CORPORATE AND PROFESSIONAL UPDATE JANUARY 13,2016 DIRECT TAX: Income Tax 1st Amendment Rules, 2016 Notified vide notification no. 3/2016/2015. Corrigendum to Notification No. 93/2015 dated 16/12/2015 has been issued vide Notification No 1/2016 – Dated 12-1-2016. Service of an independent contractor – whether would be taxable as salary contrary to the contract of service – …
PROFESSIONAL UPDATE JANUARY 12, 2016 ASSESSMENTS U/S 153A PURSUANT TO SEARCH PROCEEDINGS ARE LIMITED TO INCRIMINATING MATERIAL UNEARTHED DURING THE COURSE OF SUCH SEARCH:- CIT vs. Kabul Chawla (Delhi High Court) Fact :- Whether the assessment u/s 153A of the act pursuant to search operations for the years which stood assessed earlier is de-novo. Whether …
CORPORATE AND PROFESSIONAL UPDATE ON TAX JANUARY 10, 2016 DIRECT TAX The Revenue Department Delhi has made the e-filing of applications mandatory for companies for payment of stamp duty on share certificates. E-filing of appeal before CIT (Appeals) made mandatory for taxpayers who are required to file the return of income electronically. CBDT has issued draft guidelines …
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 …