RECENT INCOME TAX CASE LAWS: LEGAL & FINANCIAL UPDATES FROM TAX GURU 03.04.2009

Five year tax holiday for hotels located in specified districts having a world Heritage Site U/s Section 80-ID of the Income Tax Act, 1961

Posted: Thu, 02 Apr 2009 19:01:51 +0000

21. Five year tax holiday for hotels located in specified districts having a world Heritage Site 21..1 Section 80-ID of the Income-tax Act provides for a five year tax holiday to new hotels of two,...

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Five year tax holiday to hospitals located in certain areas under Sub-section (11B) of section 80-IB

Posted: Thu, 02 Apr 2009 18:58:33 +0000

20. Five year tax holiday to hospitals located in certain areas 20.1 Sub-section (11B) of section 80-IB provides for a tax holiday for five consecutive assessment years, beginning from the initial...

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Sunset provision for deduction for refining of mineral oil under subsection (9) of section 80-IB

Posted: Thu, 02 Apr 2009 18:54:59 +0000

19.1 Sub-section (9) of section 80-IB provides for a hundred percent deduction of profits and gains derived from commercial production or refining of mineral oil. For the purpose of this section, the...

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Additional deduction U/s 80D for health insurance premium / mediclaim premium paid for parents

Posted: Thu, 02 Apr 2009 18:39:07 +0000

18 Additional deduction for health insurance premium paid for parents 18.1 Pre-amended section 80D of the Income-tax Act provides for a deduction of up to fifteen thousand rupees to an assessee,...

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Conversion of FCEBs into shares or debentures of any company shall not be treated as a 'transfer' within the meaning of Income-tax Act

Posted: Thu, 02 Apr 2009 18:33:52 +0000

16 Capital gains on transfer in the context of foreign currency exchangeable bonds 16.1 In 1992, the Government allowed established Indian companies to issue foreign currency convertible bonds...

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Government is likely to exempt the services provided inside the Special Economic Zones from service tax

Posted: Thu, 02 Apr 2009 18:27:30 +0000

The government is likely to exempt the services provided inside the Special Economic Zones from service tax, a move for which it is expected to seek approval from the Election Commission. Hitherto,...

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ICAI Communication to members providing Articles Training to Articled Assistants

Posted: Thu, 02 Apr 2009 18:25:08 +0000

Dear Sir(s)/Madam, The Council of the Institute appointed a Working Group to study various students related issues sometime back. The recommendations of the Group were then considered by the Council...

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After Vodafone department send notice to E*Trade Mauritius to pay capital gains tax

Posted: Thu, 02 Apr 2009 18:22:36 +0000

Buoyed by a favourable Supreme Court order in the Vodafone tax case, the income-tax department has asked E*Trade Mauritius to pay capital gains tax on the sale of its shares held in Indian company...

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