1. GST rates on tailoring services reduced from 18% to 5%. 2. GST charge on Common Effluent Treatment Plant services brought down from 18% to 12%, making the cost of coloured fabric more competitive. 3. Bringing relief to exporters, no service tax will be charged on transportation charges by air and ship outside India. 4. […]
From last many years, companies advertising foreign brands in India are been scrutinized in TP audits, for the AMP expenditure made by them. On this issue large TP adjustments are been made. This has led to litigation between the companies and TPOs resulting in the disallowance all marketing expense and the same is been challenged in higher authorities.
The coaches are rolling stock of railways. They are for transport mode and cannot fall under the commercial object of industrial building, factory, plant or machinery, etc. The interpretation of the original authority is far fetched and not sustainable in view of the plain meaning of the statutory definition for tax entry.
Clause 16 of the Form 3CEB requires the reporting of particulars in respect of the purchase or sale of marketable securities, issue and buyback of equity share, optionally convertible/ partially convertible/ compulsorily convertible debentures/ preference shares.
Section 90(2A) of the Act provides that notwithstanding anything contained in Section 90(2) of the Act, the provisions of Chapter X-A i.e. GAAR shall apply to the taxpayer even if such provisions are not beneficial to the taxpayer.
The existing provisions under Section 92BA of the Income-tax Act, 1961, require an assesse to comply with the transfer pricing provisions if the aggregate of the Specified Domestic Transactions exceeds INR 20 crore during an assessment year.
The deadline for filing the CbyC report in India is 30 November 2017 for first covered FY 2016-17 i.e. only 8 months post the end of FY 2016-17 have been provided to the taxpayers to prepare and furnish the CbyC report.
Under the existing provisions of Section 90 of the Act, power has been conferred upon the Central Government to enter into a tax treaty with the Government of any country outside India for granting relief in respect of income on which income-tax has been paid both under the said Act and Income-tax Act in that foreign country
Pre- Conditions for filing Settlement Application- Pendency of the ‘Case’ – 245A(b)- Assessments must be pending or deemed to be pending (in case where reopening is permissible but notice has not been issued) before the Assessing Officer at the time of filing settlement application
Under the Income-tax Act, 1961, Education cess and Secondary and Higher education cess are imposed on account of the provisions contained in sub-section (12) of Chapter III of the Annual Finance Act which provides the rates of income-tax.
