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D.M. Harish & Co.
 
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The approach of Service Tax has been proposed to be completely reversed from taxing only the services that were specifically stated as taxable services to a blanket provision which taxes all services other than those exempted.
Sec. 2 of Wealth Tax Act, 1957: The amended reassessment proceedings of Income-tax shall be applicable for assessment of Wealth Tax as well.
Sec. 271AAB: Presently Sec. 271AAA of the Income-tax Act provides for Penalty when a search has been initiated and undisclosed income is found.
By Anil Harish
By insertion of this sub-clause, the payment of interest as specified in new Sec. 194LC has been made taxable at the rate of 5% with effect from 1st July, 2012.
By Anil Harish
Sec. 139: This Sec. relates to persons required to furnish a return of income and those exempted.
By Anil Harish
The Finance Bill, 2012 seeks to amend Sec. 115VG of the Income-tax Act relating to computation of tonnage income.
By Anil Harish
(Sec. 115 0) Dividend distributed by a Domestic Company is exempt from income-tax in the hands of all shareholders and the Company is liable to pay DDT @ 15 percent on such dividends.
By Anil Harish
The title of chapter XII-BA has been changed to „Special provisions relating to Persons other than Company‟ from „Special provisions relating to certain LLPs‟ Presently AMT provisions apply where the regular income-tax payable for a previous year by a LLP is less than 18.5% of adjusted profits for such previous year, the adjusted total income shall be deemed to be the total income of the LLP and it shall be liable to pay income-tax on such total income at the rate of 18.5%.
By Anil Harish
This Sec. provides that if the income tax payable on the total income of a Company is less that 18.5% of its book profit then, the book profit shall be deemed to be the total income of the Company and income tax @ 18.5% shall be payable on the same.
By Anil Harish
The Finance Bill 2012 proposes to introduce a Chapter X-A to the Current Income-tax Act, 1961 on General Anti-avoidance Rules (GAAR)
By Anil Harish
Presently the section provides that where the assessee does not provide/or provides unsatisfactory explanation to any sum credited in the books of the assessee for any previous year, then the sum so credited may be charged to income tax as income of the previous year.
By Anil Harish
The provisions relating to APAs have been introduced to provide certainty in the determination of arm‟s length price thereby reducing transfer pricing litigation.
By Anil Harish
To qualify as demerger one of the conditions is that the resulting company, as consideration for demerger, issues its shares to the shareholder of the demerged company in proportionate basis.
By Anil Harish
The proposed amendment is to take effect from 1st day of April, 2013.
Computation of profits and gains of business on presumptive basis.