CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 3, 2016 INCOME TAX ACT SECTION 37(1) BUSINESS EXPENDITURE – ALLOWABILITY OF Deferred revenue expenditure : Where decision to abandon project was taken in relevant year, balance deferred revenue expenditure relating to said project would be deemed to arise in relevant year and would be allowed as such – [2016] 65 311 …
CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 1, 2016 DIRECT TAX Non deduction of tax at source in respect of interest on debenture u/s 193 – Mere because of Provision made in the books of account as per Accounting Standards where no income has accrued to or has been received by then debenture holders TDS not required …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 31,2016 KEY INCENTIVES FOR START-UP Key incentives proposed under this start-up scheme are as under: Self-Certification: For labour laws and environment laws so as to reduce the regulatory burden. Further in case of the labour laws, no inspections will be conducted for initial period of 3 years. Patent registration …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 30,2016 DIRECT TAX Penalty for default in filing of TCS return waived-off as assessee was unaware of TCS provisions [2016] 65 taxmann.com 254 (Ahmedabad – Trib.) Jaihind Projects Ltd. v. Additional Commissioner of Income-tax Disputed liability not settled for long period couldn’t be said to be ceased as per sec. 41(1) …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 29,2016 SHARING A BRIEF WRITE UP – NO CLEAR GUIDELINES FOR SEIZURE OF JEWELLERY FOUND DURING SEARCH AND ITS ASSESSMENT THEREON : Vide CBDT Instruction no. 1916 dated 11-05-1994, it has been clarified that no seizure should be made by the Search Party of the Jewellery and Ornaments found during …
CORPORATE AND PROFESSIONAL UPDATE DATED 28 JANUARY INCOME TAX ACT SECTION 9 INCOME – DEEMED TO ACCRUE OR ARISE IN INDIA Treaty Shopping : SLP granted against High Court’s ruling that where shares of Indian company were listed, income arising from any future transfer of those shares would itself be exempt by virtue of section 10(38) …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 27, 2016 INCOME TAX ACT SECTION 2(47) CAPITAL GAINS – TRANSFER Immovable property : Where agreement to sale was entered in 2001 and part consideration was received and later sale deed was executed in April 2003, transfer of property could be said to have taken place in 2001 –[2016] 65 142 …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 25, 2016 ST: VALUATION OF FLATS GIVEN BY BUILDER TO LANDOWNER AND POT THEREOF CBEC Circular No. 151/2/2012-ST dated 10.2.2012 on following issues: Valuation of construction service; and Point of taxation thereof. According to the CBEC Education Guide on Taxation of Services, 2012: Value of construction service provided to such …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 23, 2016 INCOME TAX ACT SECTION 2(22) DEEMED DIVIDEND Loans or advances to shareholders : Where assessee was a shareholder in a company holding 41 per cent of shares and during year he and his son and daughter had overdrawn certain amount from said company and Assessing Officer treating said amount …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 20, 2016 HOW TO GET RECOGNIZED AS A START-UP? Eligible businesses for a startup: A business which aims to develop and commercialize: A new product or service or process; or A significantly improved existing product or service or process that will create or add value for customers or workflow. However, …