CORPORATE UPDATE FOR THE MONTH: Wal-Mart’s India sales go south by 32% in 2014 Sep 28, 2015 The Indian unit of Wal-Mart Stores Inc, the world’s largest retailer, posted its first ever sales decline after parting ways with key client Bharti Retail and halting store expansion amid an ongoing internal probe into alleged corrupt …
LOB CLAUSE BETWEEN INDIA-SINGAPORE IS NOT APPLICABLE IN CASE OF PAYMENT IS MADE TO A BANK ACCOUNT IN THIRD COUNTRY LOB CLAUSE BETWEEN INDIA-SINGAPORE IS NOT APPLICABLE IN CASE OF PAYMENT IS MADE TO A BANK ACCOUNT IN THIRD COUNTRY IF THE SAID INCOME WAS TAXABLE IN SINGAPORE ON ACCRUAL BASIS AND NOT ON REMITTANCE …
RELIEF CANNOT BE GRANTED IF ASSESSE DOES NOT COMPLY WITH PROVISIONS OF VOLUNTARY COMPLIANCE ENCOURAGEMENT SCHEME VCES, 2013 Recently on 1st September, 2015, Hon’ble Bombay High Court dismissed Writ petition no. 1735 of 2015, seeking availment of benefit of ST- Voluntary Compliance Encouragement Scheme (VCES), 2013, by the petitioner in the matter of Sunil Agnihotri Productions vs. …
Corporate tax Update for the Month : Company Law: Query: Is sitting fees payable to a director who participates in a meeting through video conferencing? Answer: Yes, sitting fee is payable to a director who participates in a meeting through any of two modes viz. in person or through video conferencing or any other audio visual means. …
CAPITAL GAINS TAX RELIEF ON GOLD BONDS IS EXPECTED TO BE TAKEN UP IN THE NEXT BUDGET Capital gains tax relief on gold bonds is expected to be taken up in the next budget. CBEC has made Custom Duty Free Allowance to Rs.45000 for passengers of Indian origin and foreigners of over 10 year of …
CORPORATE UPDATES ON SEBI, DVAT, MCA, SEZ, DGFT A. Bombay Stock Exchange (BSE) BSE has changed the head of Payment of SEBI Turnover Fees of Equity Segment/Equity Derivative/Currency Derivatives Segment/Interest Rate Derivatives/New Debt Segment. Trading members of the Exchange are hereby informed that the SEBI Turnover fee for the month ended will be debited to their respective …
ALP: TPO COULD NOT MAKE ADDITION TO ASSESSEE’S ALP BY ADOPTING CUP METHOD DURING RELEVANT YEAR WITHOUT CONDUCTING ANY FAR ANALYSIS. Schutz Dishman Bio-Tech (P.) Ltd vs DCIT [2015] (Ahmadabad – Trib.) In a recent ruling, Where Tribunal in earlier year adopted TNMM in assessee’s case for determining ALP, in absence of change in circumstances; TPO …
FATCA LAW OF USA Introduction: On 9th July 2015, India has signed the inter-governmental agreement (IGA) on Foreign Account Tax Compliance Act (FATCA) with the USA. The government would now receive information about Indian “tax resident” persons having financial accounts in the USA. Financial institutions (FIs) have to perform required due diligence processes, identify “reportable persons” from their …
Case Study on DTAA – Taurus Shipping Services. In A Recent Ruling, If Ship Voyages Between Two Indian Ports, On Part Of Its International Voyage, It Cannot Be Termed As Indian Voyage And Benefit Of Article 8 Cannot Be Denied. Facts The issue came up for consideration in appellate proceedings was whether a vessel which had operated …
CONCEPT OF GROSSING UP/ INCOME TO BE PAID “NET OF TAX” & SECTION 206AA 1. Sec 206AA The provisions of Section 206AA of the Income tax Act, 1961 have been reproduced hereunder: Notwithstanding anything contained in any other provisions of the Act, any person entitled to receive any sum or income or amount, on which tax …