"28 December 2017" Archive - Page 2

SEBI Board Meeting dated: 28th December 2017

Press Release No.: 68/2017 28/12/2017

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...

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Applicability of POEM should be deferred by a year : ICAI

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)...

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Posted Under: SEBI |

Replace concept of Previous Year & Assessment Year with Financial Year: ICAI

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 th...

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Posted Under: SEBI |

Section 9(1)(i)- Extend exemption to all offshore funds- ICAI

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....

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Posted Under: SEBI |

Scope of Royalty Income -Section 9(1)(vi)- Amend Section 194J-ICAI

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....

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Posted Under: SEBI |

Clarify Explanation 5 to Section 9(1)(vi) – e commerce services: ICAI

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...

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Posted Under: SEBI |

Clarify Explanation 6 to Section 9(1)(vi) – telecom services: ICAI

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...

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Posted Under: SEBI |

Allow Carry forward of excess foreign tax credit: ICAI

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....

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Posted Under: SEBI |

25 Key Takeaways from Companies (Amendment) Bill, 2017

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....

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Posted Under: SEBI | , ,

Section 194C TDS not applicable on Transport Charges Reimbursed to suppliers

Assistant Commissioner of Income Tax Vs Sri Gobinda Gupta (ITAT Kolkata)

This appeal is preferred by the Revenue against the order of ld. Commissioner of Income Tax (Appeals), Burdwan dated 20.01.2016 and the solitary issue involved therein relates to the deletion by the ld. CIT(Appeals) of the disallowance of Rs.32,06,445/- and Rs.3,58,000/-...

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