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Non-business profit/loss can be carried forward: Karnataka High Court SECTIONS Share Synopsis The recent ruling said if a company, while paying taxes or preparing financial statements, had categorised a certain amount as “other business income”, that amount could be used to carry forward profits or losses. Getty Images The Karnataka High Court ruling has turned the spotlight on the issue of companies being allowed to carry forward profits or losses from “non-business income” or from non-core operations. The recent ruling said if a company, while paying taxes or preparing financial statements, had categorised a certain amount as “other business income”, that amount could be used to carry forward profits or losses. ....
Individuals, companies drag taxman to court over faceless assessment lapses SECTIONS Share Synopsis Faceless assessment is a tax evaluation process in which there is no in-person interaction with the tax officers and was started to counter harassment complaints. However, individuals and companies started filing petitions in the courts after they received notices and summons, alleging that they were not given an opportunity to reply and submit their responses. Agencies Tax experts said that while faceless assessment is a great mechanism in simple and routine matters, it could create many challenges for taxpayers in more complicated matters. Individuals and companies are dragging the tax department to court over alleged procedural lapses in faceless assessment even as the government’s pet project gathers momentum. ....
The market regulator’s “skin in the game” directive is going to make salary and tax calculations complicated for key executives at fund houses. The Securities and Exchange Board of India (Sebi) last week ordered that fund houses pay at least 20 per cent of the total compensation of fund managers and other key executives in units in mutual fund (MF) schemes they oversee. The rule is aimed at aligning the interests of the people managing the funds with those of the investors. Since the value of this portion of the compensation will be market-linked and changing on a daily basis, it is unclear how it will be taken to issue the units and calculate the monthly tax outgo of these executives. If a fund manager is handling several schemes, it becomes even tougher to compute the percentage of salary to be given in fund units and the tax on those. ....
MUMBAI: The market regulator’s “skin in the game” directive is going to make salary and tax calculations complicated for key executives at fund houses. The Securities and Exchange Board of India (Sebi) last week ordered that fund houses pay at least 20 per cent of the total compensation of fund managers and other key executives in units in mutual fund (MF) schemes they oversee. The rule is aimed at aligning the interests of the people managing the funds with those of the investors. Since the value of this portion of the compensation will be market-linked and changing on a daily basis, it is unclear how it will be taken to issue the units and calculate the monthly tax outgo of these executives. If a fund manager is handling several schemes, it becomes even tougher to compute the percentage of salary to be given in fund units and the tax on those. ....
More clarity now on cross-border taxation × This apart, the amendments in the Budget give a fillip to foreign institutions to invest in India In the backdrop of the Covid-19 pandemic and a worldwide economic recession, Finance Minister Nirmala Sitharaman presented her third Budget on February 1, making it her shortest one as yet at 10,500 words and lasting around 110 minutes. The focus was to reset the economy by spending heavily on infrastructure development and increasing the healthcare outlay by a record 137 per cent. The government came up with a roadmap for ‘Atmanirbhar Bharat’ through six pillars. The aim was to kickstart the economy by creating demands through novel infrastructure projects funded by the government or public-private partnerships. ....