The issue is whether accounting treatment of a particular item of income or expenditure in its books of account decide whether the same can be treated as income or expenditure. For example , an assessee can treat an expenditure as revenue in nature and debits its P & L account . Whether his treatment as expenditure is final for computing his income.
At present Minimum Alternate Tax is paid as per section 115JB of the I T Act. In simple terms , section 115JB provides that in the case of a company, the income-tax, payable on the total income as computed under I.T. Act in respect of any year is less than fifteen per cent of its book profit, such book profit shall be deemed to be the total income of the company and the tax payable by the said company on such total income shall be the amount of income-tax at the rate of fifteen per cent
Exemption under Income Tax Act to entities doing businesses under Special Economic Zones were given 100% of tax break. These SEZ were based on location with the hope that setting up such SEZs will increase the local economy and balances the economic growth with respect to other economically developed area.
The Direct Tax Code had proposed a Minimum Alternate Tax (MAT) on companies calculated with reference to the “value of gross assets”.It was proposed in the first DTC that the “value of gross assets” will be the aggregate value as on the last day of the relevant financial year of the
CBEC issues circular F.No137/23/2007-CX.4 dt 28/01/2009 stating that even institutes run by no profit organization or Trusts are liable to Service Tax . Only colleges approved by AICTE or deemed university and vocational courses institutes are out of service tax .The excerpt of circular is given below COMMERCIAL NATURE OF INSTITUTE Service tax is leviable on services provided by ‘commercial training and coaching centers’, since the year 2003. As the
I have earned Rs 700000 as from equity market in financial ,year 2005-06, which I was not showing in my return. I do number of transaction during the period but I taken all the share delivery and hold up 1 to 2 month and there after i sold in the market. but subsequently a survey was held on my broker during the year 2007-2008. Now before any notice served by...
bubna.manish@………in Asked : I want to know that commodity trading (Futures) profits/ loss comes in which chapter/head in Income tax? whether it is a business profit/ capital gain/ speculation gain? The trading in commodity futures can happen either with delivery or without delivery. In normal circumstance, when delivery takes place ,the future commodity trading shall be taken as as business income . If the contract is settled without delivery ,...