In order to augment the governance of Credit Rating Agencies (CRAs) registered with SEBI and mitigate the issues of conflict of interest, SEBI Board has approved certain changes in the SEBI (Credit Rating Agencies) Regulations, 1999
POEM Guidelines have been recently finalised only on 24th January, 2017, whereas the POEM provisions are already applicable w.e.f. 1st April 2016 (applicable from AY 2017-18 and onwards)
In Income-tax Act, 1961 is Assessment Year defined in Section 2(9) as: Assessment Year means the period of twelve months commencing on the 1st day of April every year. Previous Year is defined in Section 3 of the Income-tax Act, 1961 to mean “for the purpose of this Act, previous year means the financial year immediately preceeding the assessment year.
The Finance Act, 2012 amended Section 9(1)(i) of the Act with retrospective effect from 1st April 1962 to provide that any share or interest in an entity incorporated outside India shall be deemed to be situated in India if such share or interest derives, directly or indirectly, its value substantially from assets located in India.
The proposition that right to use a copyright is different from right to use a copyrighted article is recognized and it is only the right to use a copyright which is covered within the definition of royalty.
Explanation 5 to Section 9(1)(vi) has been introduced by Finance Act, 2012 w.e.f. 1st June 1976 to clarify that royalty includes and has always included consideration in respect of any right, property or information, whether or not the right, property or information is used directly by the payer or is located in India or is in the control or possession of the payer.
Expansion of definition [Explanation 6 to section 9(1)(vi)] of process so as to include transmission by satellite, cable, optic fiber or by any other similar technology within definition of Royalty should be dropped as it is negatively impacting telecom sector and leading to
The Income-tax Act, 1961 allows for set off in respect of foreign taxes paid on overseas income. However, in case of loss/inadequate profits, no set off may be possible. In the current economic scenario of the global economy, business outlook has become extremely uncertain and results have become very volatile.
The Companies (Amendment) Bill, 2017 has been passed by both the houses of parliament and is awaiting President’s assent. The proposed Amendments are broadly aimed at addressing difficulties faced by stakeholders and facilitating ease of doing business.
It is not in dispute that the assessee purchased MS Office software and used the same in its business. By purchasing MS Office software, the assessee has not become owner of the software. The ownership of MS Office software remained with Microsoft company.
