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Learn about exemption possibilities under Sec. 10(23C) for registered educational or medical institutions and the need for Form 10B/10BB. Get clarity on tax implications.
Understanding the new methodology for determining turnover in F & O transactions. Stay informed about the changes made by ICAI and their impact on tax audits.
Procedural lapses by NeAC- Good grounds of appeal against Faceless Assessment Order The first cycle of Faceless Assessment Scheme is about to be over. A number of orders have already been passed upto the date of this article (April 21). The experience of tax professionals with faceless assessment till now is by and large OK […]
Interesting Income Tax Issues: Deduction of Health and Education Cess from Taxable Income : AY 2020-21 Background Sec. 40(a)(ii) of the Income –tax Act provides that ‘any sum paid on account of any rate or tax levied on the profits or gains of any business or profession or assessed at a proportion of, or otherwise […]
Foreign Remittances – Fees for Technical Services-Whether a TDS is always required under Indian Income Tax Act? This article is meant to be a tool of understanding the basics of TDS on Fees for Technical Services when paid out of India. It should prove usefull for both tax professionals and also for non tax professionals/entrepreneurs […]
Changing the age old methodology of levy of penalty u/s. 271(1)(c ) of the Income tax Act, Finance Act 2016 has introduced a new mechanism for penalty in the form of section 270A and 270AA.
In respect of foreign payments, TDS u/s. 195 is quite a grey area of the Indian Income Tax Act (act). Every payment to a non resident is not liable for TDS u/s. 195. A decision as to the coverage of any payment u/s. 195 requires determination about taxability of income in the hands of NR […]
This is an updation of my earlier article on the same matter wherein issue of availability of Input Tax Credit (ITC) in respect of services of repairs, insurance etc. for motor vehicles has been discussed. Through CGST Amendment Act 2018, the law on this point has been amended by inserting clause (ab) to Sec. 17(5) […]
After levying VAT from 1st January 2018,, Dubai has started process of granting VAT refund to tourists from 18th of November. Coincidently after a short family trip at Dubai, I returned back to India on the very same day and this gave me a chance to get the first hand experience of the system.
In the opinion of author restriction on ITC benefit in respect of motor vehicle DOES NOT get extended to repairs, insurance etc. for motor vehicles and as such there is no bar in availability of ITC on these services. Following analysis is relevant in this regard.
