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Business Tax alerts - 2012

Deloitte's continuous alerts keep you updated with the latest that's happening. Watch this space regularly.

BTX/17/2012 If payee is not identificable, TDS provisions are not applicable. Amounts disallowed under section 40(a)(i)/40(a)(ia) for non deduction of tax cannot be again subject to TDS provisions in order to treat the assessee as an assessee in default
BTX/16/2012 Tax Accounting Standards (TAS)
BTX/15/2012 Unabsorbed depreciation as existing on 1 April 2002 is allowed to be carried forward indefinitely as per amendment to section 32(2) by Finance Act, 2001.
BTX/14/2012 Payments for Transmission and Wheeling Charges are in the nature of Fees for Technical Services. Payments for SLDC charges are not in the nature of Fees for Technical Services.
BTX/13/2012 CBDT issues Circular on inadmissibility of expenses incurred in providing freebies to medical practitioners by pharmaceutical and allied health sector industry
BTX/12a/2012 Tribunal not entitled to extend period of stay of demand beyond 365 days, even if the delay is not caused by the taxpayer
BTX/12/2012 Withholding tax under section 194J would not apply in respect of subsequent transfer of software to a resident
BTX/11/2012 Section 14A disallowance applies to partners share of profit. Depreciation is not expenditure and cannot be disallowed under section 14A
BTX/10/2012 Amendment to Section 40(a)(ia) of the Income-tax Act, 1961 (“Act”) by Finance Act, 2010 to apply retrospectively from financial year 2005-06
BTX/09/2012 Transactions involving hire purchase and lease should be looked at in entirety to ascertain the genuineness of the transaction
BTX/08/2012 Extension of relief period from 5 to 10 years in Section 10B available for existing units
BTX/07/2012 Section 40(a)(ia) applies only to the amounts “payable” as on balance sheet date and not to the amounts already “paid” during the year.
BTX/06/2012 Lessor not entitled to depreciation in case of finance lease
BTX/05/2012 Meaning of “General Reserves” for the purpose of deduction under section 36(1)(viii) restricted
BTX/04/2012 Write-off of bad debts relating to non-rural advances allowable under section 36(1)(vii)
BTX/03/2012 Profits on share transactions carried through Portfolio Management Scheme (PMS) taxable as business income and not capital gains
BTX/02/2012 Carried forward business loss cannot be set-off against the long term capital gains arising from the sale of land used for business
BTX/01/2012 Concessional rate of 20% applicable to long term capital gains cannot be applied for gain on depreciable asset held for more than 36 months.