PROFESSIONAL UPDATES INCOME TAX ACT SECTION 92C :TRANSFER PRICING – COMPUTATION OF ARM’S LENGTH PRICE Comparables & adjustments/Comparables – Illustrations : Where in transaction with AEs, assessee earn significantly higher margin than comparable companies and such higher margin compensates for credit period extended to AEs no further TP adjustment was required – [2015] (Delhi – Trib.) SECTION …
CORPORATE UPDATES: IT: Income received by ‘All India Football Federation’ from sponsorship and telecasting rights did not amount to carrying out any activity in the nature of trade, commerce or business but was incidental to main objective of promoting the game of football in India [2015] 362 (Delhi – Trib.) Deputy Director of Income -tax (Exemption) …
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 …
CORPORATE TAX UPDATE FOR 28th OCTOBER 2015 Daily Updates & News: Direct Tax Assessee cannot be compelled to claim depreciation as Exp. 5 to Sec 32(1)(ii) is not retrospective CIT vs. M/s Shree Triveni Foods (Himachal Pradesh High Court) , IT Appeal No.-43 of 2009 along with 44,45,46,49 and 51 of 2009, Date of Pronouncement-23rd …
COMPANIES (AMENDMENT) ACT 2015 – AMENDMENTS AT A GLANCE. ü This Act shall come into force on 26th May, 2015 ü Details Of Amendment: The proposed amendments deal with related party transactions, fraud reporting by auditors, public inspection of Board resolutions, responsibilities of audit committee, restrictions on bail, making common seal optional, requirement for minimum paid-up share capital, …
FAQ ON COMPUTATION OF AGRICULTURAL INCOME AS PER INCOME TAX ACT- Do Interest on arrears of rent qualify as Agricultural Income and will this be exempt from tax? Sometimes, a tenant could slip up on rent or revenue payments (either in cash or kind) and have to pay arrears. If the landlord charges interest on …
AGRICULTURE INCOME IS EXEMPT UNDER THE INDIAN INCOME TAX ACT. Agricultural Income :Agriculture income is exempt under the Indian Income Tax Act. This means that income earned from agricultural operations is not taxed. The reason for exemption of agriculture income from Central Taxation is that the Constitution gives exclusive power to make laws with respect to taxes …
CORPORATE TAX UPDATE FOR 27th OCTOBER 2015 New case law adjudicating on applicability of Service Tax to Non Profits Case Source: Central excise, Malabar Hill Citizens Form, Mumbai 2015 (9) TMI 789 Recently, in the matter of Malabar Hill Citizens Forum Versus Commissioner – Central Excise, Mumbai, Mumbai CESTAT held that amounts collected for conducting Aerobics and …