"07 February 2018" Archive - Page 3

AO cannot add notional interest for ICD made at Bank FD Rate

ACIT Vs. Satyam Properties & Finance Limited (ITAT Delhi)

AO has treated the subscription of ICD as a loan which in our understanding is not a correct way to interpret an ICD, because it is a deposit made by the subscriber of the ICD issued by a company on a fixed rate of interest and hence it cannot be treated as a loan. ...

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India’s move from physical to economic presence criterion: “Significant Economic Presence” Comprehensive Insights

The Finance Minister of India, vide the Finance Bill 2018, has thrown a surprise to the Indian taxation fraternity by aligning the scope of business connection with the rules as per the Multilateral Instrument (MLI)1 and also introducing the concept of Significant Economic Presence into the already existing deeming provisions of Business ...

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Posted Under: Income Tax |

Should you continue to have faith in your ULIP Policy or you are thinking of surrendering it?

All of us who have invested in ULIPs over the years have this question before us? In most situations ULIP have given below expected returns and you may tempted to think of cutting your loss...

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Posted Under: Income Tax |

IBBI (Fast Track Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2018

No. IBBI/2017-18/GN/REG/025 (07/02/2018)

The Insolvency and Bankruptcy Board of India (IBBI) has amended the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017 yesterday....

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Protective Assessment can’t be made against Shareholder If Overseas Companies already been assessed on substantive basis

DCIT Vs. Smt. Mala Kalsi (ITAT Delhi)

AO admitted that the entire amount which was added to income of assessee on protective basis was already assessed in the hands of the overseas companies on substantive basis...

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Recent Changes in charges for late presentation of bill of entry

Standing Order No. 04/2018 (07/02/2018)

Certain possibilities/situations regarding non-filing of bill of entry in prescribed time/applicability of late charge, have been noticed and it has therefore, been decided that:-...

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How to enter details in RUN (Reserve Unique Name) Service

The Instruction Kit on RUN (Reserve Unique Name) Service has been prepared to enable you to access the Name Reservation Service with ease. This document provides references to law(s) governing the name reservation service and general instructions to provide details therein. The document also includes important points to be noted for succe...

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Posted Under: Income Tax |

CBDT Signs five UAPAs and two BAPAs in January, 2018

The Central Board of Direct Taxes (CBDT) has entered into five Unilateral Advance Pricing Agreements (UAPA) and two Bilateral Advance Pricing Agreements (BAPA) during the month of January, 2018. ...

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Posted Under: Income Tax |

Zero Incorporation Fee A Gift or Penalty

Although Reserved Unique Name service has made incorporation easier and time saving but still it has its own pros and cons and professionals are still facing difficulties with this. Following are the pros and cons of newly introduced RUN Service....

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Posted Under: Income Tax |

Process ITR of all Non-scrutiny cases for AY 2016-17 by 31.03.2018: DIT

F.No: DGIT(S)-3/AST/Processing of CASS Cases/101/2016-17/2 (07/02/2018)

It is requested that Assessing Officers may be directed to complete all Non-scrutiny cases for processing urgently. Assessing Officers may be directed to refer ITBA ITR- Processing Instruction 1 date 30.03.2017, ITBA ITR- Processing Instructions 2 & 3 date 08.11.2017 to thoroughly understand the process....

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