At the time of buy back of shares (not being shares listed on a recognised stock exchange), by a company from the shareholder, the company is liable to pay income tax on distributed income under Section 115QA of the Act.
Grant of Presidential Award of Appreciation Certificate to the officers of Customs & Central Excise on the eve of Republic Day, 2018 as notified vide Notification No. 09/2018(N.T)
No. JC(HQ)-1/GST/2017/Noti/18/ADM-8.—In exercise of the powers conferred by sub-section (6) of section 39 read with section 168 of the Maharashtra Goods and Services Tax Act, 2017 (Mah. XLIII of 2017) (hereinafter referred to as the said Act)
It is suggested that the six months cap be removed so that the deemed credit can be availed on all pre-GST goods lying in stock. Appropriate forum needs to be set up for challenging the classification of imported goods either with the Customs Department or under the GST Department.
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.
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
