Income on sale of shares to be taxed under the head Capital Gain and fee paid to the Asset Management Company is allowed

M/s KRA Holding & Trading P. Ltd.vs. DCIT (ITAT Pune) & ARA Trading & Investments Pvt Ltd vs. DCIT Brief summary: there were 7 appeals, couple of issues are involved in all the grounds of the appeals involving both the assessee, (i) relating to whether the income earned on sale of shares is to be assessed… Read More

New rules are likely for simplifying the process of payment of holding tax

New rules would soon be framed for simplifying the process of payment of holding tax in urban areas in Bihar, Deputy Chief Minister S K Modi said . "The system of tax collection by urban bodies are not perfect which leads to non-payment of holding tax.New rules are being charted out for simplification of the process to… Read More

Facebook IPO coming soon with valuation over USD 100 billion

Facebook, a social networking site is likely to file an IPO by the first quarter of 2012, with a valuation of over USD 100 billion. Facebook is likely to go public by next spring, CNBC quoted people familiar with the matter as saying. "The company's IPO, were it to happen by next spring, would probably be… Read More

Tata pitches for cutting tariff on vehicles and components from overseas

At a time when the Indian automobile industry is strongly opposing lowering of import duty in the proposed India-EU FTA, Tata group chief Ratan Tata has favoured cutting tariff on vehicles and components coming from overseas. Tata said such high import duties are unrealistic and create an artificial barrier of protection for local companies. He… Read More

Govt. toolbox to deal with transactions arising from Non-cooperative jurisdictions

Under pressure from civil society to take concrete action on black money, the government said that it has enough tools to deal with transactions arising from non-cooperative jurisdictions and would take action as and when necessary. "We have developed a toolbox... We have enabled ourselves to declare tax havens as non-cooperating jurisdiction and countries as… Read More

Tags: black money, Committee for Black Money

Loss reported of around RS 335 crore due to strike in Maruti Suzuki india

The production at  Maruti Suzuki India's Manesar facility continues to be completely stopped as the workers' strike at the plant entered its eighth day today. Around 2,000 workers at the plant have been on strike since Saturday, resulting in a production loss of about 6,600 units till yesterday. The value of the loss is estimated… Read More

SC rules on Benefit of Sales Tax Deferral Scheme

CLR Note :Benefit of Sales tax deferral scheme is available from the date of (base sales volume) BSV or (base production volume) BPV whichever is earlier State of Tamil Nadu & another Appellant(s) versus India Cements Ltd. & another Respondent(s) Date of Decision: 4/21/2011 Authority: Supreme Court Tamil Nadu General Sales Tax Act, 1959 ” sales tax… Read More

Power of Revenue to reopen cases in case of change of opinion is expressed

AREVA T&D, SA Vs THE ASST. DIRECTOR OF INCOME TAX & ORS. Date of Decision: 25 April, 2011 CLR Note: Where no return has been filed by the assessee for the assessment year in dispute, Income Tax department can reopen the assessment proceedings, said The Delhi high court. Sections 195 together with section 197 of the Income Tax Act,  says that if… Read More

Custom raised Tariff value for crude oil, RBD Palm Oil and RBD Palmolein

CLR Note:   Tariff value went up for Crude oil                From 337 to 447 RBD Palm Oil       From 351 to 476 RBD Palmolein  From 372 to 484 Notification No. 33/2011 - Customs (N. T.) New Delhi, 29th April, 2011 S. O¦ (E) In exercise of… Read More

Forbes Global 2000 List of Public Companies : 57 Indian Cos. make it to the List

57 Indian companies figure in The Forbes Global 2000 list of public companies based on their rankings for sales, profits, assets and market value. In total, the Global 2000 companies now account for $32 trillion in revenues, $2.4 trillion in profits, $138 trillion in assets and $38 trillion in market value. These firms also employ… Read More

Tag: Forbes Global 200 list