CA Paras Dawar

Direct Tax changes proposed in the Union Budget, 2018

Income Tax - 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....

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

Income Tax - 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 Serv...

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

Income Tax - 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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Understanding General Anti-Avoidance Rule (‘GAAR’) – Part 1

Income Tax - Parliament by Finance Act, 2012 inserted Chapter X-A under Income Tax Act, 1961 (‘Act’) which provided General Anti-Avoidance Rules (‘GAAR’) to be applicable from April 1, 2012. However, the protest from industry which feared arbitrary usage of power by tax officers forced the government to defer its implementation...

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200% penalty on unaccounted cash deposited in Bank Account

Income Tax - In this article, possibility for levy of penalty U/s. 270A of the Income Tax Act has been analysed in case where a person deposits his unaccounted cash in bank account and paid due tax thereon in return of income for AY 2017-18....

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Recent Posts in "CA Paras Dawar"

Direct Tax changes proposed in the Union Budget, 2018

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....

Read More
Posted Under: Income Tax |

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

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 Serv...

Read More
Posted Under: Income Tax |

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

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. ...

Read More
Posted Under: Income Tax |

Understanding General Anti-Avoidance Rule (‘GAAR’) – Part 1

Parliament by Finance Act, 2012 inserted Chapter X-A under Income Tax Act, 1961 (‘Act’) which provided General Anti-Avoidance Rules (‘GAAR’) to be applicable from April 1, 2012. However, the protest from industry which feared arbitrary usage of power by tax officers forced the government to defer its implementation...

Read More
Posted Under: Income Tax |

200% penalty on unaccounted cash deposited in Bank Account

In this article, possibility for levy of penalty U/s. 270A of the Income Tax Act has been analysed in case where a person deposits his unaccounted cash in bank account and paid due tax thereon in return of income for AY 2017-18....

Read More
Posted Under: Income Tax | ,

Analysis of Rules for grant of Foreign Tax Credit

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...

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Posted Under: Income Tax |

Analysis of draft rules for grant of Foreign Tax Credit

A resident assessee will be eligible to claim Foreign Tax Credit (FTC) if any tax has been paid by him in a country or specified territory outside India. Grant of FTC shall be allowed only in the year in which the income corresponding to such tax has been offered to tax or assessed to tax in India....

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Posted Under: Income Tax |

Income Tax implications on conversion of a Company into LLP

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 ...

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Posted Under: Income Tax | ,

S. 147 Reassessment without disposal of preliminary objections not sustainable

Reassessment order u/s 147 without first disposing of the preliminary objections raised by the assessee can not be sustained and is this liable to be quashed. Supreme Court in GKN Driveshafts (India) Ltd. vs. ITO & Ors. (2003) 259 ITR 19 had devised the process to be followed while carrying out assessment u/s 147. ...

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Posted Under: Income Tax |

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

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 ga...

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Posted Under: Income Tax | ,
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