DIRECT TAX This is to update about Deduction benefit under section 35AC, the Government today said the benefit of deduction under section 35AC of the IT Act will only be… Read More
Direct Tax: Mumbai ITAT rejects applicability of TDS u/s 195 on payment of advertisement expenses and professional and consultancy fees paid to foreign nationals by the UK branch of assessee… Read More
Direct Tax: AAR rules that the Liaison office (‘LO’) of the Applicant (International Zinc Association, a Belgium based International Non-Pro fit Association) established in India for conducting programmes / conferences / training on… Read More
Direct Tax: Cochin ITAT rejects assessee’s (a software company) stand that payment to its sister concern (‘USTIPL’) under the sub-contracting agreement amounts to reimbursement of expenses, upholds applicability of TDS u/s 194J;… Read More
Direct Tax: Jaipur ITAT deletes disallowance u/s 40A(3) with respect to cash payment made by assessee-firm (engaged in real estate business) against purchases of land during AY 2013-14, observes that… Read More
Direct Tax: Delhi ITAT rules that the wholly owned Indian subsidiary of Daikin Industries Ltd. (assessee, a Japanese company), constitutes assessee’s dependent agent PE for AY 2006-07; Holds that the entire activities… Read More
Direct Tax: Mumbai ITAT accepts assessee-company’s claim of treating the gains arising on sale of land along with staff quarters as long term capital gain (‘LTCG’), rejects Revenue’s stand that… Read More
CORPORATE AND PROFESSIONAL UPDATES 29TH MAY 2018 DIRECT TAX SC dismisses Revenue’s SLP against Rajasthan HC judgment in case of a transport contractor (‘assessee’); HC had held that assessee-contractor was… Read More
ICAI – CPE hours Requirements The ICAI (Institute of Chartered Accountants of India) requires its members to comply with Continuing Professional Education (CPE) hours to maintain their professional competence. The… Read More
Direct Tax: Mumbai ITAT rules that assessee (a stock broking company) cannot be held liable to deduct TDS u/s 194A on borrowing fees paid to National Securities Clearing Corporation Ltd.… Read More