CORPORATE AND PROFESSIONAL UPDATE JANUARY 9, 2016 INCOME TAX ACT SECTION 9 INCOME – DEEMED TO ACCRUE OR ARISE IN INDIA Fee for technical services : Where in earlier years, consideration received by assessee Swede company for supply of telecom equipments as not taxable, while in current year Tribunal had recorded that Commissioner (Appeals)’s order was …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 7, 2016 INCOME TAX ACT SECTION 14A EXPENDITURE INCURRED IN RELATION TO INCOME NOT INCLUDIBLE IN TOTAL INCOME Rule 8D : When assessee itself admitted that a disallowance had to be made with regard to expenditure for earning of income which was exempted from taxation under Act, such expenditure had to …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 6, 2016 INCOME TAX ACT SECTION 2(15) CHARITABLE PURPOSE Object of general public utility : Where assessee-society was providing latest information and training to those persons who were already in relevant field of advertising communication, etc. and in such process if certain persons became super-specialists in particular field and institution was …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 5, 2016 INCOME TAX ACT SECTION 2(22) DEEMED DIVIDEND Loans and advances to shareholders : SLP dismissed against High Court’s order wherein it was held that amount advanced to assessee-partner by firm could not be taxed as deemed dividend merely on ground that some amount lying in firm’s account was collected …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 04, 2016 INCOME TAX ACT SECTION 69 UNEXPLAINED INVESTMENTS Purchase of property : Where Tribunal after a detailed examination of documents had arrived at conclusion that assessee-firm failed to explain source of amount paid for purchase of property, same was rightly held as unexplained investment. SECTION 92C TRANSFER PRICING – COMPUTATION …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 03, 2016 INCOME TAX ACT SECTION 9 INCOME – DEEMED TO ACCRUE OR ARISE IN INDIA Permanent establishment : Where assessee’s branch office, which was considered as assessee’s PE in India, was compensated at arm’s length for performing services in respect of direct sales made by assessee in India, no part …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 02, 2016 DGFT Hand book of procedures of FTP 2015-20 permits re-fixation of Annual Average Export obligation, in case the export in any sector/ product group decline by more than 5%. AOP or BOI included in the definition of person. Punjab and Haryana High Court has held that inclusion is …
What is Limited Liability Partnership (LLP) : LLP is an abbreviation for Limited Liability Partnership. LLP is a hybrid of a traditional partnership & a company, since some of its features are comparable to those of a traditional partnership and others are similar to those of a corporation. For example, it combines the flexibility of …
CORPORATE AND PROFESSIONAL UPDATE DECEMBER 26, 2015 INCOME TAX ACT INCOME TAX ACT SECTION 2(15) CHARITABLE PURPOSE The object of general public utility – Banking technology service: Where assessee-society was established by RBI to provide Banking Technology services and to carry out research which was charitable in nature; merely because it had generated surplus during the …
INCOME TAX ACT – Company Taxation in India ALTERNATE MINIMUM TAX (AMT) [CHAPTER XII-BA–SECTIONS 115JC TO 115JF] SET OFF OF CREDIT OF MAT PAID UNDER SECTION 115JB [SECTION 115JAA] MINIMUM ALTERNATE TAX ON COMPANIES [SECTION 115JB] COMPUTATION OF BOOK PROFIT FOR IND-AS COMPLIANT COMPANIES DIRECT TAX LAWS Section 119 of the Income-tax Act, 1961 – …