CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 23,2016 DIRECT TAX Income Tax: Attachment of bank account – any action to recover taxes adopting coercive means is not permissible till the petitioner’s application for a stay under Section 220(6) of the Act is disposed of. – HC Income Tax: Reopening of assessment – AO has no power to …
CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 22,2016 DIRECT TAX Income Tax: Wherever under the DTAA’s. Make available clause is found, then as there is no imparting, the payment in question is not ‘FTS’ under the Treaty and when there is no ‘FTS’ clause in the treaties, the payment falls under Article 7 of the Treaty and …
CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 21,2016 DIRECT TAX Income Tax: Where assessee-NBFC provided security in form of cash collateral for loans purchased by purchaser-bank but did not book said amount as its income, levy of concealment penalty was justified – [2016] 67 163 (Chennai – Trib.) Income Tax: Where assessee received gifts from two persons …
CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 19,2016 DIRECT TAX INCOME TAX: CBDT directs reopening assessments in claim of bogus capital gains / loss in penny investment scam by taxpayers vide letter dated 16.03.2016 An INCOME TAX: TDS-Credit of TDS won’t be denied to a contractor even if entire work has been sub-contracted to others [2016] …
NRI Selling Property in India In comparison to an Indian Resident selling a property in India, an NRI must go through a number of procedures. As a result, it is critical to take the required steps before selling your residential or commercial property in India. But how would you avoid such massive tax deductions while still …
CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 16,2016 DIRECT TAX Income Tax: Disallowance of Privilege fee paid u/s 40(a)(ii) or (iib) – sharing of revenue with the state – The privilege fee payable by the petitioner to the State Government would be taxable with effect from 1.4.2014 and not prior thereto – HC An Income Tax: Adoption of …
CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 15, 2016 The Reserve Bank of India (RBI), it seems, has finally lent ear to millions of such prospective account holders. It has simplified the KYC documentation to make account opening less onerous. Moving ‘The Real Estate (Regulation and Development) Bill, 2015’ for consideration and passage, Urban Development Minister M Venkaiah …
CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 13, 2016 DIRECT TAX TDS u/s 194J or 194C – payments made to various TV channels – section 194J is attracted to the facts of the instant case. Merely because in earlier years this issue was not examined and the assessee’s contention got accepted without verification, cannot give license …
CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 12, 2016 DIRECT TAX Income Tax: Computation of MAT u/s 15JB – Book Profit – Once it is realized that the assessee had correctly debited the profit and loss account for the loss arising out of the transfer of investment division, there remains no difficulty in realizing that the CIT …
CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 11, 2016 DIRECT TAX Income Tax: Qualification for exemption u/s 10(5) – LTC paid to the employees involving foreign travel – TDS on the payment of LTC to the employees – Revenue has rightly held the assessee to be in default, as the assessee has not deducted TDS intentionally on …