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Archive: 28 November 2015

Posts in 28 November 2015

Loss due to fluctuation in foreign exchange as on the date of balance sheet allowable

November 28, 2015 664 Views 0 comment Print

Bechtel India Pvt. Ltd. vs DCIT (ITAT Delhi)- In view of ratio laid down by Hon’ble Supreme Court in the case of Woodward Governer (312 ITR 254), while the assessee is following mercantile system of accounting, the loss suffered by the assessee by fluctuation in the foreign exchange as on the date of balance sheet is an item of expenditure u/s 37(1) of the Act.

Internal comparability is a preferred method in transfer pricing study where within company profit margin data with third parties available

November 28, 2015 1480 Views 0 comment Print

ITAT Bangalore held In the case of M/s. Agila Specialties Pvt. Ltd vs. DCIT that when the data is available showing profit margin of that enterprise itself from a third party, it is always safe and advisable to adopt internal comparable.

TP provisions requires comparison of a controlled transaction with uncontrolled transaction, comparison within two controlled transaction is immaterial

November 28, 2015 961 Views 0 comment Print

ITAT Mumbai held In the case of Greaves Cotton Ltd. vs. ITO that under the transfer pricing regulations, a comparability analysis is a comparison of a controlled transaction with uncontrolled transaction

Profit & loss – A Game of Write off and Write back

November 28, 2015 5090 Views 0 comment Print

What is net profit and what is net loss, In our life, it’s a game of write off and write back. Writing off your fears and writing back your cheers, Will lead you building an automatic gear.

What is Swachh Bharat Cess (SBC)? How we will deal with it?

November 28, 2015 11461 Views 1 comment Print

According to Chapter VI of Finance Act 2015 it contains provisions for levy and collection of Swachh Bharat Cess. Government has notified levy of Swachh Bharat Cess at the rate of 0.5% of the value of taxable services. Swachh Bharat Cess is not leviable on services which are fully exempt from service tax or those covered under the negative list of services. Presently new service tax rate is 14% and rate of SBC is 0.5%. New rate of service tax plus SBC would be 14.5% on all value of taxable services.

CBDT to finalise 50 to 60 APAs before the end of this fiscal

November 28, 2015 1208 Views 0 comment Print

The APA programme was introduced in the Income-tax Act, 1961 in 2012 vide the Finance Act, 2012. 5 APAs were concluded in the first year and 4 APAs got signed in the second year. The pace of negotiations has picked up in the current year. This year has already witnessed the conclusion of 22 APAs. It is the aim of the CBDT to finalise another 30 to 40 APAs before the end of this fiscal to provide stability and confidence to foreign enterprises operating in India.

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