CORPORATE & PROFESSIONAL UPDATE DECEMBER 10, 2015 1. INCOME TAX ACT SECTION 4 (a) HUF – ASSESSABLE AS Where father of assessee got registered HUF, doing lottery business two months before his death and thereafter, assessee carried on said lottery business as karta of HUF, undisclosed income related to said business declared on search was …
CORPORATE AND PROFESSIONAL UPDATE ON DECEMBER 9, 2015 1. INCOME TAX ACT SECTION 9 INCOME – DEEMED TO ACCRUE OR ARISE IN INDIA Interest: Interest on refund of tax is not covered by definition of ‘interest’ mentioned under article 12(4) of India-Italy DTAA, and, therefore, Assessing Officer is justified in imposing TDS at higher rate while …
CORPORATE AND PROFESSIONAL UPDATE ON DECEMBER 7, 2015 1. INCOME TAX ACT SECTION 2(29BA) MANUFACTURE Embroidery work on synthetic fabrics : Where assessee was engaged in business of embroidery work on synthetic fabrics on job work basis, work of embroidery carried on by assessee would fall within ambit of definition of manufacture and thereby it was …
CORPORATE AND PROFESSIONAL UPDATE ON DECEMBER 5, 2015 1. FAQ on Company Law: Query Answer Our Company wants to Guarantee Commission to the Directors of Company for having guaranteed the term loans obtained from financial institutions/ banks. Kindly advice whether the Company is allowed to pay the same according to the provisions of the Companies …
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 …
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 …