Taxmannlaw

Conversion Of Existing Firms-Limited Liability Partnerships - Various Aspects

Parmod K. Bansal The entire world is gradually drifting towards one global market without any trade barriers between the countries. A small organi­zation led by few partners cannot think of growth on large scale without corporatising itself. Limited L... Read >

Certain Issues on taxation of Charitable and Religious institutions

Devendra Jain In a vastly populated developing nation, the parallel role of NGOs in public welfare is indispensable. The Income-tax Act, 1961 has recognized the importance of the very concept of ‘charity' in the Indian society. The income derived by ... Read >

Alternate Submission Of Proof Of Imports -(For listed companies - Specific facility)

R Balakrishnan Whenever the foreign exchange is acquired and remitted, the proof of import by way of exchange control copy of bill of entry needs to be submitted to the authorised dealer. Non-submission of the proof of imports would invite action again... Read >

Investment Based Deduction

Kameswara Rao Challa Budget 2009 has taken a new initiative by introducing the concept of allowing deduction under income-tax for investment made in a new business ‘based on investment' and ‘not based on profit earned'. It has inserted section 35AD... Read >

LLP Conceptually Different - Why Taxed As Partnership?

D.P. Mittal, Advocate The Finance (No.2) Act, 2009, amended the definitions of the expressions firm and partner of the Income-tax Act, 1961, to include a Limited Liability Partnership (LLP) and its partners, respectively, as defined in the Limited Liab... Read >

Non-Indication Of Service Tax In Bill - An Analysis

M. Govindarajan Service tax issue is the emerging one in the indirect tax matters. It opens the field to the professionals more to practice. In the proceedings before any quasi-judicial system, the principles of Natural Justice are to be complied with.... Read >

Renting Of Immovable Property Is Service

Sukumar Mukhopadhyay Member Cbec (Retd.) 1. A very recent judgment of the Delhi High Court holding that renting of immovable property is not a service has created interest among taxpayers, analysts and economists. Both conceptually and legally, there a... Read >

Judicial Propriety In Income-Tax

K. Kumar 1. It has been emphasized time and again by the Highest Court of the country that Judicial discipline demands that a Bench of the High Court must follow the decision of an earlier Bench of equal jurisdiction of the same High Court. The Bench may... Read >

The Indian LLP Law : Some Concerns For Lawyers And Chartered Accountants

Amit M. Sachdeva -Sachin Sachdeva A limited liability partnershipâ€"which is a form of business organisation in which the liability of the ‘partners' is limited to the extent of their interest in the partnership, owing to its company-type separate le... Read >

Intention To Evade Payment Of Service Tax

M. Govindarajan 1. Section 68 of the Finance Act, 1994 provides that the every person providing taxable service to any person shall pay service tax at the rate specified in section 66 of the Act in such manner and within such period as may be prescribe... Read >

Extra-Territorial Reach Of The Income-Tax Act, 1961

K. R. Sampath 1. Recent judgments of the Mumbai High Court in the case of Vodafone International Holdings B.V. v. Union of India [2008] 175 Taxman 399 and of the Supreme Court in CIT v. Eli Lilly & Co (India) (P.) Ltd. [2009] 178 Taxman 505 (SC), have ... Read >

Importance Of Notes On Accounts In The Context Of Computation Of Income For Mat

T. N. Pandey 1. Section 115JB of the Income-tax Act, 1961 provides for levy of Minimum Alternate Tax (MAT) in case of what are popularly referred to as Zero tax companies. Uptill the assessment year 2006-07, levy of MAT was governed by section 115JA o... Read >