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CORPORATE TAXATION - BUDGET 2015

Income Tax - Direct Tax Code - DTC - By: - CS Swati Dodhi - Dated:- 2-3-2015 Last Replied Date:- 30-12-1899 - CORPORATE TAXATION Rationalising the provisions of section 115JB It is proposed to amend the provisions of section 115JB so as to provide that income from transactions in securities (other than short term capital gains arising on transactions on which securities transaction tax is not chargeable) arising to a Foreign Institutional Investor, shall be excluded from the chargeability of MA .....

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le), accruing or arising to an assessee being a Foreign Institutional Investor which has invested in such securities in accordance with the regulations made under the Securities and Exchange Board of India Act,1992, if any such amount is credited to the profit and loss account, shall be reduced from the book profit for the purposes of calculation of income-tax payable under the section. Further, it is proposed that the book profit shall be increased by the amount or amounts of expenditure relata .....

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the assessment year relevant to the previous year in which such employment is provided. Clause (a) of sub-section (2), inter alia, provides that no deduction under sub-section (1) shall be available if the factory is hived off or transferred from another existing entity or acquired by the assessee company as a result of amalgamation with another company. Explanation to the section defines Additional wages to mean the wages paid to the new regular workmen in excess of hundred workmen employed dur .....

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