Abuse of Dominance under Competition Act, 2002

Corporate Law - The Competition Act, 2002, follows philosophy of modern competition laws and aims at fostering competition and at protecting Indian markets against anti­ competitive practices by enterprises. The Act prohibits anti­-competitive agreements, abuse of dominant position by enterprises, and regulates combinations (mergers, amalgamations and ...

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Public procurement under Competition Act, 2002

Corporate Law - To sum up, the policy planners, public procurement officials and CCI should work together as a team to deter bid rigging through robust enforcement, increased vigilance, and better designed public procurement programs....

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Jargon – The Professional Slang?

CA CS ICWA - In this article, I have attempted to understand how the organizational environment affects our vocabulary, and the words we doll out. I have also laid a special emphasis on the usage of jargons in the corporate environment, and the paradigm shift we are witnessing....

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IND AS 10 – Events After The Reporting Period

Finance - (a) Event occurring after the reporting period are defined as ‘events which occur between the end of the reporting date and the date when the financial statements are approved by the Board of Directors in case of a company’ and ‘by the corresponding authority in case of any other entity’....

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Which return form you need to use for filing of your return

Income Tax - Though this is the last month of filing of income tax return for majority of the tax payers but there persists a confusion as to the ITR form which one has to use. Let us now discuss which form is applicable in your case and clear the doubts....

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CBDT introduces Paperless PAN & TAN application process

Income Tax - For fast tracking the allotment of PAN and TAN to company applicants, Digital Signature Certificate(DSC) based application procedure has been introduced on the portals of PAN service providers M/s NSDL eGov and M/s UTIITSL. Under the new process PAN and TAN will be allotted within one day after completion of valid on-line application....

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No adverse impact of Brexit on Indian economy

Finance - Government has assessed the impact of Brexit on the Indian economy. Thus far, India has not only avoided adverse impacts, it has in fact emerged as a safe haven for investors around the world....

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ICAI to Standardise Guidance Notes issued by it

CA CS ICWA - The basic structure of the Guidance Note may include guidance on the Background/Introduction, Scope, Objective etc. so as to give the reader a brief idea of the topic for which the guidance is being provided. Thereafter, the descriptive narrative for the guidance may be followed. However, as the narrative related to the guidance on the to...

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7 lakh Income Tax Notices in respect of High Value Transactions

Income Tax - Income Tax Department to issue 7 lakh letters seeking Information in respect of High Value Transactions- Under the Annual Information Returns (AIR), various types of high-value transactions were being reported to the Income Tax Department. These include reporting of cash deposits of Rs.10,00,000 or more in a saving bank account, sale/purc...

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SIT directs ED to take action against Export Companies

Corporate Law - SIT directs Enforcement Directorate to take necessary action under FEMA with respect to 216 Companies for the period before 1st March, 2016 and against 572 Companies for the period after 1st March, 2016 for which each such Company had export proceeds pending for realisation for more than Rs. 100 crore....

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Satisfaction of need, rendition & benefit test is to be from assessee’s business point of view

GE Money Financial Services Pvt. Ltd. Vs. ACIT (Delhi ITAT) -  The ITAT Delhi in the above cited case held that the need , rendition and benefit test for services availed by the assessee from associated enterprises should be applied having regard to the assessee’s business and not in a generic manner. TPO should have given due thought to the requirements ,be...

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Revenue sharing arrangements are liable to service tax: AAR

In Re M/s Choice Estates and Constructions Ltd (Authority for Advance Rulings) -  AAR held that a revenue sharing arrangement by creating a partnering person shall be liable to service tax if the partners are providing taxable service to one another in execution of partnering purpose even if the purpose of creating partnering person is non-taxable. ...

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AMP expenditure without agreement with AE is not an international transaction

Loreal India P. Ltd. vs. DCIT (Bombay High Court) -  Bombay HC held that Advertising, Promotion and Marketing expenses (AMP) cannot be considered as international transaction unless there exist an agreement between the assessee and its AE to share/reimburse the AMP expenditure incurred by the assessee in India....

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Search Assessment in absence of incriminating material not valid

M/s. Jaipuria Infrastructure Developers P. Limited vs. ACIT (ITAT Delhi) -  Undisputedly the AO has not made assessment on the basis of incriminating material unearthed during search and seizure operation conducted u/s 132 rather proceeded u/s 153A of the Act on the basis of some pre-search enquiries to make an addition ...

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No TDS on payment for simple marketing services of introducing foreign institutional investors by foreign subsidiary companies

Batlivala & Karani Securities (India) Pvt. Ltd. Vs. DCIT (ITAT Kolkata) -  The nature of services rendered by the subsidiaries to the assessee were in respect of simple marketing services of introducing foreign institutional investors to invest in capital markets in India so that the assessee would improve its business in India. ...

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Draft Rules for prescribing amount of share buyback U/s. 115QA

F No 370133/30/201 6-TPL - (25/07/2016) -  Under section 115QA of the Income-tax Act, 1961 (the Act), additional Income-tax at the rate of 20 percent is levied on the distributed income arising out of buy back of unlisted share by the company. The distributed income was defined to be the consideration paid by the company on buy back of share...

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Removal from the list of Inspection and Certification Agencies

Public Notice No. 23/2015-2020 - (22/07/2016) -  M/s. Trans Border Safety Control Inspection Services LLC, USA was notified as Pre Shipment Inspection Agency vide Public Notice No. 34(RE: 2013)/2009-14 dated 29.10.2013. A Show Cause Notice (SCN) No. 01/53/171/214/AM16/PSIA-101/IC dated 3/6/2016 was issued to them for mis-declaration in the Pre-Shi...

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SOP to handle 14 Lakh AIR transactions without valid PAN

F.No. 225/193/2016/ITA.II - (22/07/2016) -  Kindly refer to the above subject. Directorate of Systems has processed non-PAN AIR transactions which resulted in identification of around 7 lakh high risk transaction clusters having around 14 lakh non-PAN AIR transactions. These transactions have been assigned priority rating P1 to P3 (P1 being t...

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Permission to pay service tax through non electronic modes

F.No 137/08/2013-Service Tax - (22/07/2016) -  Rule 6(2) of the Service Tax Rules, 1994 stipulate that while every assessee shall pay service tax electronically through internet banking, the jurisdictional Deputy/Assistant Commissioner, may, for reasons to be recorded in writing, allow the assessee to deposit service tax by any other mode....

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Promotion of 196 ITO to ACIT grade- Order No. 138 of 2016

Order No. 138 of 2016 - (22/07/2016) -  The President is pleased to appoint the following 196 Income Tax Officers, presently posted in the region shown against their names in the grade of Assistant Commissioner of Income Tax (ACIT) on ad hoc basis for the vacancy year 2015-16, in the pay scale of Rs. 15600-39, 100 (plus grade pay of Rs. 5...

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FAQs

Cartels are agreements between enterprises (including a person, a government department and association of persons / enterprises) not to compete on price, product (including goods and services) or customers. The objective of a cartel is to raise price above competitive levels, resulting in injury to consumers and to the economy. For the c...
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The information can be filed on the issues like anti-­competitive agreements and abuse of dominant position or a combination which causes or is likely to cause an appreciable adverse effect on competition in the markets in India....
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These FAQs are prepared with a view to guide market participants on Electronic book mechanism for issuance of debt securities on private placement basis. 1. Who is an Electronic Book Provider (EBP)?...
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What is a return of income? It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department. Different forms of returns of income are prescribed for filing of returns for different Status and Nature of […]...
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As you may be kindly aware that an ‘Ind AS Transition Facilitation Group’ (ITFG) of Ind AS (IFRS) Implementation Committee has been constituted by APEX body of Chartered Accountants  for providing clarifications on timely basis on various issues related to the applicability and /or implementation of Ind AS under the Companies...
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Income Tax Planning

Dummies / Employees – 4 Amazing tax planning you can’t afford to miss!

Introduction Getting into the day to day work, we never thought what we missed yesterday or what we can plan for tomorrow. We at Hubco.in, always receives queries from budding...

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5 Mistakes You Should Avoid in Selecting Tax Saving Investments

The word 'tax’ troubles every salaried individual and business person, equally. Nobody likes when a portion of their income gets deducted in the form of tax. Therefore, ind...

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Tax Benefits Available to Senior Citizens

A person becomes senior citizen under Income Tax Act in any year after attaining the age of 60 even for one day. Once he attains 60 years, his status as senior citizen in that...

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Income Tax Deductions

Accumulated Repairs Expense on Rented Premises-Deduction Allowable?

The term repairs generally means restoring a thing into a good condition.Etymologically, the word "repair" is derived from O. F. reparer which in its turn is derived from L re...

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FAQs on Tax Deducted at Source (TDS)

1) Whether capitalization of interest payable attracts TDS U/S 194A? Whether conversion of out standing interest on loan into loan attracts TDS? Difference between Form-15G an...

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Tax Benefits of Health Insurance – Invest in Your Heath to Save More

Every financial year, taxpayers look for legal ways to protect their savings and minimise tax liability. The pressure to keep up with the costs of living, the skyrocketing pro...

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Calculators

Depreciation cum Asset Management Utility/Calculator

Some Key Features of Depreciation cum Asset Management Utility in Excel Format are as follows:- Line wise SLM and WDV Depreciation, as per Companies Act 2013, Calculatio...

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Can you trust the online financial calculators?

Yes, it is true that financial / retirement calculators are simple to use. Based on a few assumptions that you input on your computer about the future, it instantly provides y...

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Free Depreciation Calculator- Schedule II of Companies Act 2013

Depreciation Calculator Version 2 –Compliant to Schedule II of Companies Act 2013 : Financial Year 2015-16 to Fy 2019-20 enabled - 1. Calculation of Depreciation and WDV f...

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Rate Charts

Rates of Depreciation as Per Income Tax Act,1961

Block of Assets :-The expressions Assets and Blocks of Assets w.e.f. 1-4-1999 shall mean a group of assets falling within a class of assets comprising:–Tangible Assets being...

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Income Tax Rates / Slab / Chart for A.Y. 2016-17 & 2017-18

This article contains Income Tax Rates/Slab/ Chart for Assessment Year 2016-17 & 2017-18 payable by Individual (resident or non-resident) or HUF or Association of Person o...

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Service Tax Rates as applicable from 1st June 2016

In this article we have compiled Generic Service Tax Rate Applicable on all Taxable Services, Service Tax on Non Taxable Services , Wholly Exempted Services, Rate of Service T...

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