Income Tax : Under the latest provisions, any sum of money received without consideration (in excess of Rs 50,000), by an individual or Hindu U...
Income Tax : Hitherto, the Lawyers/Advocates are attached to civil courts and are practicing Law before the Judges in Courts of Law by presenti...
Income Tax : One of the most widely contested issues by Indian tax authorities during a transfer pricing audit is the amount paid for intra-gro...
Service Tax : M/s. Nirulas Corner House Pvt. Ltd. („the Appellants?) were engaged in the food and confectionary business. They had entered int...
Excise Duty : A tax assessee has to deal with the problem of delay almost every time it interacts with the tax authorities. This delay is someti...
Service Tax : The Point of Taxation rules, which will allow tax authorities to link the payment of service tax to provision of service, raising ...
Income Tax : About Rs 4 crore has been siphoned off the I-T system by some unidentified fraudsters with the help of bogus PAN cards, e-returns ...
Income Tax : The investigation wing of the income tax (I-T) department in Mumbai has unearthed a record Rs1,315 crore in undisclosed income in ...
Income Tax : The forthcoming budget may contain provisions for taxing the undistributed dividend of foreign corporations that are controlled or...
Income Tax : The forthcoming Union budget may have an anti-avoidance provision, which can effectively check convoluted transactions devised exc...
Service Tax : M/s. Nirulas Corner House Pvt. Ltd. („the Appellants?) were engaged in the food and confectionary business. They had entered int...
Income Tax : In Dharmendra Textile Processors' case (supra), Their Lordships have held that that penalty under section 271(1)(c) provides reme...
Income Tax : The assessee, who is a non-resident, brought money into India through banking channel and the manner in which this money was utili...
Corporate Law : G.S.R. 100(E) (1) These rules may be called the Authority for Advance Rulings (Procedure for Appointment as Chairman and Vice-Chai...
Goods and Services Tax : In view of this situation, it is necessary that the procedure for the issuing of such certificates should be standardized. Such ce...
Fema / RBI : In partial modification of paragraph 3 (ii) thereof, it is advised that apart from the documents mentioned therein, any certificat...
Goods and Services Tax : Considering the genuine difficulty faced by the Trade in this respect, the instructions contained in Trade Circular No.8T of 2005 ...
Goods and Services Tax : Trade Cir. No. 5 T of 2008 A Trade Circular No. 1T of 2008 dt. 25.1.2008 had been issued explaining the procedure for issuance of ...
THIRD Party Administrators (TPAs), which process health insurance claims and make payments to hospitals for treatment of subscribers in cashless systems, may soon have to deduct tax from the payments they make to hospitals. The apex direct tax body, Central Board of Direct Taxes (CBDT), is likely to issue a directive to this effect, said an […]
The Income-tax Appellate Tribunal (“the Tribunal”) , in the case of First State Investments (Hongkong) Ltd. A/c First State Asia Innovation and Technology Fund1 (“the assessee”), examined the manner of set-off of short- term capital loss suffered from sale transactions subject to Securities Transaction Tax (”STT”) against short- term capital gains arising prior to introduction of STT, during the financial year.
Most countries have Controlled Foreign Corporation (CFC) laws that enable authorities to levy such taxes. These laws effectively check the governments’ revenue loss due to the transfer of undistributed dividends to offshore tax havens like Isle of Man, Cayman Islands and Mauritius. Indian tax authorities, for long, have maintained that there is a need to […]
The Bombay High Court, in a recent order, came down heavily on the Income-Tax Department, which unilaterally injected an application for exemption for scientific and industrial research, without seeking guidance of experts on the matter. Tax authorities do not have the jurisdiction to decide on the issues pertaining to scientific research, according to a division bench of the HC comprising FI Rebello and JH Bhatia.
Considering the genuine difficulty faced by the Trade in this respect, the instructions contained in Trade Circular No.8T of 2005 are being modified. Sales Tax authorities are instructed to also allow declarations in Form ‘I’ issued by Sales Tax authorities of other States. This will be applicable for a period of one year and the issue will be reexamined after that.
In March 2008, Central Board of Direct Taxes (CBDT) inserted Rule 8D in the income tax rules laying down the formula for the disallowance of expenses incurred in relation to exempt income. With the recent pressures to boost tax collections, the rule has created an endless bout of litigation as authorities are taking aggressive tax positions resulting […]
In Dharmendra Textile Processors’ case (supra), Their Lordships have held that that penalty under section 271(1)(c) provides remedy for loss of revenue. A penalty under section 271 (1)(c) involves payment of an additional amount, which is a civil liability to provide for remedy for loss of revenue, while a sentence of imprisonment under section 276 C means loss of individual liberty which does not help revenue in anyway except as serving as a deterrent for the potential defaulters.
The assessee, who is a non-resident, brought money into India through banking channel and the manner in which this money was utilized in India is described in the Annexure. We have observed in the above paragraphs that because of the mode of banking channel, admittedly, used for the remittance in this case, the onus on the assessee u/s 69 stood discharged, and therefore it was not taxable in India u/s 5(2)(b) of the Act. The CBDT Circular (supra) squarely supports the case of the assessee. The fact that the transactions and events narrated in the Annexure look curious and suspicious makes no difference to the conclusions that we have drawn in this case, as per law, in the above paragraphs.
Tax deducted at source (TDS) credit can now be availed by persons other than the deductees. This has been clearly articulated by the Central Board of Direct Taxes (CBDT) in a new rule on TDS credit availment. Bringing relief and certainty to taxpayers, the CBDT has also spelt out the situations and the procedure through […]
Giving relief to companies engaged in leasing and financing business, the Income Tax Appellate Tribunal has ruled that they are not required to pay interest tax, applicable to other credit institutions. Since substantial earnings is made from such (lease financing) activity after employing substantial funds…the assessee would be outside the scope of charging provisions contained in the Act (Interest Tax Act).
