The document outlines 15 key changes to income tax return forms in India for the 2014-2015 fiscal year. Some notable changes include requiring disclosure of unclaimed tax credits from previous years, providing direct tax refunds to bank accounts, upgraded capital gains schedules, additional information required for bad debt deductions, and expanded reporting of transactions with foreign jurisdictions. Requirements were also added for corporate taxpayers regarding unique identification numbers, share buybacks, and payments to non-residents.
TaxAlerts cover significant
tax news, developments and
changes in legislation that
affect Indian businesses. They
act as technical summaries . For more information,
please contact EY India.
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. Timely refund mechanism is essential in tax administration, as it facilitates trade through the release of blocked funds for working capital, expansion and modernisation of existing business. In this webinar, we shall be learning the procedural aspects of refund under GST law.
Reconciliation Statement and Certification under GST - Form GSTR 9CDVSResearchFoundatio
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. There are various periodic compliance requirements and filings under GST. Under the Act, certain registered persons are required to carry out GST Audit and in such cases a reconciliation statement in Form GSTR 9C has to be filed. In this webinar, we shall analyse and understand the said form under the Act.
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. Timely refund mechanism is essential in tax administration, as it facilitates trade through the release of blocked funds for working capital, expansion and modernisation of existing business. In this webinar, we shall understand and analyse the provisions related to Refund under the GST law.
Introduction:
Section 11 deals with Income from property held for “Charitable or Religious purposes.”
The income shall be subjected to the provisions of
Section 60 - Transfer of Income where there is no transfer of assets
Section 61 - Revocable Transfer of Assets
Section 62 - Transfer irrevocable for a specified period
TaxAlerts cover significant
tax news, developments and
changes in legislation that
affect Indian businesses. They
act as technical summaries . For more information,
please contact EY India.
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. Timely refund mechanism is essential in tax administration, as it facilitates trade through the release of blocked funds for working capital, expansion and modernisation of existing business. In this webinar, we shall be learning the procedural aspects of refund under GST law.
Reconciliation Statement and Certification under GST - Form GSTR 9CDVSResearchFoundatio
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. There are various periodic compliance requirements and filings under GST. Under the Act, certain registered persons are required to carry out GST Audit and in such cases a reconciliation statement in Form GSTR 9C has to be filed. In this webinar, we shall analyse and understand the said form under the Act.
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. Timely refund mechanism is essential in tax administration, as it facilitates trade through the release of blocked funds for working capital, expansion and modernisation of existing business. In this webinar, we shall understand and analyse the provisions related to Refund under the GST law.
Introduction:
Section 11 deals with Income from property held for “Charitable or Religious purposes.”
The income shall be subjected to the provisions of
Section 60 - Transfer of Income where there is no transfer of assets
Section 61 - Revocable Transfer of Assets
Section 62 - Transfer irrevocable for a specified period
TAX AUDIT REPORT U/s 44AB of Income Tax Act, 1961Admin SBS
Tax audit is applicable to every person i.e. i.e. individual, HUF, Company, Partnership firm,
AOP/BOI, Local authority, Co-operative society/Trust, AJP based on the below mentioned
Income tax notice under scruitny assessementsOnlineITreturn
Income Tax Notice for Scrutiny Assessments under Income Tax Act 1961 are made u/s 143(3) if the Assessing Officer considers it necessary or expedient to ensure that-
(a) the assessee has not understated the income or has not computed excessive loss; or
(b) has not underpaid he tax in any manner.
• A quick review of important Taxes & Laws updates reported on Taxmann.com
Analysis of New ITR Forms notified for the Assessment Year 2020-21.
Usually, the Income-tax Department notifies the ITR forms in the first week of April of the relevant assessment year. However, this year, due to the exceptional circumstances, the Dept. has notified all ITR forms in last week of May. For the assessment year 2020-21, the Dept. has notified the ITR forms twice. In
the month of January 2020, the Dept. notified two ITR forms (ITR-1 and ITR-4). Now, in the month of May 2020, all ITR Forms (ITR-1 to ITR-7) have been notified which eventually replace the two previously notified forms. When the ITR Forms (ITR 1 and ITR 4) were notified in January 2020, Rule 12 was amended to provide that ITR-1 cannot be used by a person falling under two categories, namely, First, who owns a house property in joint-ownership and second, who has entered into specified transactions mentioned in the seventh proviso to section 139(1), that is, payment of electricity bill in excess of Rs. 1 lakh, a deposit of more than Rs. 1 crore in one or more current accounts, etc. However, a person falling under the second category is allowed to furnish a return in ITR-4.
Incorporation of Limited Liability Partnership (LLP) and conversion into CompanyDVSResearchFoundatio
Objectives & Agenda :
One of the convenient forms of running an organisation is the Limited Liability Partnership (LLP). It has similar features as that of a Company and has various advantages. With the advent of ease of doing business initiative, incorporation of LLP has become simple. The webinar covers the procedure for incorporation of an LLP under the LLP Act, 2008 read with LLP Rules, 2009 and its conversion into Company as per the provisions of the Companies Act, 2013.
Revised draft of article 12 b income from automated digital servicesDVSResearchFoundatio
Key Takeaways:
Overview of Treaty Provision for Digital Taxation
Clarifications for Source Based Taxation
Amendments in Inclusion and Exclusion List
Way Forward
Project Office For Communication Purposes: Will It Constitute A PE?DVSResearchFoundatio
Key Takeaways:
- Background of the Case
- Contentions of the Department and Assessee
- Principles and Precedents Governing the Rule of PE
- Supreme Court's Verdict
Presumptive taxation scheme in a new avatarTaxmann
The existing provisions contained in the said section (applicable to individual, HUF or partnership firm) provides that notwithstanding anything to the contrary contained in section 28 to 43C
Commissioner of income tax-iv.reliance energy ltd.[2021] 127 taxmann.com 69(sc)DVSResearchFoundatio
Key Takeaways:
- Background and Overview of Legal Provision
-Facts of the Case
- Contentions of the Assessee and Revenue
- Supreme Court’s Verdict
- Key Learnings and Way Forward
TAX AUDIT REPORT U/s 44AB of Income Tax Act, 1961Admin SBS
Tax audit is applicable to every person i.e. i.e. individual, HUF, Company, Partnership firm,
AOP/BOI, Local authority, Co-operative society/Trust, AJP based on the below mentioned
Income tax notice under scruitny assessementsOnlineITreturn
Income Tax Notice for Scrutiny Assessments under Income Tax Act 1961 are made u/s 143(3) if the Assessing Officer considers it necessary or expedient to ensure that-
(a) the assessee has not understated the income or has not computed excessive loss; or
(b) has not underpaid he tax in any manner.
• A quick review of important Taxes & Laws updates reported on Taxmann.com
Analysis of New ITR Forms notified for the Assessment Year 2020-21.
Usually, the Income-tax Department notifies the ITR forms in the first week of April of the relevant assessment year. However, this year, due to the exceptional circumstances, the Dept. has notified all ITR forms in last week of May. For the assessment year 2020-21, the Dept. has notified the ITR forms twice. In
the month of January 2020, the Dept. notified two ITR forms (ITR-1 and ITR-4). Now, in the month of May 2020, all ITR Forms (ITR-1 to ITR-7) have been notified which eventually replace the two previously notified forms. When the ITR Forms (ITR 1 and ITR 4) were notified in January 2020, Rule 12 was amended to provide that ITR-1 cannot be used by a person falling under two categories, namely, First, who owns a house property in joint-ownership and second, who has entered into specified transactions mentioned in the seventh proviso to section 139(1), that is, payment of electricity bill in excess of Rs. 1 lakh, a deposit of more than Rs. 1 crore in one or more current accounts, etc. However, a person falling under the second category is allowed to furnish a return in ITR-4.
Incorporation of Limited Liability Partnership (LLP) and conversion into CompanyDVSResearchFoundatio
Objectives & Agenda :
One of the convenient forms of running an organisation is the Limited Liability Partnership (LLP). It has similar features as that of a Company and has various advantages. With the advent of ease of doing business initiative, incorporation of LLP has become simple. The webinar covers the procedure for incorporation of an LLP under the LLP Act, 2008 read with LLP Rules, 2009 and its conversion into Company as per the provisions of the Companies Act, 2013.
Revised draft of article 12 b income from automated digital servicesDVSResearchFoundatio
Key Takeaways:
Overview of Treaty Provision for Digital Taxation
Clarifications for Source Based Taxation
Amendments in Inclusion and Exclusion List
Way Forward
Project Office For Communication Purposes: Will It Constitute A PE?DVSResearchFoundatio
Key Takeaways:
- Background of the Case
- Contentions of the Department and Assessee
- Principles and Precedents Governing the Rule of PE
- Supreme Court's Verdict
Presumptive taxation scheme in a new avatarTaxmann
The existing provisions contained in the said section (applicable to individual, HUF or partnership firm) provides that notwithstanding anything to the contrary contained in section 28 to 43C
Commissioner of income tax-iv.reliance energy ltd.[2021] 127 taxmann.com 69(sc)DVSResearchFoundatio
Key Takeaways:
- Background and Overview of Legal Provision
-Facts of the Case
- Contentions of the Assessee and Revenue
- Supreme Court’s Verdict
- Key Learnings and Way Forward
Budget 2016 was recently announced by the Finance Minister of India. This Presentation unravels the Transfer Pricing and International Tax proposals of the Budget 2016.
TaxAlerts cover significant
tax news, developments and
changes in legislation that
affect Indian businesses. They
act as technical summaries . For more information,
please contact EY India.
Changes in Income tax return forms AY 2018-19Deepak Arya
Every year, the CBDT in India notifies the new income tax return forms and for the assessment year 2018-19 also CBDT has released the new income tax return forms. These forms will be applicable for the income tax return of 01-04-2017 to 31-03-2018 period. With the help of these slides you will be able to understand the new information required in these forms so that before filing the returns the assessee shall be ready with the desired information.
Understanding IND AS 12 – Accounting for Income Taxes.pptxtaxguruedu
Introduction to IND AS 12 IND AS 12, also known as Accounting for Income Taxes, is a standard issued by the Institute of Chartered Accountants of India (ICAI) that prescribes the principles and methods for accounting for income taxes. This standard applies to all entities that are required to prepare financial statements in accordance with Indian Accounting Standards (IND AS).
Newsletter on daily professional updates- 01/04/2020CA PRADEEP GOYAL
“True strength lies in submission which permits one to dedicate his life, through devotion, to something beyond himself."
Presenting Daily dose of professional updates dated 01.04. 2020. This is 200th edition and 1st Newsletter of Financial Year 2020-2021
Newsletter on daily professional updates- 07/01/2020CA PRADEEP GOYAL
“If four things are followed –
having a great aim,
acquiring knowledge,
hard work, and
perseverance –
then anything can be achieved.”
Here is your Daily dose of professional updates 07.01.2020
The Income Tax Department has announced forms for filing I-T returns for the 2020-21 fiscal year, which is a significant development in the field of taxation. In spite of the ongoing COVID pandemic and to make it easier for taxpayers, no major changes to the ITR Forms have been made in relation to last year's ITR Forms. Only the bare minimum reforms were introduced as a result of revisions to the Income-tax Act of 1961.
Similar to Key income tax_amendments_ay2014-15 (20)
Generating a custom Ruby SDK for your web service or Rails API using Smithyg2nightmarescribd
Have you ever wanted a Ruby client API to communicate with your web service? Smithy is a protocol-agnostic language for defining services and SDKs. Smithy Ruby is an implementation of Smithy that generates a Ruby SDK using a Smithy model. In this talk, we will explore Smithy and Smithy Ruby to learn how to generate custom feature-rich SDKs that can communicate with any web service, such as a Rails JSON API.
GraphRAG is All You need? LLM & Knowledge GraphGuy Korland
Guy Korland, CEO and Co-founder of FalkorDB, will review two articles on the integration of language models with knowledge graphs.
1. Unifying Large Language Models and Knowledge Graphs: A Roadmap.
https://arxiv.org/abs/2306.08302
2. Microsoft Research's GraphRAG paper and a review paper on various uses of knowledge graphs:
https://www.microsoft.com/en-us/research/blog/graphrag-unlocking-llm-discovery-on-narrative-private-data/
LF Energy Webinar: Electrical Grid Modelling and Simulation Through PowSyBl -...DanBrown980551
Do you want to learn how to model and simulate an electrical network from scratch in under an hour?
Then welcome to this PowSyBl workshop, hosted by Rte, the French Transmission System Operator (TSO)!
During the webinar, you will discover the PowSyBl ecosystem as well as handle and study an electrical network through an interactive Python notebook.
PowSyBl is an open source project hosted by LF Energy, which offers a comprehensive set of features for electrical grid modelling and simulation. Among other advanced features, PowSyBl provides:
- A fully editable and extendable library for grid component modelling;
- Visualization tools to display your network;
- Grid simulation tools, such as power flows, security analyses (with or without remedial actions) and sensitivity analyses;
The framework is mostly written in Java, with a Python binding so that Python developers can access PowSyBl functionalities as well.
What you will learn during the webinar:
- For beginners: discover PowSyBl's functionalities through a quick general presentation and the notebook, without needing any expert coding skills;
- For advanced developers: master the skills to efficiently apply PowSyBl functionalities to your real-world scenarios.
The Art of the Pitch: WordPress Relationships and SalesLaura Byrne
Clients don’t know what they don’t know. What web solutions are right for them? How does WordPress come into the picture? How do you make sure you understand scope and timeline? What do you do if sometime changes?
All these questions and more will be explored as we talk about matching clients’ needs with what your agency offers without pulling teeth or pulling your hair out. Practical tips, and strategies for successful relationship building that leads to closing the deal.
GDG Cloud Southlake #33: Boule & Rebala: Effective AppSec in SDLC using Deplo...James Anderson
Effective Application Security in Software Delivery lifecycle using Deployment Firewall and DBOM
The modern software delivery process (or the CI/CD process) includes many tools, distributed teams, open-source code, and cloud platforms. Constant focus on speed to release software to market, along with the traditional slow and manual security checks has caused gaps in continuous security as an important piece in the software supply chain. Today organizations feel more susceptible to external and internal cyber threats due to the vast attack surface in their applications supply chain and the lack of end-to-end governance and risk management.
The software team must secure its software delivery process to avoid vulnerability and security breaches. This needs to be achieved with existing tool chains and without extensive rework of the delivery processes. This talk will present strategies and techniques for providing visibility into the true risk of the existing vulnerabilities, preventing the introduction of security issues in the software, resolving vulnerabilities in production environments quickly, and capturing the deployment bill of materials (DBOM).
Speakers:
Bob Boule
Robert Boule is a technology enthusiast with PASSION for technology and making things work along with a knack for helping others understand how things work. He comes with around 20 years of solution engineering experience in application security, software continuous delivery, and SaaS platforms. He is known for his dynamic presentations in CI/CD and application security integrated in software delivery lifecycle.
Gopinath Rebala
Gopinath Rebala is the CTO of OpsMx, where he has overall responsibility for the machine learning and data processing architectures for Secure Software Delivery. Gopi also has a strong connection with our customers, leading design and architecture for strategic implementations. Gopi is a frequent speaker and well-known leader in continuous delivery and integrating security into software delivery.
Kubernetes & AI - Beauty and the Beast !?! @KCD Istanbul 2024Tobias Schneck
As AI technology is pushing into IT I was wondering myself, as an “infrastructure container kubernetes guy”, how get this fancy AI technology get managed from an infrastructure operational view? Is it possible to apply our lovely cloud native principals as well? What benefit’s both technologies could bring to each other?
Let me take this questions and provide you a short journey through existing deployment models and use cases for AI software. On practical examples, we discuss what cloud/on-premise strategy we may need for applying it to our own infrastructure to get it to work from an enterprise perspective. I want to give an overview about infrastructure requirements and technologies, what could be beneficial or limiting your AI use cases in an enterprise environment. An interactive Demo will give you some insides, what approaches I got already working for real.
State of ICS and IoT Cyber Threat Landscape Report 2024 previewPrayukth K V
The IoT and OT threat landscape report has been prepared by the Threat Research Team at Sectrio using data from Sectrio, cyber threat intelligence farming facilities spread across over 85 cities around the world. In addition, Sectrio also runs AI-based advanced threat and payload engagement facilities that serve as sinks to attract and engage sophisticated threat actors, and newer malware including new variants and latent threats that are at an earlier stage of development.
The latest edition of the OT/ICS and IoT security Threat Landscape Report 2024 also covers:
State of global ICS asset and network exposure
Sectoral targets and attacks as well as the cost of ransom
Global APT activity, AI usage, actor and tactic profiles, and implications
Rise in volumes of AI-powered cyberattacks
Major cyber events in 2024
Malware and malicious payload trends
Cyberattack types and targets
Vulnerability exploit attempts on CVEs
Attacks on counties – USA
Expansion of bot farms – how, where, and why
In-depth analysis of the cyber threat landscape across North America, South America, Europe, APAC, and the Middle East
Why are attacks on smart factories rising?
Cyber risk predictions
Axis of attacks – Europe
Systemic attacks in the Middle East
Download the full report from here:
https://sectrio.com/resources/ot-threat-landscape-reports/sectrio-releases-ot-ics-and-iot-security-threat-landscape-report-2024/
DevOps and Testing slides at DASA ConnectKari Kakkonen
My and Rik Marselis slides at 30.5.2024 DASA Connect conference. We discuss about what is testing, then what is agile testing and finally what is Testing in DevOps. Finally we had lovely workshop with the participants trying to find out different ways to think about quality and testing in different parts of the DevOps infinity loop.
Smart TV Buyer Insights Survey 2024 by 91mobiles.pdf91mobiles
91mobiles recently conducted a Smart TV Buyer Insights Survey in which we asked over 3,000 respondents about the TV they own, aspects they look at on a new TV, and their TV buying preferences.
Elevating Tactical DDD Patterns Through Object CalisthenicsDorra BARTAGUIZ
After immersing yourself in the blue book and its red counterpart, attending DDD-focused conferences, and applying tactical patterns, you're left with a crucial question: How do I ensure my design is effective? Tactical patterns within Domain-Driven Design (DDD) serve as guiding principles for creating clear and manageable domain models. However, achieving success with these patterns requires additional guidance. Interestingly, we've observed that a set of constraints initially designed for training purposes remarkably aligns with effective pattern implementation, offering a more ‘mechanical’ approach. Let's explore together how Object Calisthenics can elevate the design of your tactical DDD patterns, offering concrete help for those venturing into DDD for the first time!
UiPath Test Automation using UiPath Test Suite series, part 4DianaGray10
Welcome to UiPath Test Automation using UiPath Test Suite series part 4. In this session, we will cover Test Manager overview along with SAP heatmap.
The UiPath Test Manager overview with SAP heatmap webinar offers a concise yet comprehensive exploration of the role of a Test Manager within SAP environments, coupled with the utilization of heatmaps for effective testing strategies.
Participants will gain insights into the responsibilities, challenges, and best practices associated with test management in SAP projects. Additionally, the webinar delves into the significance of heatmaps as a visual aid for identifying testing priorities, areas of risk, and resource allocation within SAP landscapes. Through this session, attendees can expect to enhance their understanding of test management principles while learning practical approaches to optimize testing processes in SAP environments using heatmap visualization techniques
What will you get from this session?
1. Insights into SAP testing best practices
2. Heatmap utilization for testing
3. Optimization of testing processes
4. Demo
Topics covered:
Execution from the test manager
Orchestrator execution result
Defect reporting
SAP heatmap example with demo
Speaker:
Deepak Rai, Automation Practice Lead, Boundaryless Group and UiPath MVP
UiPath Test Automation using UiPath Test Suite series, part 4
Key income tax_amendments_ay2014-15
1. 15 key changes in AY 2014-15
Income Tax Return (ITR) forms
Arora Gaurav A &
Associates
C H A R T E R E D A C C O U N T A N T S
_________________________________________________________________________________
________
2. 1.
Unclaimed Credit of Taxes Deducted at Source (TDS) / Taxes
Collected at Source (TCS) Brought Forward and Carried Forward:
Unclaimed Credit of Taxes Deducted at Source (TDS) / Taxes Collected at
Source (TCS) Brought Forward and Carried Forward: Taxpayers are required to
disclose information in respect of TDS / TCS in specified schedules in the tax
returns. Earlier, there was no mechanism to carry forward the TDS / TCS that
was not pertaining to the given tax year. However, the new forms provide for
details to be entered in respect of unclaimed TDS / TCS of the earlier tax
year(s) and unclaimed TDS/TCS of the present tax year to be carried forward to
the subsequent year
FOR INDIVIDUALS/NON-CORPORATE
3. 2.
Direct Credit of Tax Refund:
Earlier, taxpayers were given an option to claim refund through cheque or
credit into bank account. With an intention to expedite and align the refund
process with process applicable to the corporate taxpayers, the new forms have
done away with such an option of claiming refund through cheque.
Accordingly, going forward, all taxpayers will now receive the legitimate tax
refunds directly into their bank account.
FOR INDIVIDUALS/NON-CORPORATE
4. 3.
Computation of Income from Capital Gains
The forms provide an upgraded new schedule for computing gains arising from
transfer of capital assets in each of the prescribed categories. Additionally,
information in respect of intra head adjustments of capital loss also needs to be
disclosed in the newly prescribed form.
4.
Additional Debtor wise Information for Bad Debts:
Non-corporate taxpayers claiming deduction in respect of bad debts are now
required to disclose in their tax return the PAN number of every debtor whose
quantum of bad debt exceeds INR 0.1 million. Earlier, such disclosure
requirement was applicable to corporate taxpayers, firms, association of
persons, body of individuals, co-operative societies and local authorities.
FOR INDIVIDUALS/NON-CORPORATE
5. 5.
Intra Head Adjustments:
A taxpayer is entitled to set off loss from one source with the income from
another source falling within the same head. In the newly prescribed forms,
information in respect of intra head loss adjustment is required to be
furnished.
6.
Date of Furnishing Report: Disclosing the information in respect of the
date of furnishing the following.
Form 3CEB (in case of taxpayers having international transaction with
associated enterprises) and / or 2. Form 20B / 29C (in case of taxpayer paying
tax on books profits or adjusted total income)
has now being extended to non-corporate taxpayers as well. Thus, all taxpayers
will need to provide the date of furnishing of aforesaid forms in the newly
prescribed tax return forms.
FOR INDIVIDUALS/NON-CORPORATE
6. 7.
Transaction(s) with Notified Jurisdictions: Recently, the Central
Government has notified Cyprus as a notified jurisdictional area. As a
consequence to this notification, all taxpayers will have to report any
transaction(s) entered with Cyprus in the new forms.
8.
Unique Identification Number: Every corporate taxpayer and Limited
Liability Partnership has been provided with a unique Corporate Identity
Number by the Ministry of Corporate Affairs ('MCA'). The aforesaid taxpayers
will now have to mention such unique number in the new prescribed forms.
Additionally, the aforesaid taxpayers will have to provide the information in
respect of the Director Identification Number or Designated Partner
Identification Number (issued to each director and partner by the MCA) in the
newly prescribed forms apart from their PAN and other information such as
their name, designation and residential address.
FOR CORPORATES
7. 9.
Buy Back of Unlisted Shares by the Indian Corporate Taxpayer:
The Finance Act 2013 enlarged the scope of taxation by levying distribution tax
on Indian corporate taxpayer(s) buying back its unlisted shares. Accordingly, a
schedule has been inserted in the newly prescribed forms which mandate
Indian corporate taxpayer(s) to disclose necessary information in respect of
buy back of unlisted shares and tax paid thereon.
10.
Tax on Book Profit for Specified Corporate Taxpayer:
The Finance Act 2012 extended the provisions relating to tax on book profit to
specified corporate taxpayers (engaged in Insurance, Electricity and Banking
sectors) even though the financial statements are not prepared on the basis of
Schedule VI of the Companies Act, 1956. Accordingly, in the newly prescribed
forms, the classification in respect of aforesaid specified corporate taxpayer has
been inserted.
FOR CORPORATES
8. 11.
Advance Pricing Agreement (APA):
Every taxpayer who has entered into an APA is required to provide the
information in respect of date of entering into the APA in the newly prescribed
form.
12.
Non-Deductible Business Expenditure:
In the newly prescribed forms, information in respect of the following non-
deductible business expenditure has been inserted, namely:
FOR CORPORATES
9. 13.
Deeming Business Income:
The Finance Act 2013 provided that in computing business income from
transfer of land or building (not being capital assets), stamp duty ready
reckoner value should be adopted in case the actual transaction value is less
than the former. The newly prescribed forms provide disclosure in respect of
such ready reckoner value which exceeds the actual transaction value.
14.
Units in Free Trade Zones / Special Economic Zones:
Taxpayer(s) claiming exemption in respect of units in Free trade zones /
Special economic zones shall provide the information in respect of the relevant
tax year in which the eligible unit commenced manufacturing / producing
specified articles along with the amount of exemption claimed in the newly
prescribed forms.
FOR CORPORATES
10. 15. Payments to Non-Residents:
Disclosing the information in respect of specified payments to non-residents
has now being extended to all taxpayers including non-corporate taxpayers.
Accordingly the following specified payments
1. Compensation to non-resident employees,
2. Commission,
3. Royalty,
4. Professional fees,
5. Fees for technical services and
6. Interest
will have to be separately disclosed in the newly prescribed forms.
FOR CORPORATES
11. Arora Gaurav A & Associates
C H A R T E R E D A C C O U N T A N T S
___________________________________________________________________________________
T H A N K S
Office : C-12-B, 1st Flr, Madhu Vihar,
I.P.Extn, New Delhi-110092, India
Web- www.aga.net.in,
E- info@aga.net.in,
T- 91 11 43049814