Windmill depreciation rate increase to 80% again.

Again wind energy devices & windmill depreciation rate for income tax purpose increase to 80%  and windmill developers will enjoy lower tax outgo while investing in windmills.

With effect from 1st April 2014, windmills developer can avail accelerated depreciation on windmills and wind energy special devices installed on or after 1st April, 2014 which allows the investing company to fast track the write-off of certain assets for tax purposes  The Income Tax department has amended the rules regarding this, through a notification 43/2014. Continue reading

DTAA between India and Malta

The Government of INDIA now entered into Agreement for Avoidance of double taxation and prevention of fiscal evasion with the Government of MALTA.

DTAA entered with MALTA, so the coverage of “MALTA” define in the agreement as follows :-

The term “Malta” means the Republic of Malta and, when used in a geographical sense, means the Island of Malta, the Island of Gozo and the other islands of the Maltese archipelago including the territorial waters thereof, as well as any area of the sea-bed, its sub-soil and the superjacent water column adjacent to the territorial waters, wherein Malta exercises sovereign rights, jurisdiction, or control in accordance with international law and its national law, including its legislation relating to the exploration of the continental shelf and exploitation of its natural resources;

Refer Notification 34/2014 dated 05/08/2014

Net Wealth Return Form BB

From assessment year 2014‐15 and onwards the return of net wealth shall be file in Form BB in the case of individuals, HUF and companies.

Further, the following assessee is liable to file return  electronically under digital signature :-

1. Individual who liable to audit u/s 44AB;

2. HUF who liable to audit u/s 44AB;

3. All companies.

Refer Notification 32/2014

Refer Format of Form BB