"16 January 2018" Archive

Decoding tax issues on insolvency code

De-coding the tax implications upon insolvency Non-Performing Assets (NPAs) have become an abiding issue with the Indian banking industry impacting the credit quality of bank loans.  The state of the bankruptcy process, prior to introduction of the Insolvency and Bankruptcy Code, 2016 (IBC) was highly fragmented which posed a deterrent ...

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Posted Under: Income Tax |

Allow Extension of weighted deduction U/s. 35(2AB) for a further period of 10 more years: ICAI

The Finance Act, 2015, with a view to phase out weighted deduction under Section 35(2AB) of the Act, restricted the allowability of expenditure incurred on scientific research (other than expenditure in the nature of cost of any land or building) on in-house research and development facility incurred on and from 1 April 2020 to 100 per ce...

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Posted Under: Income Tax |

APA rollback rules should be made applicable to similar nature of transactions with different AEs: ICAI

The CBDT introduced the rollback rules under the APA program on 14 March 2015. There were some ambiguities about the implementation of the rollback rules, and therefore, CBDT issued Frequently Asked Questions (FAQs) clarifying certain issues....

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Posted Under: Income Tax |

Introduce threshold limit of Rs. 25 crore for SDT documentation requirements: ICAI

The Finance Act 2012 has introduced DTP in spite of existing provisions under the Act which empower the Assessing Officer (AO) to re-compute the income of assessees availing profit-linked deductions if there are transactions with related parties or other undertakings of the same assessee...

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Posted Under: Income Tax |

Address Concerns in Section 94B Limitation of interest benefit provisions: ICAI

The Finance Act, 2017 introduced limitation of interest benefit (deduction) provisions in where an Indian company, or a permanent establishment of a foreign company in India, being the borrower, pays interest exceeding rupees one crore in respect of any debt issued/guaranteed (implicitly or explicitly) by a non-resident AE....

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Posted Under: Income Tax |

Extend Protection from applicability of GAAR to all transactions upto 31.03.2017: ICAI

Section 95 was amended via the Finance Act, 2015 to provide that provisions of Chapter X-A relating to General Anti-Avoidance Rule (GAAR) are made applicable from A.Y. 2018-19. In effect, the applicability of GAAR is deferred by two years. ...

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Posted Under: Income Tax |

Enable taxpayers from countries like Germany, France, Singapore and Italy to file for bilateral APAs: ICAI

The Indian APA authorities have been refusing to accept applications for bilateral APAs from countries like Germany, France, Singapore and Italy as the Double Taxation Avoidance Convention (DTAC)...

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Posted Under: Income Tax |

Ground rent shall be allowed as deduction in addition to section 24(a) : ICAI

At present, there is no provision for allowing deduction towards ground rent paid in computation of income from house property & the same has been merged into 24(a). Ground rent shall be allowed as deduction in addition to section 24(a) deduction since 24(a) mainly focuses on repairs & maintenance....

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Posted Under: Income Tax |

Section 23(5) – Deemed Taxability of unsold stock of house property after 1 year of lying vacant – Non-applicability of restriction contained in section 71(3A)

The Finance Act 2017 inserted sub-section (5) in existing section 23 to provide that where the house property consisting of any building and land appurtenant thereto is held as stock-in-trade and the property or any part of the property is not let during the whole or any part of the previous year, the annual value of such property or pa...

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Posted Under: Income Tax |

Section 92CE Introduction of secondary adjustment- ICAI Suggestions

The Finance Act, 2017 introduced the concept of secondary adjustment on Transfer Pricing (TP) adjustments. A taxpayer is required to make a secondary adjustment, where the primary adjustment to transfer price has been made in the following situations...

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Posted Under: Income Tax |

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