"27 February 2016" Archive

Arbitration and tax disputes: Hand in hand?

While the Indian Government is going all out to create a positive India outline, however, it is a reality that the World Bank's Ease of Doing Business 2015 report puts India as low as 186 on the criteria of contract enforcement. India strongly believes in the rule of law but an important aspect in doing business is factored out of the eas...

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Posted Under: Income Tax |

While granting sanction u/s 151, application of mind is sacrosanct

I.T.O Vs M/s Observer Investment & Finance Pvt. Ltd (ITAT Delhi)

While granting sanction u/s 151 of the I.T Act,1961 for granting sanction for approval of re-assessment proceedings it is necessary for the authorithy to apply his/her mind. Mere affiction of signature along with date cannot be considered as proper approval....

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Expectations from Union Budget 2016

Advocate Anandaday Misshra The Budget 2016, even if it is not going to be a populist one, it should emerge at least as a transforming budget to pave the way of GST much closer than the last year. AMLEGALS has the following expectations from the budget 2016: 1. Relaxations In Tax Liability for Startups If we […]...

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Posted Under: Income Tax |

GST Regime: Basics of State GST (SGST)

In State GST, the States alone can levy GST and the Centre withdraws from the field of GST or VAT completely. It can be a desirable option given the mismatch in resources and responsibilities of the States. In this case, the State GST will work as the redistributing mechanism. ...

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Posted Under: Income Tax |

5 Expectations from Budget 2016 to mollify Foreign Investors

We have discussed five issues faced by the foreign investors and the expectations from the Union Budget 2016-17. 4. TDS from payments to Non-residents having Indian branch/fixed place PE 5. Tax Residency Certificate...

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Posted Under: Income Tax | ,

Budget 2016: Make CENVAT Credit scheme better & effective

No law is perfect and no regime is ever complete which result in multitude of disputes and litigations. In order to make CENVAT Credit scheme better and effective, following are certain suggestions which the Revenue authorities should introspect. ...

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Posted Under: Income Tax | ,

Do not raise exemption thresholds to widen tax base: Survey

As a steps towards building fiscal capacity, the Survey suggests that the easiest way to widen the tax base would be not to raise exemption thresholds....

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Posted Under: Income Tax |

Auditors of Banking Companies – time to endure Ind AS

The Ministry of Corporate Affairs (MCA), Government of India has notified the Companies (Indian Accounting Standards) Rules, 2015 on February 16, 2015. A reference is also invited to the Press Release dated January 18, 2016 issued by the MCA outlining the roadmap for implementation of International Financial Reporting Standards (IFRS) con...

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Posted Under: Income Tax |

Directors’ responsibility for “All” applicable laws to Company

The word all used in Section 134(5) supra has left the directors of the companies with a question as to whether their responsibility is made open ended under the Companies Act, 2013, since prima facie the word all seems to provide an inclusive sense rather than an exhaustive sense. In the present article, an attempt has been made to under...

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Posted Under: Income Tax | ,

5 Wishes of Common Man from Budget 2016

1. Re-introduction of Standard deduction to Salaried and pensioners 2. Enhancement of Tax rebate under section 80D 3. Enhancement of Basic Tax free Exemption limit 4. Amendment required in Section 40A(3)/40A(3A) 5. Amendment of Section 234E...

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Posted Under: Income Tax |

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