The provisions of the Income Tax Act, 1961 relating to Tax Deduction at Source from Salaries are of immense importance in the context of present scenario when TDS collections account for almost 39% of total collection of Direct Taxes. The Income Tax Act, 1961 provides for penalties for defaults in respect of deduction of tax […]
Transfer of technology is an important aspect of international trade and investment. Transfer and sharing of intellectual property rights and providing managerial, technical or professional services etc. are important means of such technology transfer. Indian industry and service providers have of late been increasing entering into agreements with foreign firms so as to access such […]
Q 1. How will the daily changes in the inflation adjusted principal be accounted for, regarding a. MTM b. Interest c. Book Value Ans: The valuation criteria as specified for HTM, AFS and HFT would apply. Valuation (para nos. given are from our MC on investments) 3.1 Held to Maturity i) Investments classified under HTM […]
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 […]
