In a significant ruling, the Mumbai Bench of the Tribunal in Shivalik Ventures (P) Ltd. v. DCIT, 60 taxmann.com 314 (Mumbai Trib.) considered the debatable issue of exclusion from book profit for Minimum Alternate Tax (‘MAT’) of any amount credited in the Profit &Loss account, which is not at all taxable due to exemption, or which is not taxable because of its nature being capital receipt. 89 more words
Tags » Income Tax Act
The Canada Revenue Agency delayed announcing that a high-profile Liberal lobbyist had pleaded guilty to income-tax evasion until after the fall election campaign.
The agency says that when it delayed announcing the conviction of Herb Metcalfe, it was following the “caretaker convention,” which limits government communications to only those “necessary for government business” during the writ period. 703 more words
24 November 2015
The Ministry of Finance (MOF) has, on 17 November 2015 accepted for implementation 31 of the 70 suggestions on the draft Income Tax (Amendment) Bill 2016 (formerly know as the Income Tax (Amendment) Bill 2015). 644 more words
The Liberals have won the election. What does that mean for you and your family’s tax situation?
For the most part, the strategies proposed by the Liberals will help low to middle income families by reducing the tax rate from 22% to 20.5% on income between $44,700 and $89,401. 265 more words
- Your accountant should be happy to hear from you whenever there is a major change in your personal and/or business life. These changes could require substantial tax planning to avoid higher costs and maximize tax returns. 98 more words
The Canada Revenue Agency is not above making errors in their assessments of taxpayer returns or corporate returns including payroll and HST filings. The notice of assessment you receive is not set in stone and you have the option to file an objection notice with CRA if you feel that it made an error or has not considered relevant information in making their assessment. 44 more words