Income Tax, Wealth Tax and Direct tax Code Related News

  • Nov
  • 26
  • 2014

Built Operate Transfer Project: Allowability of depreciation on Toll Road Constructed

Added In Income Tax
Navneet Singal In the case of BUILT OPERATE and TRANFER PROJECTS (‘BOT’), Under the concessionaire agreement between the Government and the developer, the developer is required to construct, develop and maintain the infrastructural facility of roads, highways etc. at its own cost and its utilization for a specified period. The developer collects toll from the […]

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  • Nov
  • 25
  • 2014

FEMA -Routing of funds raised abroad to India

Added In Income Tax
It has come to our notice that some Indian companies are accessing overseas market for debt funds through overseas holding / associate / subsidiary / group companies. It has also been reported that such borrowings are raised at rates exceeding the ceiling applicable in terms of extant FEMA regulations and that the funds so raised are routed to the Indian companies which accounts for sole/major operations of the group. RBI/2014-15/316 A.P. (DIR Series) Circular No. 41

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  • Nov
  • 24
  • 2014

Kisan Vikas Patra- Is it a tool to convert Black Money into White?

Added In Income Tax
Krishna, recently the Government has reintroduced the investment scheme of Kisan Vikas Patra. There are many questions regarding this scheme but answer to the most important question is unascertainable. The earlier scheme of Kisan Vikas Patra was closed due to increasing black money from the scheme then why it is reintroduced?

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  • Nov
  • 22
  • 2014

Installation & Commissioning Expenses not covered under definition of FTS u/s 9 of Income Tax Act, 1961

Added In Income Tax
The issue is no longer res integra as it has been held by Hon’ble ITAT Mumbai in case of Bennet Coleman & Co. Ltd. Vs ITO(TDS) [ITA No. 7315/Mum/2008] pronounced on 12-11-2014 wherein the assesse (Times of India) has entered into an agreement with M/s FERAG AG for supply of heavy plant and machinery along […]

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  • Nov
  • 22
  • 2014

Loophole in section 139 of Companies act, 2013

Added In Income Tax
The legislature in their wisdom decided to plug loopholes of the erstwhile Companies Act, 1956 by inclusion of various new provisions to prevent frauds in the Companies Act, 2013 which were not a part of the erstwhile Companies Act. The noble intention behind bringing new preventive provisions is to bring more transparency in day to […]

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  • Nov
  • 20
  • 2014

Time Period of Realisation & Repatriation of Export Proceeds – For exporters including Units in SEZs, Status Holder Exporters, EOUs, Units in EHTPs, STPs and BTPs

Added In Income Tax
A.P. (DIR Series) Circular No. 37 Dated- November 20, 2014Export of Goods / Software / Services – Period of Realisation and Repatriation of Export Proceeds – For exporters including Units in SEZs, Status Holder Exporters, EOUs, Units in EHTPs, STPs and BTPs

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  • Nov
  • 20
  • 2014

Income Tax Notification No. 72/2014, Dated: November 20, 2014

Added In Income Tax
NOTIFICATION NO. 72/2014, Dated: November 20, 2014 CORRIGENDUM In the notification of the Government of India, Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, number S.O.2915(E), dated the 13th November, 2014, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), dated the 13th November, 2014, in Schedule-II,

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  • Nov
  • 20
  • 2014

Transfer Pricing – Rate for benchmarking in respect of loan given to AE’s outside India?

Added In Income Tax
In the Judgment of Aurionpro Solutions Ltd. vs. ACIT, Range – 4(3), Mumbai, ITA No. 7872 (Mum.) of 2011, ITAT Mumbai has held that for purpose of determination of Arm’s Length Price, tested party is always assessee and not its Associate Enterprise (AE), LIBOR is acceptable for benchmarking loans given by Indian company to its foreign AEs, instead of interest rates prevailing in India.

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  • Nov
  • 19
  • 2014

Income tax calculator for Financial year 2014-15

Added In Income Tax
Auto Income tax calculator Financial year 2014-15 / Assessment year 2015-16- This Latest Income Tax Calculator for Financial Year 2014-15 is simple Income tax calculator in excel format. This tax calculator will help you to calculate the Income Tax and clear any related rule in very less time & less efforts.

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  • Nov
  • 19
  • 2014

Favourable Shell Verdict – A Launchpad for Restoring Global Investors’ Confidence?

Added In Income Tax
Dr. Suresh Surana Comment on Shell’s wins of transfer pricing tax dispute in Bombay HC The aggressive approach of tax authorities and the earlier government in case of Vodafone and Shell led to erosion of confidence of global investors. In this context, the favourable decision of H’ble Bombay High Court in case of Shell India […]

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