Dear Subscriber,
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Latest:
CDBT Directive On Opposing Mergers/ Amalgamations/ De-Mergers
The CBDT has issued a letter dated 11.04.2014 pointing out that in a recent case, a scheme of amalgamation was designed to seek amalgamation with retrospective effect so as to claim set-off of losses of the amalgamated company with the profits of the amalgamating company. Though the department filed an intervention application in the High Court to object to the amalgamation, the same was dismissed on the ground that the department had no locus standi in the matter. The CBDT has stated that to avoid this situation again, the procedure prescribed in this behalf vide MCA’s Circular No. 1/2014 dated 15.01.2014 (pdf) for objecting to amalgamations etc which are prejudicial to the interests of the revenue should be followed.Income-tax Hand Book And Ready Reckoner
L&T Finance has issued a Tax hand Book which contains a ready-referencer of all important legal provisions and tax rates. For instance, one glance will tell you the important provisions applicable while computing salaries, capital gains, house property income etc. There is also concise section dealing with the withholding tax and the TDS rates on various payments. There is also succinct information on the taxation of Limited Liability Partnerships (LLPs), NRIs and trusts.
The Hand Book will prove very useful to tax professionals. It can be stored on the smart phone for ready reference at a time when the Act may not be available.
Regards,
Editor,
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Latest:
Monthly (Jan 2014) Digest Of Imp Case Laws
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