Income Tax : The issue with respect to tax treatment of interest earned out of the share application money deposited with a bank due to a statu...
Corporate Law : Section 56(2)(viib) was inserted via Finance Act, 2012. The objective of introducing the section was to deter the generation and u...
Corporate Law : The Facility Management (FM) industry is borne out as the means of providing maintenance support, user management and project mana...
Income Tax : This article will be beneficial for you in case you want information on taxation on foreign companies. The Finance Act 2015 amende...
Income Tax : Equalisation Levy was introduced in 2016 with the intention of taxing the digital transactions on certain non-residents businesses...
Fema / RBI : Hon'ble Supreme Court held that RBI Circular directing bank to take recourse to Insolvency and Bankruptcy Code (IBC) is ultra vi...
General Anti-Avoidance Rule (GAAR) is an anti-tax avoidance law in India to curb tax evasion and avoid tax leaks. It came into effect on 1st April 2017. The GAAR provisions come under the Income Tax Act, 1961. GAAR is a tool for checking aggressive tax planning especially that transaction or business arrangement which is/are entered into with the objective of avoiding tax.
One of the big challenges which the Organisation of Economic and Cooperation Development (OECD) face is the shifting of the base of the profit by various global entities. By using the treaty benefits such entities can either save or avoid paying taxes.
Employees Stock Option Plan (ESOP) has gained enough popularity after young start ups struggle to attract suitable human capital. This becomes more relevant as the start ups are not able to offer them hefty pay packages. In such situations ESOPs have been proved to be useful tool for employee retention by giving them a sense of ownership.
Startup India campaign was launched in 2016 to ensure that the Startups mushrooming in the country have right access to various resources and facilities to grow. There are a lot of incentives for Startups provided by the government like tax exemption, exemptions under various legislations etc.
Anuranjan Sahni* Impact of Corona Virus (COVID-19) on Audit of Financial Statements for the Financial Year ending March 31, 2020 Background The global pandemic COVID-19 has already had a significant impact on global trade and economy with consequential impact on global and Indian financial markets. This may also have accounting, disclosure, internal control and auditing […]
Hon’ble Supreme Court held that RBI Circular directing bank to take recourse to Insolvency and Bankruptcy Code (IBC) is ultra vires to Section 35AA of the Banking Regulation Act.
It was proposed in Finance Act 2016. It is a part of three-tiered transfer pricing documentation structure which must be maintained and produced before the income-tax authorities along with a master file (contains standardized information relevant for all Multinational enterprise group members) and a local file (refers specifically to material transactions of the local taxpayer).
It has been widely reported that multinational corporations resort to base erosion and profit sharing (BEPS) techniques to shift their profit to tax havens or nations with lower tax incidence.
The existing sub-clause (ix), of rule 2(1)(c) Compulsory convertible bonds or debentures convertible within a period of five years are included in ‘exempt Deposits’, under the extant rules, Now, it covers these compulsorily convertible bonds or debentures convertible within a period of up to ten years (instead of five years) in ‘exempt Deposits’.
In case services of transportation of goods are availed from a domestic entity,service tax needs to be charged by the Indian shipping company, whereas such services being availed from any foreign entity would attract tax liability under the Reverse Charge Mechanism (‘RCM’). This amendment would come in effect from June 1, 2016 and its consequential effects are outlined below.
