Securities Transaction Tax (STT) Finance (No. 2) Act, 2004
S. 105 :Penalty for failure to collect or pay securities transaction tax – Penalty not to be imposed inn certain cases – No penalty shall be imposed on assessee for having failed to collect Securities Transaction Tax (STT) or having collected, failed to pay such STT to credit of Central Government without providing it a reasonable opportunity to prove that there was reasonable cause for such failure [ S.108 ]
Securities Transaction Tax (STT) Finance (No. 2) Act, 2004
S. 105 :Penalty for failure to collect or pay securities transaction tax – Penalty not to be imposed inn certain cases – No penalty shall be imposed on assessee for having failed to collect Securities Transaction Tax (STT) or having collected, failed to pay such STT to credit of Central Government without providing it a reasonable opportunity to prove that there was reasonable cause for such failure [ S.108 ]
Wealth tax- Act , 1957
S.7: Value of assets – Land – Valuation date – Land sold subsequently for which agreement was entered in to before valuation date – Justified in taking the value on the basis of sale value [ S. 2(q), 27A, Urban Land (Ceiling and Regulation ) Act 1976 ]
S. 206AA : Requirement to furnish Permanent Account Number-Double taxation avoidance agreement-Rate of tax deductible will be 10 % instead 20%. [S. 90, 195]
S. 37(1) : Business expenditure-Ad-hoc addition-Books of account not rejected-Addition is held to be not valid.
S. 14A : Disallowance of expenditure-Exempt income-Investments in Indian companies which did not yielded exempt dividend income-Excluded while computing disallowance. [R. 8D(2)(iii)]
Wealth-Tax Act , 1956
S.27A: Appeal -High Court – Monetary Limit — Applicable to wealth tax Appeals . [ S. 2(e ), IT Act , S.260A ]
Wealth-Tax Act , 1956
S. 2(e ) (a) : Asset — Urban land — Urban land on which construction has been prohibited — Not an asset for purposes of wealth -Tax .[ S.16(3) ]
S. 14A : Disallowance of expenditure-Exempt income-Only investments yielding exempt income during year to be considered for computing average value of investments. [R. 8D]
Wealth -tax Act, 1957
S. 21AA: Assessment – Association of persons – Members’ Club — No business or profession carried on by social members’ Club- Surplus assets to be divided equally amongst members — Members’ shares determinate at that date —Club not chargeable to Wealth-Tax. [ S.2(31) 3(1) ]