Latest Expert Exchange Queries

Make your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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: list of goods taxed at 4% :: empanelment :: VAT Audit :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: VAT RATES :: TDS :: ACCOUNTING STANDARDS :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: ACCOUNTING STANDARD
 
 
News Headlines »
 Income-tax (21st Amendment) Rules, 2017
 Deadline for filing income tax return nears; here are 10 common mistakes that you must avoid
 All you need to know about form 26AS
 How to file income tax return?
 7 changes that affect income tax return filing this year
 How To File Income Tax Return (ITR) Online For FY2016-17? Last Date July 31
 Last date for filing income tax return approaches: What is Form 26AS? How it can help you claim refunds
 Income Tax department to launch mobile app to make life easy for taxpayers
 6 things to remember while filing your income tax return
 Want to save on tax? Here are deductions you can use while filing ITR
 July 31 Is Last Date For Filing Tax Return. Why Form 26AS Has To Be Checked

Income Tax dept moves SC against Infosys
September, 11th 2007

The Income Tax department on Monday moved the Supreme Court challenging the Karnataka High Court order holding that IT major Infosys Technologies was not liable to deduct tax at source on employees stock option plan.

A bench of Justice S H Kapadia tagged the matter with another similar petition pending before it.

According to the department, the high court, which upheld the Income Tax Appellate Tribunal's order, was wrong in holding that Infosys was not liable to deduct TDS on the stock option plan extended to its employees.

It has sought the apex court's directions as to whether a stock option scheme, which had been exempted since 2000 onward can be treated as having exempted even in earlier assessment year of 1999-2000.

According to petition, stock option provided a benefit as the shares were allotted at a reduced rate to the employees. "It is nothing but a concession or benefit granted to an employee and would certainly amount to perquisite to an employee...", it added.

The ITAT had rejected the department's contention that Section 17(2)(iiia) of the Income Tax Act was classificatory in nature and not applicable to the assessment years.

It further held Infosys cannot be treated as a defaulter not deducting TDS under Section 192 of the Act in regard to issue of shares to its employees at a concessional rate as the same could not be treated as perquisite (salary).

Infosys had formulated Employees Stock Option Plan in 1999 under which shares were transferred to a trust which would in turn transfer shares to respective employees.

The company had challenged department's show cause notice proposing to treat it as defaulter for failing to deduct TDS in shares issued to its employees.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Outsourcing Company Offshore Software Outsourcing Software Outsourcing Company India Offshore Outsourcing Company India Software BPO Software Business Process Outsourcing Software Outsourcing India Offsho

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