In this regard, there is a need to exempt levy of Minimum Alternate Tax (MAT) on write back of notional income
pursuant to approved plan of IBC," it noted.
We have also recommended that tax on agriculture income be levied on actual and not notional income
including on rental income of agricultural land of the absentee landlords.
Sources said that the ministry told PMO that the contractors have also used the clause related to notional income
tax in the PSC in a manner so as to benefit themselves unjustly.
115U of the Income Tax Act, 1961, has created an anomaly whereby investors have to pay tax on the notional income
Assessed earnings are unrelated to actual earnings and instead correspond to notional income
classes which, depending on the fund, increase with years of experience.
The balance was made up of donations of pounds 96,912, grants of pounds 93,087 and notional income
of pounds 10,000.
A EVEN though dividends are re-invested, you will still be deemed as having received notional income
and you will be liable for tax on the difference, so I would suggest they are transferred to your wife's name.
As required by accounting standards, substantially all of the income tax expense for both the quarter and the first quarter of 2003 represent notional income
taxes that would be paid in the absence of the availability of the Company's income tax losses and other timing differences and not an actual tax liability or payment to any taxing authority.
He recommended that in the forthcoming Sindh Budget the agricultural income should be taxed on actual, and not notional income
, including rent income of absentee landlords.
A bench of Justice Gyan Sudha Misra and Justice Kurian Joseph has formulated new guidelines on computing the quantum of compensation for children as the amount under the existing statutory scheme was computed after taking the notional income
of a child to be mere ` 1,250 per month.
Current Business, Japan Bank of Japan Monthly Statistics, Germany Deutsche Bundesbank, France INSEE, UK Economic Trends, Italy IMF International Financial Statistics, Canada Notional Income
The bellwether BSE Sensex crossed the 21,000- point mark, a gain of 5,000 points since last Diwali ( October 17, 2009), boosting the notional income
of the stock market investors by ` 20 lakh crore.