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LOAN TAKEN IN CASH MORE THAN RS. 20,000 TAKEN BY BUILDER TO MEET IMMEDIATE REQUIREMENT OF BUSINESS WON’T ATTRACT PENALTY Section 269SS, read with sections 273B and 271D, of the Income-tax Act, 1961 – Deposits – Mode of taking/accepting Circulars and Notifications: Circular Nos. 387 dated 6-7-1984 and 572, dated 3-8-1990:- Penalty under section 271D could not be …
NEW ITR FORMS FOR FY 2022-23 – TYPES & APPLICABILITY BRIEF INTRODUCTION Where offline ITRs were filed, greater importance be given on the type of ITR form applicable based on the source and quantum of the income of the taxpayer. However, with the advancement of technology, all these manual works is now done with the …
MAURITIUS VS INDIA TRADE ROUTE MARRED? Introduction In a complete disregard to the decision of the Supreme Court of India (“SC”) in Union of India vs. azadi Bachao Andolan, (2003) 263 ITR 706, 263 ITR 706 (SC), which had permitted the Mauritian companies having tax residency certificates to benefit from the India-Mauritius tax treaty, Circular No. 789, …
IMPLICATIONS – M&A MORE “SECURE” ON MAKING FDI IN INDIA INFLOWS According to a press report, joining a gamut of nations, the Indian government is considering a sweeping review of its FDI guidelines “following increasing risk of terror funds being parked in the country and other investments being fraught with security implications.” Justifying its stance …
IMPACT ON CAPITAL GAINS FOR FOREIGN COMPANIES ON SECURITIES TRANSACTION While giving its ruling in an application filed by Fujitsu Services Limited, the Authority of Advanced Rulings (“AAR”) held that foreign companies transferring shares of a listed company can claim benefit of a lower rate of tax on capital gains arising from the transaction. Facts …
INDIA OPENED ECONOMY THROUGH FDI IN MULTI-BRAND RETAIL The much awaited news arrived on a Friday, hopefully, ending a protracted controversy. The Indian Government opened its economy to FDI in multi-brand retail on September 14, 2012, subject to specific conditions. At the end of 2011, the Cabinet had approved a proposal to introduce FDI in …
FAILURE TO FILE RETURN OF INCOME DOESN’T INVITE CONCEALMENT PENALTY Section 271(1) (c), read with section 145, of the Income-tax Act, 1961 – Penalty – For concealment of income -Estimation of income. Where no return had been filed by assessee and income was assessed on estimate basis by revenue, no penalty could be levied for …
THE SCOPE OF FDI IN AVIATION SECTOR The Cabinet Committee of Economic Affairs (“Committee”) on September 14, 2012 approved the proposal of Department of Policy and Promotion (“DIPP”) for permitting foreign airlines to make Foreign Direct Investment (“FDI”) in the aviation sector. Once the proposal is implemented, the prevailing restriction on foreign airlines from …
CHECKLIST FOR UNLISTED COMPANY THOSE ISSUE OF SWEAT EQUITY SHARES S.NO. Procedures 1 Sweat Equity is covered by Sec. 79A of the Companies Act – 1956. 2 It Can be issued to Directors or Employees of the Company at a discount or for consideration for other than cash 3 The provision of Sweat Equity …
BASIC FOR THE ISSUE OF BUSINESS VISAS AND EMPLOYMENT VISAS FOR FOREIGN NATIONALS The Department of Industrial Policy and Promotion of the Ministry of Commerce and Industry notified certain guidelines for the issue of Business Visas (“BVs”) and Employment Visas (“EVs”) to foreign nationals.As Per these guidelines all foreign nationals in India who were on …