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Paras Dawar

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Analysis of Rules for grant of Foreign Tax Credit

July 28, 2020 41037 Views 0 comment Print

Computation of Foreign Tax Credit (‘FTC’) in case ofassessee’s with cross border payments has been a major hassle for tax professionals. Absence of well-defined set of rules, coupled with few judicial precedents had resulted in diversified practices. The Central Board of Direct Taxes (‘CBDT’) by Income-tax (18th Amendment) Rules, 2016

Section 148: Reason for issue of notice can be claimed before Return Filing

April 28, 2020 84079 Views 12 comments Print

Assessee Can Claim Reasons For Issue Of Notice under section 148 Before Filing Of Return under section 148 of Income Tax Act, 1961. We all are aware that notice under section 148 for reassessment can be issued by income tax department upto sixteen years from the end of the relevant assessment years, if there is […]

Income Tax implications on conversion of a Company into LLP

April 22, 2020 128359 Views 19 comments Print

The onset of Companies Act 2013 has ushered a paradigm shift in operation and management of companies. The benefits which, hitherto were available to Private Companies in the erstwhile Companies Act, have to a large extent receded. While some call it an era of greater transparency, others (particularly small corporates) feel that the new law […]

Can India leverage coronavirus crisis to its advantage ?

April 17, 2020 651 Views 0 comment Print

When the world is doomed by the pandemic of Coronavirus, at a time when the human race is faced by its biggest challenge that has forced us to self-isolate ourselves in our homes, I am reminded of one quote by Albert Einstein, “in the midst of every crisis, lies great opportunity”. While the world is […]

Detailed analysis of Banning of Unregulated Deposit Schemes Ordinance, 2019

February 24, 2019 13038 Views 1 comment Print

Through this article, an attempt has been made to understand the implication of Banning of Unregulated Deposit Schemes Ordinance, 2019. For the sake of better understanding, the author has divided the article into four parts comprising of the definition, the substantive law and the sanctions imposed.

Attempts by CBDT to destroy independence of CIT (Appeals)

August 31, 2018 5496 Views 3 comments Print

The author has taken strong exception to the CBDT castigating CIT(A) for giving relief to taxpayers on legal grounds. He has also condemned the CBDTs offer of incentives to CIT(A) to enhance assessments. He has argued that by dictating CIT(A)s to carry out appellate proceedings with a preconceived notion and in a prejudiced process, the CBDT has crossed the lakshman rekha by compromising a fair and unbiased trial promised by our Constitution.

Simultaneous Claim of Interest on Housing loan & HRA; Interest deduction against Capital Gain

July 24, 2018 139854 Views 28 comments Print

Assessee claim deduction of Interest on Housing Loan to acquire house property u/s 24(b) and simultaneously HRA exemption on rent paid (if he resides in property other than acquired). Further upon sale of said property, interest already claimed as deduction u/s 24(b) can be added to cost of property for the purpose of computing capital gain.

Direct Tax changes proposed in the Union Budget, 2018

February 13, 2018 34713 Views 3 comments Print

Author discusses Major Direct Tax changes proposed in the Union Budget, 2018 in thre parts 1. Amendments having Financial Implication 2. Amendments making changes in compliance procedures and Amendments having making changes in departmental procedure.

GST on Reverse Charge basis is not applicable on all transaction between Registered and Unregistered person

June 12, 2017 38499 Views 23 comments Print

Checking tax leakage has always been a crucial task for any tax enforcement authority. Goods and Service Tax (GST) law has been structured not only to bring a new Indirect Tax code in the country, but to also embolden the revenue authorities in their war against tax evasion. One such provision is section 9(4) of the Central Goods And Services Tax Act, 2017 (Act).

Understanding General Anti-Avoidance Rule (‘GAAR’) – Part 2

April 27, 2017 7302 Views 0 comment Print

Even though enough safeguards have been prescribed under the provisions of GAAR, the historical experience of harassment faced from tax department may give some tax payers sleepless nights.

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