Sharma, meanwhile, confirmed to TOI that the ministry also set up a separate advisory committee to study the origins of Saraswati, the mythical river. The Panel agreed with the submission and recommended that: This election must be made within 12 months of the settlor becoming resident in New Zealand.
If this election trust is not made within the month period, the trust is treated, in relation to distributions from the trust, as: Background The Rewrite Advisory Panel considered a submission that relates to the taxation consequences when a settlor of a foreign trust becomes resident in New Zealand under section HC 30 4 of the Act.
Saffron ideologues have regularly challenged the Aryan "invasion" theory. The amendment to section CD 29 of the Income Tax Act will apply from the beginning of the —06 income year.
Section OB 1 Definition of fixed rate share In the definition of a fixed rate share in the Act, it is unclear whether the term "dividend" in that definition includes an amount of any imputation credit or dividend withholding payment credit attached to the dividend. The Rewrite Advisory Panel accepted this review role.
This restores the requirement that subsections 5 to 9 are to be satisfied without any apportionment. Application date The amendment to section CD 40 of the Income Tax Act will apply from the beginning of the —09 income year.
Application date The amendment to section HC 30 4 will apply from the beginning of the —09 income year. Formed in Septemberthe committee was given a two-year tenure, which was extended for another two years in December TNN Mar 7, If a company recovers a dividend from its shareholders and notifies the Commissioner that the dividend has been recovered, the policy intention is that the Commissioner is obliged to amend any assessment to disregard that recovered dividend.
The submitter states this represents a change from the outcome under the corresponding provisions of the Act. Mayawati Panel on Indian culture not an attempt to rewrite history, says government The findings of a committee set up to conduct a "holistic study" of the evolution of 12, years of Indian culture are due to be placed in public soon in the midst of contentions — vehemently denied by the government — that it is intended to rewrite ancient Indian history and textbooks.
Section HG 3 5 provided that any revocation took effect on the later of the beginning of the income year the notice of revocation was provided or the beginning of such other income year specified in the notice.
The policy is that a wholly owned group should be able to use tax losses of one company in the group to pay shortfall penalties of another company in the group. The policy intent is an imputation credit or a dividend withholding payment credit that is attached to a dividend is not taken into account in determining whether the share on which the dividend is paid is a "fixed rate share".
The Panel concluded that the provisions were unclear and that the correct outcomes could be obtained by applying the transitional provisions in section YA 3 of the Income Tax Act and section YA 3 of the Income Tax Act The Panel recommends legislative action, when necessary, to correct any problems.
This amendment clarifies the section to ensure that the policy is expressed clearly. For example, if the FIF interest is a shareholding in a foreign company, the cost of an increase in the shareholding made on behalf of the owner of the FIF interest should be included in the value of that cost.
The panel comprising experts had a one-year mandate to carry out a "holistic study of the origin and evolution of Indian culture since 12, years before to present sicand its interface with other cultures of the world". Shortfall penalties and groups of companies Section IW 1 3 of the Income Tax Act Section IW 1 3 of the Income Tax Act provides that a group of companies may elect to use a tax loss of one company in the group of companies to satisfy a shortfall penalty assessed against any company within the same group of companies.
The amendment to section EX 44 of the Income Tax Act will apply from the beginning of the —06 income year. The submitter states this represents a change from the outcome under the corresponding provisions of the Act section FI 7 3 of the Act.
The policy is that non-resident withholding tax should not be imposed on exempt income. Culture minister Mahesh Sharma. This was considered to narrow the meaning of "life insurance" from that set out in section OB 1 of the Act. This is an unintended change in the policy underlying the rule, although the corresponding rule in the Act section DJ 22 was ambiguous.
Application date The amendment to section FC 5 3 b applies from the beginning of the income year. For example, if the FIF interest is a shareholding in a foreign company, the cost of an increase in the shareholding made on behalf of the owner of the FIF interest should be included in the value of that cost.
This amendment completes the amendment recommended by the Rewrite Advisory Panel by setting out the relationship between section DB 9B and section DA 3. However, the Panel considered that the drafting clarity could be improved so that it should be unnecessary to rely on the transitional provisions in section YA 3.
The submission is that this differs from the outcome given by the corresponding provision, section IG 10 1Aof the Income Tax Act The Panel agreed with the submission. Previously, under the Income Tax Actthe revocation of a qualifying company election was provided for in section HG 3 4 and 5.YANGON — A key member of an international advisory panel on Rakhine State has resigned, telling AFP on Saturday that the Daw Aung San Suu Kyi-appointed board risks becoming “part of the problem” in a conflict that forced somepeople, mostly Rohingya Muslims, to flee.
The Rewrite Advisory Panel received a submission that section EX 5 in both the Income Tax Act and the Income Tax Act contained an unintended change concerning the calculation of control interests to determine whether a foreign company is a controlled foreign.
YANGON: A key member of an international advisory panel on Myanmar's crisis-hit Rakhine state has resigned, saying on Saturday (Jul 21) that the.
“Over the years the Rewrite Advisory Panel has done a fantastic job to ensure our tax legislation remains consistent with the intention of drafting tax law that is clear enough for taxpayers to.
Taxation (savings investment and miscellaneous provisions) Act and Taxation (annual rates of income tax ) Act Rewrite amendments Rewrite amendments Remedial changes have been made to the Income Tax Act on the recommendation of the Rewrite Advisory Panel.
ILPA Response to the Independent Chief Inspector of Borders of In July the Advisory Panel on Country was disbanded and its functions subsumed Lawyers have to stay up all night and rewrite skeleton arguments in the light of judgments given on the eve of .Download