RBI FAQs ON DOMESTIC DEPOSITS, DEPOSITS OF NON-RESIDENTS INDIANS (NRIs), ADVANCES, ADVANCES AGAINST SHARES AND DEBENTURES, DONATIONS, LOANS FOR PREMISES AND SERVICE CHARGES Department of Banking Operations and Development Central Office I. DOMESTIC DEPOSITS Q 1. Whether banks can accept interest free deposits? Ans. Banks cannot accept interest free deposits other than in current account. […]
Explore the ITAT Bangalore judgment on global e-business operations vs. DDCIT. Learn about tax implications and obligations for reimbursement payments.
The provision relating to Permanent Account Number in the Income Tax is of immense importance to the taxpayers as quoting of PAN has been made mandatory for most of the financial transactions. The Department has been receiving a number of queries relating to PAN-particularly question on procedures for PAN application, documents required for PAN application […]
Whether ‘royalty’ determined under Sections 9/15(3) of the Mines and Minerals (Regulation & Development) Act, 1957 (Act 67 of 1957, as amended) is in the nature of tax?
Explore the CESTAT judgment upholding precedent decisions on EOU duty discharge and DTA sale eligibility. Know the legal insights in this insightful read.
Where in case of assessee there was only processing of return under section 143(1)(a) and, there was no finding in order of AO with regard to applicability of section 269T to assessee’s case, no penalty under section 271E was permissible.
Background 1. The Companies Act 1956 was enacted on the recommendations of the Bhaba Committee set up in 1950 with the object to consolidate the existing corporate laws and to provide a new basis for corporate operation in independent India. With enactment of this legislation in 1956, the Companies Act 1913 was repealed. 2. The […]
Although Circular has been issued for the purpose of non- seizure of jewellery during the course of search, the basis for the same recognizes customs prevailing in Hindu Society. In the circumstances, unless the revenue shows anything to the contrary, it can safely be presumed that the source to the extent of the jewellery as stated in the Circular stands explained.
The payments received by the Applicant from the Indian hotel owner for provision of global reservation services (‘GRS’) would be chargeable to tax in India under section 9(1)(i) read with Articles 5 and 7 of the India-Luxembourg DTAA as business income and is attributable to the Applicant’s permanent establishment in India.
When hiring of trucks and payment thereof was not in consequence upon any written or oral agreement, the natural outcome is that the provisions of section 194C, as has been held in the decisions referred to herein before, were also not applicable to the assessee’s case
