax issue

    Govt may move SC on Mauritius tax issue

    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.

    Subsidy cuts top priority for Jaswant

    Subsidy cuts top priority for Jaswant

    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.

    Notices to defaulters under 1/6 scheme soon

    Notices to defaulters under 1/6 scheme soon

    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.

    I-T plans survey on Mumbai corporates

    I-T plans survey on Mumbai corporates

    MUMBAI: The Income-tax department in Mumbai is planning to conduct intensive survey operations on corporates in Mumbai in the coming weeks.

    SSI excise duty waiver may go up to Rs 2cr

    SSI excise duty waiver may go up to Rs 2cr

    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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