CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 13, 2016 INTEREST & PENALTIES UNDER THE FINANCE ACT, 1994 The analysis of the amended provisions as per the Finance Bill, 2016 in respect of “Interest and Penalties” are as under: Amendment under Section 73 of the Finance Act, 1994 Section 73 of the Finance Act, 1994 deals with …
CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 7, 2016 6% Tax on online advertisement / Google Tax Vide Finance bill 2016 FM has proposed to levy 6% of the amount of consideration for specified services received or receivable by a non-resident not having permanent establishment (‘PE’) in India, from a resident in India who carries out business …
CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 28, 2016 CRATE RENTALS RECOVERED BY BEVERAGE MANUFACTURERS LIABLE TO VAT AND NOT SERVICE TAX In the case of Hindustan Coca Cola Beverages (P.) Ltd. v. Commissioner of Service Tax, Delhi (2016) (New Delhi – CESTAT), The New Delhi CESTAT has held that such crate rentals would be liable to …
CORPORATE & PROFESSIONAL UPDATE DECEMBER 20, 2015 INCOME TAX ACT SECTION 2(15) CHARITABLE PURPOSE Education : Educational unit infusing sense of patriotism in people is fulfilling its ancillary object; tax exemption available – [2015] 64 44 (Uttarakhand) SECTION 4 INCOME – CHARGEABLE AS Share broker : Where assessee-firm acted as sub-broker and distributed NCDEX profits among its clients, merely …
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 …
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 …
CORPORATE TAX UPDATE FOR 31st OCTOBER 2015 INDIRECT TAXES Denial of registration of DEPB licence and DEPB script – CBEC gave specific direction to the Customs authorities not to insist for re-export from the same Port in case of duty drawback. – Commissioner is in error in refusing to allow registration of the DEPB scrip …
PROFESSIONAL UPDATE FOR 29th OCTOBER 2015 INCOME TAX UPDATE: Government of India makes changes in indirect tax rates, effective from yesterday Government has made the following changes in indirect tax rates, effective from today, that is 19th October, 2015: In view of the continued fall in international prices of wheat and the anticipated adverse impact of …
CORPORATE TAX UPDATE FOR 29th OCTOBER 2015 DIRECT TAXES INCOME TAX India to apply 5% withholding tax to offshore rupee bonds Oct 28, 2015 India will apply a 5 percent withholding tax to offshore rupee bonds for foreign investors, in line with the rate applied to domestic debt, Manoj Joshi, joint secretary at the country’s finance …