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Latest Articles


Avoid gifts in cash to stay outside taxman’s radar

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...

October 13, 2020 3010 Views 0 comment Print

If Advocates only allowed to Practice in Taxation, all IT Officials must be Graduates in Law

Income Tax : Hitherto, the Lawyers/Advocates are attached to civil courts and are practicing Law before the Judges in Courts of Law by presenti...

December 3, 2014 23764 Views 23 comments Print

Transfer Pricing Management fees : Are you following the best practices? Part I

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...

December 8, 2009 12896 Views 2 comments Print

CESTAT decision – Service Tax on Management Consultant’s Services (MCS)

Service Tax : M/s. Nirulas Corner House Pvt. Ltd. („the Appellants?) were engaged in the food and confectionary business. They had entered int...

December 6, 2009 585 Views 0 comment Print

Assessee’s rights against delay

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...

November 17, 2009 591 Views 0 comment Print


Latest News


Rollout of Point of Taxation rules likely to be pushed to next financial year

Service Tax : The Point of Taxation rules, which will allow tax authorities to link the payment of service tax to provision of service, raising ...

November 23, 2010 471 Views 0 comment Print

Fraudsters siphoned off About Rs 4 crore from Income Tax Department as I-T refunds

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 ...

January 20, 2010 594 Views 0 comment Print

Income tax department, Mumbai unearthed recorded concealment of Rs. 1,315 crore

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 ...

January 11, 2010 1422 Views 0 comment Print

Budget 2010-11 may tax undistributed dividend of foreign corporations

Income Tax : The forthcoming budget may contain provisions for taxing the undistributed dividend of foreign corporations that are controlled or...

January 6, 2010 822 Views 0 comment Print

Budget 2010 may have anti-avoidance provisions to check evasion of tax

Income Tax : The forthcoming Union budget may have an anti-avoidance provision, which can effectively check convoluted transactions devised exc...

December 31, 2009 1032 Views 0 comment Print


Latest Judiciary


CESTAT decision – Service Tax on Management Consultant’s Services (MCS)

Service Tax : M/s. Nirulas Corner House Pvt. Ltd. („the Appellants?) were engaged in the food and confectionary business. They had entered int...

December 6, 2009 585 Views 0 comment Print

Merely because an addition is made to the income declared by the assessee, penalty u/s. 271(1)(c) cannot be imposed

Income Tax : In Dharmendra Textile Processors' case (supra), Their Lordships have held that that penalty under section 271(1)(c) provides reme...

April 28, 2009 2379 Views 0 comment Print

In the case of remittances by banking channel the onus on the assessee U/s. 69 stands discharged, and therefore, section 5(2)(b) does not apply

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...

April 2, 2009 1449 Views 0 comment Print


Latest Notifications


New Rules and Procedure for Appointment of AAR Chairman and Vice-Chairman

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...

January 21, 2016 1487 Views 0 comment Print

MVAT circular on Issuing of Tax Clearance Certificates

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...

January 5, 2010 26986 Views 3 comments Print

Know Your Customer (KYC) Guidelines – Accounts of Proprietary Concern

Fema / RBI : In partial modification of paragraph 3 (ii) thereof, it is advised that apart from the documents mentioned therein, any certificat...

December 23, 2009 480 Views 0 comment Print

Circular on Validity of Form ‘I’ under Central Sales Tax Act

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 ...

June 20, 2009 48348 Views 1 comment Print

Furnishing of copies of challans/returns to the Sales Tax Authorities.

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 ...

February 28, 2008 1586 Views 0 comment Print


TPAs may deduct tax from hospital bills paid for treatment of subscribers in cashless systems

September 15, 2009 1731 Views 0 comment Print

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 […]

Set-off of short-term capital losses, subject to STT, allowable against short-term capital gains not subject to STT

September 4, 2009 9522 Views 0 comment Print

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.

Undistributed dividends of foreign corporations controlled or owned by Indian companies will be taxed in the near future

August 1, 2009 675 Views 0 comment Print

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 […]

Income Tax department can not tax research work

July 26, 2009 730 Views 0 comment Print

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.

Circular on Validity of Form ‘I’ under Central Sales Tax Act

June 20, 2009 48348 Views 1 comment Print

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.

Analysis of Rule 8D of laying down formula for disallowance of expenses incurred in relation to exempt income

May 27, 2009 9067 Views 0 comment Print

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 […]

Merely because an addition is made to the income declared by the assessee, penalty u/s. 271(1)(c) cannot be imposed

April 28, 2009 2379 Views 0 comment Print

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.

In the case of remittances by banking channel the onus on the assessee U/s. 69 stands discharged, and therefore, section 5(2)(b) does not apply

April 2, 2009 1449 Views 0 comment Print

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.

New Rule on Tax Credit clarified person other then deductees who else can claim Tax Credit

March 22, 2009 35594 Views 0 comment Print

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 […]

No interest tax on lease finance company

July 18, 2008 429 Views 0 comment Print

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).

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