The Reserve Bank of India issued guidelines for prepaid payment instruments (PPI) such as closed, semi-closed, and open wallets. According to the new guidelines, all the PPIs will now be… Read More
Direct Tax: Delhi High Court held that Reopening after 4 years with approval of DIT instead of JCIT is invalid Yum! Restaurants Asia Pte. Ltd. Vs. Dy. DIT & Ors. (Delhi… Read More
corporate and professional updates 12th APRIL 2018 Direct Tax: CBDT made the Income-tax (Third Amendment) Rules, 2018 to further amend the Income-tax Rules, 1962 shall come into force on the 1st day… Read More
Direct tax ITAT directs application of TNMM over TPO/DRP’s CUP-method for benchmarking assessee’s payment of technical know-how fee to AE for AYs 2012-13 & 2013-14; Follows co-ordinate bench ruling in… Read More
Tax incidence on an Assessee depends on his Residential status. For instance, whether an income, accrued to an individual outside India, is taxable in India depends upon the residential status… Read More
Direct Tax: CBDT notified the Procedure for registration and submission of Statement of Reportable Account as per section 285BA of Income-tax Act, 1961 read with Rule 114G of Income-tax Rules, 1962 vide… Read More
Direct Tax: Madras High Court held that the main criteria for treating a person as the Principal Officer is that he should be in charge of the management, administration and… Read More
Corporate and Professional Updates 7th April 2018 Direct Tax: ITAT deletes TP-adjustment of Rs. 339.17 crores in respect of receipt of management support services from AE for AY 2012-13; Relies… Read More
corporate and professional updates 6th April 2018 Direct Tax: ITAT directs application of TNMM over TPO/DRP’s CUP-method for benchmarking assessee’s payment of technical know-how fee to AE for AYs 2012-13… Read More
Maintenance of Books of Accounts Change in limits for Maintenance of Books of Accounts (Section 44AA): If your net income* from Business or Profession in the financial year 2017-18 is… Read More