Home Highlights December 2013 Year 2013 This

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1. The core summary is that banks constituted as 'corresponding new banks' under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 are not covered...

2. MAT - deduction of Rebate u/s 88E while calculating the tax liability of the assessee for minimum alternative tax u/s 115JB - when the total income is assessed and the...

3. Tax rebate u/s 88E - MAT u/s 115JB - when tax chargeable on such income is arrived at & it is from that tax which is chargeable, the tax paid u/s 88E (STT) is given...

4. The assessee company is eligible to claim Foreign Tax Credit (FTC) against its Minimum Alternate Tax (MAT) liability u/s 115JB of the Income Tax Act for taxes paid in...

5. The summary highlights the key difference between the scope of total income under the Income Tax Act and the Black Money (Undisclosed Foreign Income and Assets) and...

6. Whether rebate u/s 88E for STT paid has been allowed from tax payable under MAT u/s 115 JB - when the total income is assessed and the tax chargeable is computed, it is...

7. Proposed amendment enables recovery of existing liabilities under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 from seized assets...

8. DIRECT TAX DISPUTE RESOLUTION SCHEME, 2016 - Scheme not to apply in certain cases - Clause no. 205 of the Bill - where assessment has been made under section 153A or...

9. Addition u/s 14A r.w.r. 8D - Addition under special provision u/s 115JB - Minimum Alternate Tax (MAT) - the case revolved around the disallowance made under Section 14A...

10. Computation of MAT tax liability - the tax liability arising under normal provisions of the Act and u/s 115JB of the Act should be compared before allowing rebate u/s 88E - AT

11. The High Court held that by virtue of the non-obstante clause in the Kerala General Sales Tax Act, 1963 (KGST Act), it creates a first charge on the property of the...

12. Applicability of certain provisions of Income-tax Act and of Chapter V of Wealth-tax Act - THE INCOME DECLARATION SCHEME, 2016 - The provisions relating to liability in...

13. Taxable income to tax u/s 44BB v/s Section 44DA read with section 9(l)(vii) - The profit from this income was estimated at 25% and offered to tax at 40% plus applicable...

14. This case deals with the disallowance of expenditure u/s 14A of the Income Tax Act, which pertains to expenditure incurred in relation to exempt income. The key points...

15. MAT computation u/s 115JB - Disallowing exclusion of Excise Duty Exemption as capital receipt availed during the year under consideration in computing book profit as per...