CORPORATE AND PROFESSIONAL UPDATE ON DECEMBER 4, 2015 Income–tax (11th Amendment) Rules, 2015 In exercise of the powers conferred by section 285BA read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Government with respect to registration of persons, due diligence and maintenance of information, and the Board for matters relating …
CORPORATE AND PROFESSIONAL UPDATE ON DECEMBER 3, 2015 DIRECT TAXES: Rejection of book results u/s 145 – estimating the income at 5 percent of gross receipts – no material was brought to establish that the purchases and expenses had been inflated or the sales had been suppressed and in the absence of any such material …
Limited Liability Partnership A Limited Liability Partnership (LLP) is a business structure that offers the advantages of limited liability and the flexibility of a partnership business. When compared to the company form of business structure, the LLP has fewer compliance requirements. In the case of an LLP, audit is exempt up to a certain level …
CORPORATE AND PROFESSIONAL UPDATE ON DECEMBER 1, 2015 1. INDIRECT TAXES A. Chairperson of CBDT, Anita Kapur completes her tenure, now appointed as advisor on Tax Reform. B. Transfer of land under JDA in lieu of flats held as conversion of capital asset into stock-in-trade [2015] 274 (Hyderabad – Trib.) ACIT v. Medravathi Agro Farms …
* TAX UPDATES ON 20TH NOVEMBER 2015 INCOME TAX ACT SECTION 9 INCOME – DEEMED TO ACCRUE OR ARISE IN INDIA Interest : Where assessee issued FCCB to foreign investors and remitted interest to them, since said money was utilized for overseas business of assessee, no income could be said to have accrued or arisen in India in hands …
TAX UPDATES SECTION 9 INCOME – DEEMED TO ACCRUE OR ARISE IN INDIA Permanent Establishment : In order to determine question as to whether assessee owing rig had PE in India, Tribunal rightly concluded that unless rig owned by assessee was actually used for a period of 120 days in India, it would not be sufficient …
UPDATES ON SWACHH BHARAT CESS(SBC) LEVY OF SWACHH BHARAT CESS IN CASES WHERE ALTERNATIVE RATES ARE APPLICABLE AND CLARIFICATION ON SWACHH BHARAT CESS (SBC)” Service tax is presently levied at alternative rates in respect of service provided by air travel agents, life insurance service, service in relation to sale/purchase of foreign exchange including money changing and …
INCOME TAX ACT UPDATE ON NOV 17, 2015 INCOME TAX ACT SECTION 9 INCOME – DEEMED TO ACCRUE OR ARISE IN INDIA Liaison Office of foreign MNC established in India for sourcing goods for exports to its overseas customers as per their requirements will not be treated as PE under the DTAA merely because it …
INCOME TAX UPDATE NOV 17, 2015 INCOME TAX ACT- Kind of ITR SECTION 9 INCOME – DEEMED TO ACCRUE OR ARISE IN INDIA Royalty/Fees for technical services : Where assessee-company engaged a company registered in USA, for review of design of cranes but it could not be discerned from records whether suggestions given by U.S. company would …
PROFESSIONAL UPDATE NOV 16,2015 Disallowance u/s 40A (3) for aggregate cash payments of more than Rs. 20,000 in a single day to one person is applicable w.e.f. 01.04.2009. ITAT Amritsar [Pardeep Singh Wazir vs. DCIT] Depreciation is allowed while calculating exemption u/s 11 in absence of any specific exclusion.[ ITAT Delhi ITO (E) vs. Calorex …