TAXATION UPDATE NOV 15,2015 Indirect Taxes: Refund of Service Tax – input services used for export of goods – service tax paid by MIAPL is under category which was not classified under Notification 17/2009-ST – refund denied –(Hindustan Petroleum Corpn. Ltd. Versus Commissioner of Service Tax, Mumbai-I, CESTAT MUMBAI). Valuation – Reimbursement Expenses – Legal …
CORPORATE AND PROFESSIONAL UPDATE IT: In case of legal fees, only when legal matter is over and assessee advocate decides on quantum of fees, it becomes income in hands of advocate and entire advance amount that includes pocket payments would not bear any particular characterization for purpose of treating it as income IT: Where Assessing …
PROFESSIONAL UPDATE Sum paid to foreign AE for secondment of high level managers is taxable as ‘FTS’ Food World Supermarkets Ltd. v. DDIT [ITAT Bangalore] ITA No. 1356 & 1357 of 2013, Date of Decision: October 28, 2015 Facts of the case :The assessee is an Indian company engaged in the business of ownership and …
Complete overview on Gold Bonds Sovereign Gold Bonds (SGBs) are government securities denominated in grams of gold aimed at bringing down gold imports and providing an alternative to physical gold. Investors have to pay the issue price in cash and the bonds will be redeemed in cash on maturity. The bond is issued by the Reserve …
“WHETHER CS CERTIFICATION MANDATORY ON FORM MGT 7 OR NOT?” Annual filing time is in progress and we, being professionals are facing one major common problem regarding the certification of Form MGT-7 (Annual Return) – We have received many queries by Professionals on this common issue. In the said matter, we would like to provide …
India’s chemical industry to touch $214 billion by 2019: report Oct 30, 2015 India’s chemical industry is likely to touch $214 billion (approx Rs. 13,91,000 crore) in the next four years from $139 (approx Rs. 9,03,500 crore) in fiscal 2014 with estimated growth of around 9 per cent a year amid growing demand scenario. A …
INDIRECT TAXES: Activity of converting /assembling Gas Generating Sets (Gensets ) comprising of engine (prime mover) coupled with Alternator on common base frame into Power Pack after certain processes – Activity is amount to manufacturing activity- (M/s Quippo Energy Private Ltd, Shri Montu Patwa Versus Commissioner, Central Excise & Service Tax, Ahmedabad, CESTAT AHMEDABAD). Activity of blending …
INDUSTRIAL UPDATES WASHINGTON: America’s multinational retail corporation Wal-Mart is suspected to have paid bribes worth millions of dollars in India, according to a media report. In a major report, The Wall Street Journal said Wal-Mart’s “suspected bribery” unearthed in India involves thousands of small payments to low-level local officials to help move goods through customs …
CORPORATE UPDATION Cash loans to firm couldn’t held as Inter-firm transactions due to common partner in both firms; penalty upheld [2015] (Karnataka)HIGH COURT OF KARNATAKA Commissioner of Income-tax, Mysore Canara Housing Development Co.* Section 269T, read with section 271E, of the Income-tax Act, 1961 – Loans deposits mode of taking or accepting – Assessment year …
CORPORATE TAX UPDATE FOR 2nd NOVEMBER 2015 The bulls say India is the ‘next China’. Odds are they are right, if not today then within a decade or so. But even if this proves to be right in terms of growth, India is a very different country than China on many fundamental dimensions, demography and democracy …