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"17 February 2017" Archive

Oral statement cannot over ride documentary evidence; No addition on mere Statement

Sharad U. Mishra Vs DCIT (ITAT Jaipur)

AO was not justified to make addition solely on the basis of the statement of Shri Hanuman Yadav when there was a registered sale deed and more particularly when the maker of statement has not challenged the sale deed before any court of law. ...

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Section 10A: Internet Charges deductible from both Export & Total Turnover

Qvantel Software Solutions Vs Income-tax Officer (ITAT Hyderabad)

ITAT have consistently held that the internet charges have to be excluded both from the export turnover as well as from the total turnover while computing deduction u/s 10A of the Act. ...

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Consideration received for licensing of software programmes- Royalty U/s. 9(1)(vi)/ Article 12

Qad Europe B.V. Vs DDIT (ITAT Mumbai)

Since the definition given in Article 12(4) of the DTAA does not contain any consideration for the use or right to use in ‘computer programme’ or ‘software’, the same cannot be imported into it. ...

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Salary of non-resident for services rendered abroad is not taxable in India

Utanka Roy Vs DIT (Calcutta High Court)

It is not disputed that the petitioner as a marine engineer had rendered services outside India for the period of 286 days. He has received his remuneration for such work from a foreign company. Consequently, the income received by the petitioner for services rendered outside India has to be considered as income received out of India and ...

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Mere surplus generation not fatal to exemption u/s 10(23C)(vi)(via)/ 80G if same is utilized for charitable purposes

CIT Vs. Gulab Devi Memorial Hospital (Punjab & Haryana High Court)

In this case Punjab & Haryana High Court upheld the The law laid down in Visvesvaraya Technological University vs. ACIT 384 ITR 37 (SC)  that  generation of surplus is not fatal to the grant of exemption under section 10(23C)(vi)(via)/ 80G of Income Tax Act, 1961 if such surplus is utilized for charitable purposes. In this […...

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Constant improvement in ease of doing biz imperative for economic growth

The government needs to continuously invest in improving the ease of doing business environment, develop sound infrastructure, and ensure availability of trained workforce as India is set on a growth trajectory that promises all-round development, economic welfare and strong macro-economic indicators, noted a recent ASSOCHAM-EY report....

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Posted Under: Income Tax |

Major Achievements of MCA for the Month of January, 2017

During the month two notification(s) (one for private companies and the other for public companies) under section 462 of the Companies Act, 2013 [CA-13] have been issued providing for exceptions, modifications and adaptations from some of the provisions of the CA-13 for companies licensed to operate by the Reserve Bank of India or Securit...

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Posted Under: Income Tax |

FAQs on Foreign Investments in India

These FAQs attempt to put in place the common queries that users have on the subject in an easy to understand language. However, for conducting a transaction, the Foreign Exchange Management Act, 1999 (FEMA) and the Regulations made or directions issued thereunder may be referred to. The relevant principal regulations are the Foreign Exch...

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Posted Under: Income Tax |

Clarification of levy of MOT charges in CFSs attached to 24×7 ports

Circular No. 04/2017-Customs (16/02/2017)

Factory stuffed containers are already covered under 24x7 operations, therefore, MOT charges are not required to be paid in lieu of services (like verification of seals etc) rendered by customs officers at CFSs in respect of such containers....

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President Assents Payment of Wages (Amendment) Act, 2017

NO. 1 of 2017 (16/02/2017)

All wages shall be paid in current coin or currency notes or by cheque or by crediting the wages in the bank account of the employee: Provided that the appropriate Government may, by notification in the Official Gazette, specify the industrial or other establishment, the employer of which shall pay to every person employed in such industr...

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