"Depreciation on Stock Exchange Card is allowed :SC” plus 1 more

Depreciation on Stock Exchange Card is allowed :SC

Posted: 12 Sep 2010 09:45 AM PDT

In a major ruling, the Supreme Court has held that the stock exchange membership cards are "intangible assets" and a broker can claim deductions while filing income tax. A bench comprising Chief Justice S H Kapadia and Justices K S Radhakrishnan and Swatanter Kumar has held that membership of stock exchange was "business and commercial rights" for trade, hence it is eligible for depreciation under Section 32 of the Income-Tax Act 1961. Section 32 provides for deduction of allowance being made...

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All payments made abroad not within ambit of withholding tax, rules SC

Posted: 11 Sep 2010 11:43 PM PDT

The Supreme Court on Thursday rejected the income-tax department's contention that companies based in India were liable to deduct tax when they make any payment overseas, offering relief to domestic firms and multinational companies based here that would have had to cough up huge amounts as tax on payments made to overseas suppliers. The apex court rejected the sweeping interpretation of law on withholding tax, or tax deducted from overseas payments. The judgement clears the air on the...

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