Facebook-WhatsApp deal of 19 Billion USD may invite tax litigation

Facebook Inc. (FB), the world’s largest social network, agreed to purchase mobile-messaging startup WhatsApp Inc. for as much as $19 billion in cash and stock, the biggest Internet acquisition in more than a decade.   The accord includes $12 billion in stock, $4 billion in cash and $3 billion in restricted shares, Facebook said yesterday in a statement. It’s the largest Internet deal since Time Warner’s $124 billion merger with AOL in 2001, according to data compiled by Bloomberg. WhatsApp has more than 450 million members, with 1 million users being added dai

Post By: TaxReply.com | Posted Date: 2014-02-20

Assessee status for all the sources of income cannot be taken as resident merely for the reason he is resident for one of the sources of his income - ITAT AGRA

 ITAT AGRA  Arvind Singh Chauhan vs. Income-tax Officer February 14, 2014  Assessee's status for all the sources of income cannot be taken as resident merely for the reason he is resident for one of the sources of his income. Therefore salary income accrued outside india cannot be taxed in India. Para 3, 18 & 19 of the order, inter-alia, read as under- 3) Briefly, the relevant material facts are like this. The assessee, an individual, is in employment of Executive Ship Management Pte. Ltd., Singapore (ESM-S, in short), and works on

Post By: TaxReply.com | Posted Date: 2014-02-20

DVAT Amnesty Scheme further extended till 28-02-2014

TO BE PUBLISHED IN PART IV OF THE DELID GAZETTE EXTRAORDINARY GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELID FINANCE (REVENUE-I) DEPARTMENT DELID SACHIVALAYA, I. P. ESTATE: NEWDELID-ll0002 No.F.3(26)/Fin(Rev-I)/2013-14/DSVI/238-243  NOTIFICATION Dated 18th Feb 2014   Whereas the Lt. Governor of National Capital Territory of Delhi is of the opinion that it is necessary in the interest of general public so to do.   Now, therefore, in exercise of the powers conferred by section 107 of the Delhi Value Added Tax Act, 2004 (Delhi Act 3 of 20

Post By: TaxReply.com | Posted Date: 2014-02-20

The Finance Minister has clarified that the RICE is not an Agriculture Produce for the purpose of Negative List of Services - Interim Budget 2014

The Finance Minister has clarified that the RICE is not an Agriculture Produce for the purpose of Negative List of Services as per Section 66D(d) of the Finance Act, 1994.

Post By: Dimple Verma | Posted Date: 2014-02-18

Highlights of Interim Budget 2014 - Presented on 17 Feb 2014

INTERIM BUDGET 2014 - HIGHLIGHTS   Finance minister P Chidambaram presented the interim budget for the fiscal year 2014-15 on Monday to cover expenditure until the government's term ends in May. His speech was repeatedly disrupted by protests over the proposed division of Andhra Pradesh to create Telangana state.    Growth: • GDP expansion in 2013/14 third and fourth quarters will be at least 5.2% Fiscal Deficit: • Fiscal deficit seen at 4.6 percent of GDP in 2013/14 • Says need to bring down fiscal deficit to 3% of GDP by 2016/17

Post By: TaxReply.com | Posted Date: 2014-02-17

Finance minister P Chidambaram is all set to present his interim budget today - 17-02-2014

Finance minister P Chidambaram is all set to present his interim budget  today (17-02-2014, Monday).  The finance minister could also announce a cut in customs duty on gold by two percentage points to 8%, signalling a staggered unwinding of the curbs on bullion imports imposed to contain a free-falling rupee and a widening current account deficit (CAD). The finance minister is widely expected to articulate the need for unwavering focus on fiscal discipline even in a poll-bound year, given the delicate state of public finances. The UPA government's last bu

Post By: TaxReply | Posted Date: 2014-02-16

HIGH SPENDERS beware - the tax man is watching

If you have deposited more than Rs. 10 lakh in your savings bank account or have bought shares worth more than one lakh rupees, beware. The taxman is watching you.   The income tax department is scanning the records of 4.07 million people who have made cash deposits upto Rs. 10 lakh in their bank accounts in the current financial year for potential instances of tax evasion.   "With technical solutions at the department's disposal, there is a lot of information that is readily available to the authorities. We just want to send across the message

Post By: TaxReply | Posted Date: 2014-02-16

Applications under DVAT Amnesty Scheme shall also be received on 17-02-2014 and 18-02-2014

GOVERNMENT OF NATIONAL CAPITALTERRITORYOF DELHI DEPARTMENT OF TRADE & TAXES VYAPAR BHAWAN: NEW DELHI (ADMINISTRATION BRANCH)   F.IV/Operation cell/2005-06/566-72 Dated:14.02.14 CIRCULAR   Para 2 of the circular, inter-alia, read as under-   The applications under Amnesty Scheme shall also be received on 17-02-2014 (Monday) and 18.02.2014 (Tuesday) from 10.00 AM to 6.00 PM at the front office, 1st Floor and at the receipt counter in room no. 301, 3rd floor, VYAPAR BHAWAN (DEPTT. OF TRADE & TAXES) JP Estate New Delhi-110002.

Post By: TaxReply | Posted Date: 2014-02-16

Rebate under section 87A

New deduction u/s 87A : Persons whose income is upto Rs 5 lakhs will get a tax credit of Rs2000. They will get a rebate of Rs 2000 under newly inserted section 87A in Income Tax Act. As per new section 87A, “An assessee, being an individual resident in India, whose total income does not exceed five hundred thousand rupees, shall be entitled to a deduction, from the ... amount of income-tax (as computed before allowing the deductions under this Chapter) on his / her total income with which he/she is chargeable for any assessment year, of an amount equal to hundred per cent

Post By: Dimple Verma | Posted Date: 2014-02-14

Redemption or repurchase of units or Allotment of additional units by way of bonus units is not taxable under section 115R - CBDT clarified through Circular 6 dated 11-02-2014

Redemption / repurchase of units or Allotment of additional units by way of bonus units is not taxable under section 115R - CBDT clarified through Circular No.6 dated 11/02/2014 Para 7 of the order, inter-alia, read as under- CBDT in exercise of the powers under section 119 of the Act hereby clarifies that additonal income-tax under sub-section (2) of section 115R of the Act is to be levied on income distributed by way of dividend to unit holders of mutual funds or specified companies and receipts from redemption / repurchase of units or allotment of additional units by way of bonu

Post By: MJ | Posted Date: 2014-02-13