CA Vispi T. Patel

Key Amendments to Form no. 3CD effective from 20 August 2018

Income Tax - CBDT vide Notification No. 33/2018 amends Form no. 3CD in respect of tax audit under section 44AB. The new reporting requirements, especially with reference to secondary adjustment, limitation on interest deduction, GAAR, Country-by-country Report, etc. are onerous and obligatory on the taxpayers and chartered accountants. Introduction: T...

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Analysis of Supreme Court Judgments on Permanent Establishment

Income Tax - The general principle of taxation is that a person, who is resident of a country, would normally be taxable on his/its global income. However, as a rule of exception to this general principle, a person may also be taxed in the country of source i.e., the place where the business of a person is carried on, though he may be a resident of an...

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CBDT issues Final Notification on POEM – Section 115JH of Act

Income Tax - The CBDT has issued the Final Notification No. 29/2018 dated 22 June 2018 (applicable from AY 2017-18) for exception, modification and adaptation in respect of a foreign company said to be resident in India due to its place of effective management (POEM) being in India, under Section 115JH of the Income-tax Act, 1961 (the Act). […]...

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Analysis of Draft Notification on foreign company resident in India U/s. 115JH

Income Tax - Draft Notification of exception, modification and adaptation in respect of foreign company said to be resident in India under section 115JH of the Act The Central Board of Direct Taxes (CBDT) on June 15, 2017 issued a Draft Notification (notification) vide F No. 370142/19/2017-TPL for exception, modification and adaptation in respect of f...

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Union Budget 2018-19 Tax Proposals

Income Tax - In the first budget since the end of demonetization and GST went online, the Finance Minister has again provided a thrust to the rural and agrarian economy, with the hope that it may stimulate growth. Please find enclosed herewith the Tax Bulletin analyzing the direct and indirect tax proposals as stated in the Budget....

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AAR on Determination of PE and other connected issues in Master Card Case

In re MasterCard Asia Pacific Pte Ltd (Authority for Advance Rulings) - AAR has held that digital and other connected equipments can, depending on the business model, determine the formation of a permanent establishment of a non-resident enterprise in India. There are also other related issues which will have ramifications on the methodology of conducting business in In...

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Lease equalisation charges allowable expense; ICAI Guidance Note carries great weight: SC

CIT Vs Virtual Soft Systems Ltd. (Supreme Court of India) - Supreme Court Ruling – The Guidance Note issued by Institute of Chartered Accountants of India on lease rental income which helps to compute lease equalisation charges, held to be allowable as a deduction. There is no express bar in the Income-tax Act, 1961 regarding the application of such accoun...

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Omission of SDT by Finance Act 2017, renders it non-existent from inception: ITAT Bangalore

Texport Overseas Private Limited vs. DCIT (ITAT Bangalore) - Whether the omission of reference of section 40A(2)(b) from section 92BA by virtue of the amendment of Finance Act, 2017 w.e.f. 01.04.2017 shall be deemed not to be on the statute since its introduction w.e.f. 01.04.2012?...

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Tribunal cannot stay demand beyond maximum period of 365 days

Ecom Gill Coffee Trading Private Limited and B. Fouress Private Limited Vs CIT (Karnataka High Court) - The Tribunal is not authorized to extend stay of demand beyond maximum period of 365 days. The decision of Tribunal to extend stay of demand beyond 365 days amounted to contravention of provisions of the law.( Ecom Gill Coffee Trading Private Limited and B. Fouress Private Limited v. CIT (ITA. No. 1...

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CA Vispi T. Patel’s Popular Posts

Recent Posts in "CA Vispi T. Patel"

Key Amendments to Form no. 3CD effective from 20 August 2018

CBDT vide Notification No. 33/2018 amends Form no. 3CD in respect of tax audit under section 44AB. The new reporting requirements, especially with reference to secondary adjustment, limitation on interest deduction, GAAR, Country-by-country Report, etc. are onerous and obligatory on the taxpayers and chartered accountants. Introduction: T...

Read More
Posted Under: Income Tax |

Analysis of Supreme Court Judgments on Permanent Establishment

The general principle of taxation is that a person, who is resident of a country, would normally be taxable on his/its global income. However, as a rule of exception to this general principle, a person may also be taxed in the country of source i.e., the place where the business of a person is carried on, though he may be a resident of an...

Read More
Posted Under: Income Tax |

CBDT issues Final Notification on POEM – Section 115JH of Act

The CBDT has issued the Final Notification No. 29/2018 dated 22 June 2018 (applicable from AY 2017-18) for exception, modification and adaptation in respect of a foreign company said to be resident in India due to its place of effective management (POEM) being in India, under Section 115JH of the Income-tax Act, 1961 (the Act). […]...

Read More
Posted Under: Income Tax |

Analysis of Draft Notification on foreign company resident in India U/s. 115JH

Draft Notification of exception, modification and adaptation in respect of foreign company said to be resident in India under section 115JH of the Act The Central Board of Direct Taxes (CBDT) on June 15, 2017 issued a Draft Notification (notification) vide F No. 370142/19/2017-TPL for exception, modification and adaptation in respect of f...

Read More
Posted Under: Income Tax |

AAR on Determination of PE and other connected issues in Master Card Case

In re MasterCard Asia Pacific Pte Ltd (Authority for Advance Rulings)

AAR has held that digital and other connected equipments can, depending on the business model, determine the formation of a permanent establishment of a non-resident enterprise in India. There are also other related issues which will have ramifications on the methodology of conducting business in India. ...

Read More

Lease equalisation charges allowable expense; ICAI Guidance Note carries great weight: SC

CIT Vs Virtual Soft Systems Ltd. (Supreme Court of India)

Supreme Court Ruling – The Guidance Note issued by Institute of Chartered Accountants of India on lease rental income which helps to compute lease equalisation charges, held to be allowable as a deduction. There is no express bar in the Income-tax Act, 1961 regarding the application of such accounting standards....

Read More

Omission of SDT by Finance Act 2017, renders it non-existent from inception: ITAT Bangalore

Texport Overseas Private Limited vs. DCIT (ITAT Bangalore)

Whether the omission of reference of section 40A(2)(b) from section 92BA by virtue of the amendment of Finance Act, 2017 w.e.f. 01.04.2017 shall be deemed not to be on the statute since its introduction w.e.f. 01.04.2012?...

Read More

Union Budget 2018-19 Tax Proposals

In the first budget since the end of demonetization and GST went online, the Finance Minister has again provided a thrust to the rural and agrarian economy, with the hope that it may stimulate growth. Please find enclosed herewith the Tax Bulletin analyzing the direct and indirect tax proposals as stated in the Budget....

Read More
Posted Under: Income Tax |

Tribunal cannot stay demand beyond maximum period of 365 days

Ecom Gill Coffee Trading Private Limited and B. Fouress Private Limited Vs CIT (Karnataka High Court)

The Tribunal is not authorized to extend stay of demand beyond maximum period of 365 days. The decision of Tribunal to extend stay of demand beyond 365 days amounted to contravention of provisions of the law.( Ecom Gill Coffee Trading Private Limited and B. Fouress Private Limited v. CIT (ITA. No. 160&161/2012)] ...

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20% TDS deduction is contrary to S.139A & discriminatory

Section 206AA of the Income Tax Act, which provides for furnishing a permanent account number, is contrary to Section 139A and discriminatory and therefore, read down from the statute for those persons, whose income is less than the taxable limit [A. Kowsalya & Others v. Union of India & Others (W.P 12780-12782/2010)] ...

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Posted Under: Income Tax |

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