Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: VAT Audit :: articles on VAT and GST in India :: due date for vat payment :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: Central Excise rule to resale the machines to a new company :: VAT RATES :: form 3cd
 
 
General »
 Alarm bells over return of tax inspector raj
 Shah gets notices over civic tax dues
 Tax revenue down in first six months after prohibition
 Post demonetisation, Income Tax department sends 30 cases of irregularities to Enforcement Directorate, CBI
 Don’t rush into a new tax without being prepared
 Can’t tax income from palace rent: Supreme Court
  Withdrawal of Legal Tender Character of the existing Bank Notes in the denominations of ₹ 500/- and ₹ 1000/- (Updated as on November 30, 2016)
 Cases for tax scrutiny will be selected by machines
 Time to revisit 1997 direct tax rates, says P Chidambaram
 Lok Sabha passes Bill to tax black money deposits post demonetisation
 Last day to pay property tax with old notes

Strange tale Insurers face long-term gains tax
June, 20th 2008

In a first, the Central Board of Direct Taxes (CBDT) has slapped long-term capital gains tax on equity investments made by Oriental Insurance Company.

The general insurer has been asked to cough up Rs 450 crore as tax liability for two years - 2006-07 and
2007-08.

It is learnt that other insurers have also been served with similar notices.

In February, we were asked to pay Rs 450 crore as tax for two years. Of this, Rs 350 crore is just for 2007-08. This has dented our cash flow, said M Ramadoss, chairman and managing director of Oriental Insurance.

The move comes as a surprise, as there is no long-term capital gains on equity.

Oriental made a total profit of Rs 560 crore on investments made when the Sensex was at 5000 levels, Ramadoss said. Now, the income tax department has claimed Rs 450 crore as tax liability. It is illogical, he said.

The immediate impact on inflation will be in the petrol and diesel prices, LPG hike may only impact the consumption after a week. Also some other economists have predicted higher inflation looking at the sharp rise in the inflation last week, but we have not seen that trend, Padhye said.

Some economists expect that trend to continue.

Lehman Brothers India economist Sonal Varma expects inflation to rise to 10.00% on Friday because of higher fuel prices.

We expect the number to remain firm for the rest of the calendar year 2008 and averaging 8.5% for the fiscal. It will only come down in the first quarter of calendar year 2009 when we expect oil prices to drop to $90 per barrel, she said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Experience

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions