"17 October 2021" Archive

Income tax Timelines related with house property

The income tax laws provide various benefits in respect of house property be it for home loan or for claiming exemption for capital gains by investing in a residential house. If one is not aware of these timelines, one may just miss the tax benefits available under the tax laws. Let us discuss. Eligibility to […]...

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Posted Under: Income Tax |

I-T dept searches Digital Marketing & Waste Management groups

Income Tax Department conducts searches on groups engaged in the business of Digital Marketing & Waste Management The Income Tax Department initiated search and seizure operations in two groups based in several States on 12.10.2021. The first group is engaged in digital marketing and campaign management wherein the search operations h...

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Posted Under: Income Tax |

Availability of Input Tax Credit (ITC) for FY 2020-21

509 17/10/2021

1. As per Section 16(4) of CGST Act, 2017, no taxpayer shall take input tax credit in respect records (invoices and debit notes) for supply of goods or services (or both) for Financial Year 2020-21 after the due date of furnishing the return for the month of September 2021. The due date for the GSTR-3B […]...

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Taxability of income from downlinking television channels in India by foreign company

We are going to discuss taxability of income of a foreign company for downlinking television channels in India and income of a foreign citizen by display of uncut and u assorted diamonds on Bharat Diamond Bourse a notified Special zone at surat. PROBLEM: Discuss whether the following transactions are subject to tax as deemed income- [&hel...

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Posted Under: Income Tax |

Critical analysis of Taxability of Charitable & Religious Trusts under GST

GST is leviable on the supply of Goods & Services. Sr. No. 1 of Exemption Notification No. 12/2017- Central Tax (Rate) New Delhi, the 28th June, 2017 gives   exemption to Services by an entity registered under section 12AA of the Income-tax Act, 1961 (43 of 1961) by way of charitable activities. In the Definition Clause […]...

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Posted Under: Income Tax |

Tax Benefits to Companies under Pay as you Go and Gratuity Trust Formation Option for Payment of Gratuity

This article is an attempt to create awareness amongst Indian and Multinational companies about the tax benefits available to Indian and Multinational Companies under Pay as you Go and Gratuity Trust Formation Option for Payment of Gratuity. Gratuity benefits are governed by “The Payment of Gratuity Act 1972” and paid by the C...

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Posted Under: Income Tax |

Appointment of director in placing Director retiring by Rotation under Section 152(6)(e) & Applicability of Section 160

Discussion on Applicability of Section 160 of the Companies Act, 2013 during the Process of Section 152(6)(e) of the Companies Act, 2013 This discussion was initiated due to recently, we encountered with a question that whether a candidate or a member, who is eligible to submit special notice under Section 160 of the Companies Act, [&hell...

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Posted Under: Income Tax |

History of Accounting

Evidence shows that art and practice of accounting existed in Vedic times. These references are Kraya as sale, Vanij as merchant, Sulka as price in Rigveda. Arthashastra written by Kautilya contains details on business of keeping up accounts. ‘Vishnugupta Chanakya Kautilya’ popularly known as ‘Chanakya’ has been addresses as an Ac...

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Posted Under: Income Tax |

Sale of Software Licenses not constitutes Royalty

BMC Software Asia Pacific Pte Ltd. Vs ACIT (International Tax) (ITAT Pune)

BMC Software Asia Pacific Pte Ltd. Vs ACIT (International Tax) (ITAT Pune) Facts of the case: ♦ The assessee is a Singapore based company, which has not filed its Income Tax Return for the AY 2010-11. However, the assessee company has earned income from sale of Software Licenses and income from Support, Maintenance and Training [&hellip...

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Understanding Vodafone Tax Dispute & Changing Dynamics of Indian Tax Laws

During the years 2007 to 2008, India witnessed an immense hike of Foreign Direct Investments (FDI) in its Telecommunication Industry. The Indian telecom industry generated revenues of approximately 32 billion US Dollars in 2007-08 with a growth rate of 60 percent[1] over the previous financial year. The industry further witnessed a Compou...

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Posted Under: Income Tax |

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