Cash Credit or Overdraft A/c Vs Tax Recovery Query : Why cash credit or overdraft a/c can't be attached for tax roecvery? Answer: Cash Credit Account or Overdraft Account :… Read More
ALP OF AMP EXPENSES TO BE DETERMINED AS PER SONY ERRICSON'S CASE IF ASSESSEE WAS A MANUFACTURER AND NOT A DISTRIBUTOR Glaxo SmithKline Consumer Healthcare Ltd. v. JCIT [Chandigarh ITAT],… Read More
NEW RULES FOR FORM 15CA/ CB UNDER RULE 37 BB OF THE INCOME-TAX RULES Section 195 of the Income-tax Act (‘the Act’) empowers the Central Board of Direct Taxes… Read More
IN THE ABSENCE OF ANY PE IN INDIA, PROFITS OF WESTERN UNION (IF ANY, ATTRIBUTABLE TO THE BUSINESS OPERATIONS) COULD NOT BE TAXED IN INDIA DDIT v. Western Union Financial… Read More
SAB Miller India Ltd. v. ACIT [Mumbai ITAT], ITA No. 7123 of 2012, Date of Decision: July 03, 2015 PROVISIONS OF SECTION 40(A)(I) ARE NOT ATTRACTED ON DEPRECIATION Facts of… Read More
BRIEF INTRODUCTION The Foreign Exchange Management Act, 1999 (FEMA) is an act of the Parliament of India to consolidate and amend the laws regarding exchange with the target of facilitating external trade & payments and promoting the… Read More
CORPORATE AND PROFESSIONAL UPDATE DECEMBER 13, 2015 SECTION 2(47) CAPITAL GAINS - TRANSFER Immovable property : Where assessee was directed to handover possession of its property to revenue, in absence… Read More
CORPORATE AND PROFESSIONAL UPDATE DECEMBER 12, 2015 INCOME TAX ACT SECTION 5 ACCRUAL OF - INCOME Income : Where interest income from security accrued in terms of books of account maintained by… Read More
CORPORATE AND PROFESSIONAL UPDATE DECEMBER 11, 2015 INCOME TAX ACT SECTION 2(47) CAPITAL GAINS - TRANSFER Immovable property : Where assessee was directed to handover possession of its property to… Read More
SELLING EXPENSES INCURRED FOR MAKING SALES ARE DISTINCT FROM AMP EXPENSES AND, HENCE, SHOULD NOT BE INCLUDED IN THE BASE AMOUNT FOR COMPUTING ALP OF AMP EXPENSES Discovery Communications India… Read More