CO. ENGAGED IN CLINICAL RESEARCH ISN’T COMPARABLE WITH A SOFTWARE DEVELOPMENT SERVICE PROVIDER Mindtek v. ITO [Bangalore ITAT] IT (TP) Appeal No. 1082 of 2011, dated May 14, 2015. Facts of the case The assessee company is engaged in the business of rendering software development research and development services. The Assessee provides such services to its …
Limited Liability Partnership A Limited Liability Partnership (LLP) is a business structure that offers the advantages of limited liability and the flexibility of a partnership business. When compared to the company form of business structure, the LLP has fewer compliance requirements. In the case of an LLP, audit is exempt up to a certain level …
SPECIFIC POLICY FOR SUPPLY CONTRACTS The Standard Policy is a whole turnover policy designed to provide a continuing insurance for the regular flow of an exporter’s shipments for which credit period does not exceed 180 days. Contracts for export of capital goods or turnkey projects or construction works or rendering services abroad are not of …
ALP OF ROYALTY COULDN’T BE DETERMINED AT NIL IF ROYALTY PAYMENTS WERE PERIODICALLY APPROVED BY RBI DCIT v. Kirby Building Systems India Ltd. [Hyderabad ITAT] ITA No. 316 of 2015, dated August 07, 2015 Facts of the case The assessee-company was engaged in the business of manufacture of pre-engineered building system products. During relevant year, assessee …
CORPORATE AND PROFESSIONAL UPDATE ON DECEMBER 1, 2015 1. INDIRECT TAXES A. Chairperson of CBDT, Anita Kapur completes her tenure, now appointed as advisor on Tax Reform. B. Transfer of land under JDA in lieu of flats held as conversion of capital asset into stock-in-trade [2015] 274 (Hyderabad – Trib.) ACIT v. Medravathi Agro Farms …
* TAX UPDATES ON 20TH NOVEMBER 2015 INCOME TAX ACT SECTION 9 INCOME – DEEMED TO ACCRUE OR ARISE IN INDIA Interest : Where assessee issued FCCB to foreign investors and remitted interest to them, since said money was utilized for overseas business of assessee, no income could be said to have accrued or arisen in India in hands …
TAX UPDATES SECTION 9 INCOME – DEEMED TO ACCRUE OR ARISE IN INDIA Permanent Establishment : In order to determine question as to whether assessee owing rig had PE in India, Tribunal rightly concluded that unless rig owned by assessee was actually used for a period of 120 days in India, it would not be sufficient …
UPDATES ON INCOME TAX RETURN RECEIPT SHOWN IN P&L A/C LIABLE TO MAT EVEN IF IT IS SHOWN AS CAPITAL RECEIPT IN NOTES TO ACCOUNT- IT : Remission of bank loan shown in P&L A/c shall not be excluded for computing book profits under section 115JB even if same was shown as capital receipt in …
UPDATES ON SWACHH BHARAT CESS(SBC) LEVY OF SWACHH BHARAT CESS IN CASES WHERE ALTERNATIVE RATES ARE APPLICABLE AND CLARIFICATION ON SWACHH BHARAT CESS (SBC)” Service tax is presently levied at alternative rates in respect of service provided by air travel agents, life insurance service, service in relation to sale/purchase of foreign exchange including money changing and …
INCOME TAX ACT UPDATE ON NOV 17, 2015 INCOME TAX ACT SECTION 9 INCOME – DEEMED TO ACCRUE OR ARISE IN INDIA Liaison Office of foreign MNC established in India for sourcing goods for exports to its overseas customers as per their requirements will not be treated as PE under the DTAA merely because it …