Monday, January 14, 2013

AT News ; CG v Business Income ; GAAR contd.>>>>>>>

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UN's Booklet on..

United Nations Handbook On Double Tax Avoidance Treaties


The United Nations has released a publication titled “Handbook On Selected Issues in Administration of Double Tax Treaties for Developing Countries”.
The handbook contains a series of articles by well known tax experts. For instance, Philip Baker, the acclaimed authority on international taxation, has written a detailed article on “Improper use of tax treaties, tax avoidance and tax evasion” in which he has dealt with the theoretical and practical aspects of treaty shopping and provided authoritative guidance. Similarly, other experts like Ariane Pickering and Peter A. Harris have written articles on important and topical issues like “Taxation of non-resident service providers” and “Taxation of residents on foreign source income” etc.
The handbook will prove invaluable for all professionals engaged in the practice of international taxation.

SG

Give DSRA Projects qualify for 80IB iscounts to Home Buyers to increase sales  

Water, Water ! where, where, where ? search goes on and on and >>>>>>>> ?

Posted: 14 Jan 2013 01:27 AM PST
By Accommodation Times News Service
The builder of Noida and Greater Noida will be facing a hard time as the National Green Tribunal (NGT) has put stay on ground water for the usage of construction work. They have to purchase the water from other sources. Seeing the level of ground water constantly low the environmentalist has put a plea in front of NGT to stop making use of the water resources. According to the order the builder are not suppose to use the ground water in process of making the basement. Also environment clearance certificate is must for the high rise buildings of more then 20 thousand sq .meter.
The Noida Authority, UP pollution control board and GRENO Authority has accepted that there is lot of wastage of water in the construction work. Hence the halt will definitely be of some use.

itatonline

(280.7 KiB, 292 DLs)Download: avinash_jain_shares_STCG_Biz_profits_CBDT_circular.pdf

Gains on shares held in investment portfolio not assessable as business profits

1. “…..In other words, the assessee could own shares for the purposes of investment AND / OR for the purposes of trading. In the former case whenever the shares are sold and gains are made the gains would be capital gains and not profits of any business venture. In the latter case any gains would amount to profits in business. This has been made clear …”
If clinically read, the highlighted use of the conjunction,- “and/or” is rather confusing.
2. For a critique on the Circular F. No. 149 /287/2005 -TPL (issued supplementing the earlier Instruction No. 1827 dated 31-8-1989) , explaning why, acording to a view, the controversial subject deserved a fresh look, one may refer the article – (2006) 153 Taxman 126 (Mag).
AS urged therein, In one’s long standing conviction, with a view to simplifying and thereby putting an end once for all to , the subject still ongoing controversies, suitable provisions require to be enacted, if not earlier, at least in the pending DTC.

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Mar 28, 2012 ... vswami said... Reaction: ... a fair or very fair usage; in that, the word 'fair' USED IN CONJUNCTION WITH. ... Post a Comment ... Subscribe to: Post Comments (Atom ) .... Postings on this blog are for informational purposes only.

Direct Tax Code-Some Important Aspects

TD

GAAR applicable from AY 2017-18, substantial recommendations of Expert Committee on GAAR are accepted - FM says

itatonline
January 14th, 2013
The Expert Committee has submitted its Final Report on General Anti Avoidance Rules (GAAR) in Income-tax Act, 1961. The Report is very comprehensive and apart from giving an in-depth explanation of what the GAAR provisions are, it also has a number of examples of transactions which would be affected by GAAR.
January 14th, 2013
The Ministry of Finance has issued the following Press Release dated 14.01.2013 setting out the statement of the Hon’ble Finance Minister on GAAR. The Press Release sets out in detail the various recommendations of the GAAR Committee which have been accepted by the Government and which form a part of the final report. It is also stated that the GAAR provisions (Chapter X-A) will come into force with effect from April 1, 2016 as against the current provision of April 1, 2014.




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