INCOME TAX – INTERNATIONAL TAXATION
Tax Residency Certificate – DTAA Benefits
The Punjab and Haryana High Court, has held that Tax Residency Certificate issued by a foreign country can be considered valid for the purpose of claiming benefit under the Indo – Mauritius DTAA. The Court reversed the AAR Ruling and relied upon CBDT Circular No. 789 to the effect that certificate of residence issued by the Mauritius Authorities constitute sufficient evidence for residential status.
This document provides a summary of various tax law updates across Income Tax, Service Tax, Excise, Customs and VAT for November 2015 from K. Vaitheeswaran & Co., Advocates and Tax Consultants. Key highlights include the Bangalore Tribunal holding that software development and software product companies cannot be comparable for transfer pricing, the Karnataka High Court allowing foreign tax credit on Section 10A income, and the Supreme Court ruling that landing and parking charges for aircraft are not rent.
Presentation on GST Transitional Credits - Disputes & Way ForwardTaxmann
Topics Covered in this Presentation:
1. Background of Transitional provisions
A. Different circumstances under Section 140
2. Practical Issues
A. Judgments on Transitional Credits
B. Deemed Credit
3. Impact of transitional provisions amendment
E book GST Transitional Credits - Disputes & Way ForwardTaxmann
CONTENTS
1. Background of Transitional Provision
2. Practical issues faced in transitional provisions
a) Problems due to the automation process Other reasons
3. The issues in transitional credit can be summarized
as follows:
a) Applicable to all sub-sections (1) to (8) of Section 140.
b) Section 140(1) & (2) – Transfer of closing balance of credit
4.Impact of retrospective amendment in explanation 11
1, 2, and 3 of Section 140.
The document discusses amendments made by the Finance Act of 2012 related to tax deducted at source (TDS). Key points include:
- Explanations were added to section 9(1)(vi) regarding the definition of "royalty" and what is included.
- Amendments to sections 201 and 40(a)(ia) provide that the deductor will not be considered an assessee in default if certain conditions are met by the payee regarding filing of return and payment of tax.
- Sections 234E and 271H were introduced regarding levy of fees and penalties for delayed or incorrect filing of TDS/TCS statements.
- The timeline for passing orders holding a person
The document provides a 30 mark multiple choice question (MCQ) practice test on service tax and value added tax (VAT) for a December 2014 exam. It includes 6 sections - fill in the blanks, true/false questions with explanations, multiple choice questions, more fill in the blanks, true/false with reasons, and another set of multiple choice questions. The practice test covers topics like service tax rates and applicability, registration requirements, valuation rules, exemptions, and import/export of services. Students are given 40 minutes to review and answer the questions in preparation for the exam.
Budget 2017-18 - analysis of direct tax proposalsoswinfo
No change in tax slabs
The rate of income tax for individuals and HUF within the slab of 2.5 lakhs to Rs. 5 lakhs reduced from 10% to 5%.
Additional surcharge of 10% on the tax payable by a person having total income exceeding Rs. 50 lakhs but not exceeding Rs. 1 crore.
Budget 2016-2017 - analysis of direct tax proposalsoswinfo
This document provides an analysis of key changes proposed in the Indian Budget 2016 relating to direct taxes. Some key points summarized are:
1. No change in basic tax exemption limits and rates for individuals. Surcharge of 15% for income over Rs. 1 crore. Section 87A rebate limit increased to Rs. 5,000. Section 80GG deduction limit for individuals without HRA enhanced to Rs. 5,000 per month.
2. Section 80CCC deduction limit increased from Rs. 1 lakh to Rs. 1.5 lakh. Section 10(12) and 10(13) exemptions for provident fund and superannuation fund limited to 40% of accumulated amount for contributions made
This document provides a summary of various tax law updates across Income Tax, Service Tax, Excise, Customs and VAT for November 2015 from K. Vaitheeswaran & Co., Advocates and Tax Consultants. Key highlights include the Bangalore Tribunal holding that software development and software product companies cannot be comparable for transfer pricing, the Karnataka High Court allowing foreign tax credit on Section 10A income, and the Supreme Court ruling that landing and parking charges for aircraft are not rent.
Presentation on GST Transitional Credits - Disputes & Way ForwardTaxmann
Topics Covered in this Presentation:
1. Background of Transitional provisions
A. Different circumstances under Section 140
2. Practical Issues
A. Judgments on Transitional Credits
B. Deemed Credit
3. Impact of transitional provisions amendment
E book GST Transitional Credits - Disputes & Way ForwardTaxmann
CONTENTS
1. Background of Transitional Provision
2. Practical issues faced in transitional provisions
a) Problems due to the automation process Other reasons
3. The issues in transitional credit can be summarized
as follows:
a) Applicable to all sub-sections (1) to (8) of Section 140.
b) Section 140(1) & (2) – Transfer of closing balance of credit
4.Impact of retrospective amendment in explanation 11
1, 2, and 3 of Section 140.
The document discusses amendments made by the Finance Act of 2012 related to tax deducted at source (TDS). Key points include:
- Explanations were added to section 9(1)(vi) regarding the definition of "royalty" and what is included.
- Amendments to sections 201 and 40(a)(ia) provide that the deductor will not be considered an assessee in default if certain conditions are met by the payee regarding filing of return and payment of tax.
- Sections 234E and 271H were introduced regarding levy of fees and penalties for delayed or incorrect filing of TDS/TCS statements.
- The timeline for passing orders holding a person
The document provides a 30 mark multiple choice question (MCQ) practice test on service tax and value added tax (VAT) for a December 2014 exam. It includes 6 sections - fill in the blanks, true/false questions with explanations, multiple choice questions, more fill in the blanks, true/false with reasons, and another set of multiple choice questions. The practice test covers topics like service tax rates and applicability, registration requirements, valuation rules, exemptions, and import/export of services. Students are given 40 minutes to review and answer the questions in preparation for the exam.
Budget 2017-18 - analysis of direct tax proposalsoswinfo
No change in tax slabs
The rate of income tax for individuals and HUF within the slab of 2.5 lakhs to Rs. 5 lakhs reduced from 10% to 5%.
Additional surcharge of 10% on the tax payable by a person having total income exceeding Rs. 50 lakhs but not exceeding Rs. 1 crore.
Budget 2016-2017 - analysis of direct tax proposalsoswinfo
This document provides an analysis of key changes proposed in the Indian Budget 2016 relating to direct taxes. Some key points summarized are:
1. No change in basic tax exemption limits and rates for individuals. Surcharge of 15% for income over Rs. 1 crore. Section 87A rebate limit increased to Rs. 5,000. Section 80GG deduction limit for individuals without HRA enhanced to Rs. 5,000 per month.
2. Section 80CCC deduction limit increased from Rs. 1 lakh to Rs. 1.5 lakh. Section 10(12) and 10(13) exemptions for provident fund and superannuation fund limited to 40% of accumulated amount for contributions made
Dear Patron
Here we are with the Twenty Sixth successive issue of our monthly ‘Missive’.
We trust you will enjoy reading this Missive, even while soaking in the contents. We would very much appreciate your feedback which consistently helps us in improving and upgrading the contents.
Thanks and regards,
Knowledge Management Team
S.P.Nagrath & Co.
The document provides a summary of recent indirect tax judicial precedents from June 2016. Some key highlights include:
- The High Court struck down service tax audit rules and circulars as being ultra vires the Finance Act.
- In the absence of rules to identify the service element, no service tax can be levied on composite contracts involving land or immovable property.
- It is not compulsory under service tax law to claim unconditional exemptions. Exemptions do not need to be claimed.
- Incentives or volume discounts received from media owners are not consideration for services and not liable to service tax.
- Cenvat credit can be claimed even if the process carried out on
Budget 2017-2018 - analysis of indirect tax proposals - generaloswinfo
“There is no significant loss or gain in my indirect tax proposals. – para 181 of FM Speech on 01.02.2017
This entire presentation is linked with English, Hindi and Tamil Film Titles for the purpose of creativity and humor and has no connection with the film or its contents.
The document summarizes key aspects of India's proposed Goods and Services Tax (GST) model law. It outlines 18 essential features of the law, including that it will levy tax on the supply of goods and services, define taxable persons and businesses, determine the time and value of taxable supplies, provide for input tax credits, registration requirements, tax returns, payments, and transitional provisions for existing taxes. The model law aims to simplify India's tax regime by introducing uniform GST across states to replace existing indirect taxes.
The document summarizes changes to India's service tax law that take effect on January 22, 2017. For tour operators, the taxable value increases to 60% but credit can be claimed on all input services. For transportation of goods by vessel, service tax will now be payable under reverse charge if a foreign supplier engages a foreign service provider to transport goods from outside India to an Indian customs station. The person liable will be whoever complies with the relevant sections of India's Customs Act regarding those goods.
Newsletter on daily professional updates- 08/04/2020CA PRADEEP GOYAL
“Ideas are knowledge.
When we share knowledge in the written or verbal form, amazing things can happen.”
Here is your Daily dose of professional updates 08.04.2020
Presentation on Service tax at Ernakulam dated 28.07.2013Agarwal sanjiv & Co
This presentation covers service tax procedures in India such as registration, payment, returns, invoices, records, and reverse charge. Key points include:
- Registration is required if taxable services exceed Rs. 9 lakhs and must be applied for online within 30 days.
- Service tax must be paid monthly or quarterly depending on the assessee, by the 6th/5th day of the following period.
- Returns must be filed half-yearly by the 25th of the month following the half-year.
- Invoices must be issued within 30 days and contain registration number, tax amount, and other details.
- Records like invoices and account books must be
FAQ on SBC-GSC Intime Services Pvt. Ltd.-14.11.15-UpdateJayesh Gogri
Swachh Bharat cess (SBC) was introduced at 0.5% on the value of all taxable services from November 15, 2015 to fund clean India initiatives. SBC is calculated on the value of services, not the tax amount. It will be added to the existing 14% service tax rate, bringing the total effective tax rate to 14.5%. SBC must be shown separately on invoices and accounted for in separate ledgers. Late payment of SBC will attract interest penalties as with service tax.
Newsletter on daily professional updates- 23/01/2020CA PRADEEP GOYAL
I believe that the greatest crime is to learn something that can significantly benefit other people, yet share it with no one
Here is your Daily dose of professional updates 23.01.2020
Tax weekly 12 July-2020- N Pahilwani & AssociatesNitin Pahilwani
This document provides a weekly newsletter with updates on GST and income tax. For GST, it summarizes two court cases - one where the government appealed a case allowing Airtel to claim GST refunds, and another related to invoking writ remedy. For income tax, it outlines CBDT actions like facilitating TDS verification for banks, extending refund processing timelines, and clarifying tax benefits for NPS contributions.
The document discusses the valuation of taxable services under the Service Tax regime in India. It explains how the gross amount charged is considered the value of taxable services as per Section 67 of the Finance Act. Reimbursements are included in the value unless the service provider acts as a pure agent for the recipient. The valuation rules and recent case laws regarding composite contracts, reimbursements, and works contracts are also summarized.
Dear Patron
Here we are with the Thirty third successive issue of our monthly ‘Missive’.
We trust you will enjoy reading this Missive, even while soaking in the contents. We would very much appreciate your feedback which consistently helps us in improving and upgrading the contents.
Thanks and regards,
Knowledge Management Team
1) A judgment of the Supreme Court establishes the legal principle of the case and not every word in the judgment. Between equal Supreme Court decisions, the later one should be followed if the earlier is not considered.
2) When the Supreme Court refuses an appeal without comment, it does not establish law, but if refusal includes comments, it becomes a declaration of law.
3) Judgments must be read as a whole, not by picking out words. The decision takes color from the questions involved in the case.
4) Comments made without necessity for determining the case are obiter dicta, while comments made on unrelated points are casual observations.
service tax registration, service tax online, international tax consultantRajput consultancy
Start Company in India, CA in Delhi India, Business set up in India, New company registration, New company registration India, new company registration, company registration timeline, CA in Delhi, CA in India
This document provides a summary of recent taxation updates in India covering direct and indirect tax laws. It discusses key issues from recent case laws pertaining to direct and indirect taxes. Some of the direct tax issues covered in the document include transactions involving bogus shares being treated as a colorable device, rejection of a writ petition where an alternate remedy was available, allowing a writ petition for violation of principles of natural justice, and organizing the Indian Premier League not being considered a dilution of fundamental charitable objects. The document also provides summaries of recent advance tax rulings and notifications.
Predictability in taxation policy is the bedrock of any vibrant, stable and investment friendly Government. In 2014, when the NDA Government took charge, it professed “Minimum Government - Maximum Governance” and “Ease of Doing Business” alongwith the need for a fair and stable taxation regime.
Corporate Updates
SEBI
Recording of Non Disposal Undertaking (NDU)in the Depository System
Interest and Dividend information reporting in case of Custodial Accounts-Rule 114G(1)(e) of the Income Tax Rules, 1962
Non-compliance with certain provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009
MCA
MCA comes out with further exemptions to Private Companies and notifies the amendment to the principal notification dated 5th June, 2015
MCA comes out with further exemptions to Government Companies and notifies the amendment to the principal notification dated 5th June, 2015
TAXATION
CBDT provides clarification on Reduced Liability of Tax on complex, building, flat etc. under GST
Company Website:
www.acquisory.com
The e-commerce boom was marked by multiple players, rosy valuations and now slowly reality has set in and the price wars have taken their toll. The VAT authorities across the country have had their tryst with this industry with notices, demands, levy of entry tax and litigation. Currently whenever there is a tax or a business problem, the immediate response from the industry or the administrator or the media is that GST is the only solution.
This document provides a traveller's guide to Leh Ladakh. It discusses the region's geography as two of the world's highest plateau regions located in India. The guide also outlines some benefits of using social networking for businesses, including increased exposure, traffic, leads, search ranking, partnerships, and sales while reducing costs. It concludes with recommendations on best practices for social networking.
Dear Patron
Here we are with the Twenty Sixth successive issue of our monthly ‘Missive’.
We trust you will enjoy reading this Missive, even while soaking in the contents. We would very much appreciate your feedback which consistently helps us in improving and upgrading the contents.
Thanks and regards,
Knowledge Management Team
S.P.Nagrath & Co.
The document provides a summary of recent indirect tax judicial precedents from June 2016. Some key highlights include:
- The High Court struck down service tax audit rules and circulars as being ultra vires the Finance Act.
- In the absence of rules to identify the service element, no service tax can be levied on composite contracts involving land or immovable property.
- It is not compulsory under service tax law to claim unconditional exemptions. Exemptions do not need to be claimed.
- Incentives or volume discounts received from media owners are not consideration for services and not liable to service tax.
- Cenvat credit can be claimed even if the process carried out on
Budget 2017-2018 - analysis of indirect tax proposals - generaloswinfo
“There is no significant loss or gain in my indirect tax proposals. – para 181 of FM Speech on 01.02.2017
This entire presentation is linked with English, Hindi and Tamil Film Titles for the purpose of creativity and humor and has no connection with the film or its contents.
The document summarizes key aspects of India's proposed Goods and Services Tax (GST) model law. It outlines 18 essential features of the law, including that it will levy tax on the supply of goods and services, define taxable persons and businesses, determine the time and value of taxable supplies, provide for input tax credits, registration requirements, tax returns, payments, and transitional provisions for existing taxes. The model law aims to simplify India's tax regime by introducing uniform GST across states to replace existing indirect taxes.
The document summarizes changes to India's service tax law that take effect on January 22, 2017. For tour operators, the taxable value increases to 60% but credit can be claimed on all input services. For transportation of goods by vessel, service tax will now be payable under reverse charge if a foreign supplier engages a foreign service provider to transport goods from outside India to an Indian customs station. The person liable will be whoever complies with the relevant sections of India's Customs Act regarding those goods.
Newsletter on daily professional updates- 08/04/2020CA PRADEEP GOYAL
“Ideas are knowledge.
When we share knowledge in the written or verbal form, amazing things can happen.”
Here is your Daily dose of professional updates 08.04.2020
Presentation on Service tax at Ernakulam dated 28.07.2013Agarwal sanjiv & Co
This presentation covers service tax procedures in India such as registration, payment, returns, invoices, records, and reverse charge. Key points include:
- Registration is required if taxable services exceed Rs. 9 lakhs and must be applied for online within 30 days.
- Service tax must be paid monthly or quarterly depending on the assessee, by the 6th/5th day of the following period.
- Returns must be filed half-yearly by the 25th of the month following the half-year.
- Invoices must be issued within 30 days and contain registration number, tax amount, and other details.
- Records like invoices and account books must be
FAQ on SBC-GSC Intime Services Pvt. Ltd.-14.11.15-UpdateJayesh Gogri
Swachh Bharat cess (SBC) was introduced at 0.5% on the value of all taxable services from November 15, 2015 to fund clean India initiatives. SBC is calculated on the value of services, not the tax amount. It will be added to the existing 14% service tax rate, bringing the total effective tax rate to 14.5%. SBC must be shown separately on invoices and accounted for in separate ledgers. Late payment of SBC will attract interest penalties as with service tax.
Newsletter on daily professional updates- 23/01/2020CA PRADEEP GOYAL
I believe that the greatest crime is to learn something that can significantly benefit other people, yet share it with no one
Here is your Daily dose of professional updates 23.01.2020
Tax weekly 12 July-2020- N Pahilwani & AssociatesNitin Pahilwani
This document provides a weekly newsletter with updates on GST and income tax. For GST, it summarizes two court cases - one where the government appealed a case allowing Airtel to claim GST refunds, and another related to invoking writ remedy. For income tax, it outlines CBDT actions like facilitating TDS verification for banks, extending refund processing timelines, and clarifying tax benefits for NPS contributions.
The document discusses the valuation of taxable services under the Service Tax regime in India. It explains how the gross amount charged is considered the value of taxable services as per Section 67 of the Finance Act. Reimbursements are included in the value unless the service provider acts as a pure agent for the recipient. The valuation rules and recent case laws regarding composite contracts, reimbursements, and works contracts are also summarized.
Dear Patron
Here we are with the Thirty third successive issue of our monthly ‘Missive’.
We trust you will enjoy reading this Missive, even while soaking in the contents. We would very much appreciate your feedback which consistently helps us in improving and upgrading the contents.
Thanks and regards,
Knowledge Management Team
1) A judgment of the Supreme Court establishes the legal principle of the case and not every word in the judgment. Between equal Supreme Court decisions, the later one should be followed if the earlier is not considered.
2) When the Supreme Court refuses an appeal without comment, it does not establish law, but if refusal includes comments, it becomes a declaration of law.
3) Judgments must be read as a whole, not by picking out words. The decision takes color from the questions involved in the case.
4) Comments made without necessity for determining the case are obiter dicta, while comments made on unrelated points are casual observations.
service tax registration, service tax online, international tax consultantRajput consultancy
Start Company in India, CA in Delhi India, Business set up in India, New company registration, New company registration India, new company registration, company registration timeline, CA in Delhi, CA in India
This document provides a summary of recent taxation updates in India covering direct and indirect tax laws. It discusses key issues from recent case laws pertaining to direct and indirect taxes. Some of the direct tax issues covered in the document include transactions involving bogus shares being treated as a colorable device, rejection of a writ petition where an alternate remedy was available, allowing a writ petition for violation of principles of natural justice, and organizing the Indian Premier League not being considered a dilution of fundamental charitable objects. The document also provides summaries of recent advance tax rulings and notifications.
Predictability in taxation policy is the bedrock of any vibrant, stable and investment friendly Government. In 2014, when the NDA Government took charge, it professed “Minimum Government - Maximum Governance” and “Ease of Doing Business” alongwith the need for a fair and stable taxation regime.
Corporate Updates
SEBI
Recording of Non Disposal Undertaking (NDU)in the Depository System
Interest and Dividend information reporting in case of Custodial Accounts-Rule 114G(1)(e) of the Income Tax Rules, 1962
Non-compliance with certain provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009
MCA
MCA comes out with further exemptions to Private Companies and notifies the amendment to the principal notification dated 5th June, 2015
MCA comes out with further exemptions to Government Companies and notifies the amendment to the principal notification dated 5th June, 2015
TAXATION
CBDT provides clarification on Reduced Liability of Tax on complex, building, flat etc. under GST
Company Website:
www.acquisory.com
The e-commerce boom was marked by multiple players, rosy valuations and now slowly reality has set in and the price wars have taken their toll. The VAT authorities across the country have had their tryst with this industry with notices, demands, levy of entry tax and litigation. Currently whenever there is a tax or a business problem, the immediate response from the industry or the administrator or the media is that GST is the only solution.
This document provides a traveller's guide to Leh Ladakh. It discusses the region's geography as two of the world's highest plateau regions located in India. The guide also outlines some benefits of using social networking for businesses, including increased exposure, traffic, leads, search ranking, partnerships, and sales while reducing costs. It concludes with recommendations on best practices for social networking.
Tax alert rains in tamil nadu - extension and other mattersoswinfo
The document summarizes tax-related extensions and relief measures provided by the Government of India and state of Tamil Nadu for businesses affected by unprecedented rains and flooding in Chennai and other parts of Tamil Nadu. Key extensions include the due dates for payment of excise duty and service tax, filing of excise returns, payment of TDS and TCS, and filing of VAT returns. The document also provides guidance on claiming remission of duties on goods destroyed by floods, writing off values, and maintaining records affected by flooding.
This document is an SRN form that contains details of statutory filing fees for various dates, including the form number, date of filing, date of event, statutory filing fees, normal fees charged, actual additional fees, additional fees charged, and total fees paid. It provides a breakdown of different fee amounts for one or more filings.
Section 65(105)(zzzh) provides for a levy of service tax on services in relation to ‘construction of complex’ and an explanation was added by Finance Act, 2010.
Article co-owners of house property - dt & dt implicationsoswinfo
When more than one person owns a property and the said property realizes revenue in the form of rent and interest on loan is involved, direct and indirect tax implications require examination in the light of relevant statutory provisions and judicial precedents.
The document summarizes errors in the implementation of India's 101st Constitutional Amendment regarding the Goods and Services Tax (GST). Specifically, it notes that:
1) Notifying the effective dates of constitutional amendments through government notifications is problematic and the amendments should not be subject to notifications.
2) The government issued a notification on September 16th 2016 that created legal issues by bringing sections of the amendment into force prematurely, including invalidating existing excise duties.
3) This error has significant financial and legal consequences for both the central government's revenues and the implementation of GST.
The document discusses the difference between introducing the GST bills as a "Money Bill" versus a "Finance Bill". A Money Bill allows the Lok Sabha greater power due to restrictions on the Rajya Sabha's ability to amend or reject it. Introducing GST as a Money Bill would suit the government given its majority in the Lok Sabha. However, opposition parties prefer it be a Finance Bill to allow greater scrutiny and debate by the Rajya Sabha. The Finance Minister has refused to commit to either approach.
ABSTRACT
Chemical is right at the core of advance industrial systems, which is why it has attained a serious concern for disaster management. Chemical disasters are often traumatic in impact on humans usually resulting in casualties along with damage to nature and property. Unlike natural disasters, preventive and regulatory measures assume greater significance when we talk about chemical disasters. India too, has witnessed several chemical disasters in the past 50 years, highlighting the need for safeguards against such events. This paper’s focus lies on two of the most dangerous gas leaks India has witnessed until this date, i.e. the Bhopal Gas Leak and the Vizag Gas Leak. The author discusses in detail what went wrong prior to and during the Bhopal Gas leak, which is followed by an explanation on how the safety initiatives have evolved after the 1984 incident. In the next section, the author tries to decode the Vizag leak of 2020 with emphasis on how the company could bypass the safety norms in place. The author then discusses the gap in the present framework governing Chemical Disasters (including gas leaks) and proposes certain measures that could be implemented for effective management of such disasters.
Indirect tax latest judicial precedents december 2015Ashish Chaudhary
The document provides a summary of recent indirect tax judicial precedents from December 2015.
Three key cases are summarized:
1. The High Court held that credit of duty paid for installing telecommunication towers is not eligible as the towers are considered immovable property.
2. The High Court dismissed a writ petition claiming film actors should receive the same tax exemption as native artists, finding the two categories are distinct.
3. The High Court held that recovery proceedings cannot be initiated before an adjudication order determines the demand amount.
Read Deloitte India's Indirect Tax Newsletter to stay updated with important judgments/advance rulings passed under the Goods and Services Tax (GST), Customs, Central Excise, and Service Tax available in public domain. We have also covered the updates from indirect tax perspective.
TransPrice presents to you TransPrice Times for December 2014 & January 2015.
The subject of transfer pricing is ever evolving. This newsletter endeavors to keep you updated with recent happenings in the transfer pricing regime. We aim to provide information on the latest case laws pronounced. Trust you will find it useful.
Happy reading !!!
Newsletter on daily professional updates- 14th September 2019CA PRADEEP GOYAL
This newsletter provides updates on various topics related to business and finance in India. It includes updates on new policies from the Ministry of Finance and CBIC related to the Direct Tax Code, Goods and Services Tax, and income tax. It also summarizes recent court judgements pertaining to GST and income tax. Additionally, it mentions announcements from regulatory bodies like ICAI and ICSI and provides the latest news on the economy, startups, and actions taken by the government to improve ease of doing business.
1. The document summarizes key updates from the Tax Bulletin of June 2020 regarding direct tax matters in India.
2. It discusses two judicial cases - in the first case, the ITAT held that no disallowance under section 14A can be made if the assessee has not earned any tax-exempt income. In the second case, the ITAT allowed depreciation on the cost of a golf course by considering it as "plant and machinery".
3. It also summarizes three circulars/notifications issued by the CBDT - reduction of TDS/TCS rates and extension of various compliance due dates in light of COVID-19; deferring new procedures for approval/registration
Tax weekly 19 july-2020- N Pahilwani and AssociatesNitin Pahilwani
This document provides a summary of updates related to GST and income tax for the week of July 19th, 2020.
Some key updates include:
1) The CBIC has granted deemed approval for pending GST registration applications and extended the due date for filing GSTR-4 returns for financial year 2019-20 to August 31st, 2020.
2) Several advance rulings addressed the classification and taxation of various supplies such as reimbursements, charges by chit companies, rental properties, free supplies, consultancy services and medicines supplied by hospitals.
3) The new Form 26AS will display additional transaction details to facilitate voluntary tax compliance and ease of income tax filing.
4) The
The document provides a taxation update with the following key information:
1. It summarizes recent notifications and circulars from the government regarding inverted duty refunds, transitional credit claims, and changes replacing the National Anti-Profiteering Authority with the Competition Commission of India.
2. It outlines recent case laws around who qualifies as an intermediary under GST, whether a lessee can transfer the right to use goods, and eligibility for IGST exemption on EPCG imports.
3. It summarizes advance rulings regarding availability of ITC for CSR expenses, applicability of GST on recovery of diesel costs for DG set rentals, and GST liability under reverse charge for suppliers of
This document is a newsletter from Utsav Shah & Associates that provides summaries of recent tax law developments in India. It discusses several Circulars and clarifications issued by the Central Board of Direct Taxes regarding issues like indirect transfers, cash transaction reporting requirements, identification of potential non-filers, and the Direct Tax Dispute Resolution Scheme. It also summarizes several important court judgments dealing with issues such as depreciation of goodwill, attribution of profits to a permanent establishment, and the applicability of Section 14A disallowance.
“Be a lifelong student. The more you learn, the more you earn and more self-confidence you will have.” Good morning, attached today's newsletter 20.10.2020. Good day ahead.
ELP Knowledge Series, a quarterly analysis of curated topics pertaining to critical legal and regulatory developments that can create risk for businesses in India.In the last quarter, most notably, the Supreme Court of India has settled the corporate bankruptcy process in India through its landmark decision in the Essar Steel – Arcelor Mittal case. This judgment will definitely impact the non performing assets situation in the country.
TransPrice Times - October & November 2017Akshay KENKRE
Dear Members,
We are pleased to present TransPrice Times for the month of October & November 2017.
This periodical covers key court rulings on the issues of entity level approach over transactional approach, treaty benefits, receivables from an associated enterprise, royalty & TDS provisions, and real income theory. Apart from this, recent news relating to India's stand on MAP and bilateral APA applications has been discussed in the periodical.
Thank You and Happy Reading!!
TransPrice Times 17th - 30th April 2015Akshay KENKRE
Dear Readers,
We present ‘TransPrice Times’ for the second fortnight of April 2015. It provides you with the highlights on range of transfer pricing issues like transactions of intra-group services, selection of comparable and multiple year data which has far-reaching implications in Indian Transfer Pricing landscape.
Trust you will find it useful.
Happy reading !!!
Dear Readers,
We are pleased to present ‘TransPrice Times’ for the first fortnight of May 2015, providing highlights on transfer pricing developments.
We aim to provide an insight into some contentious transfer pricing issues and also equip you with the information on latest happenings in India.
Trust you will find it useful.
Happy reading !!!
Please give your feedback on following link: info@transprice.in
This document is a newsletter covering topics related to indirect taxes, direct taxes, corporate laws, insolvency and bankruptcy, and the economy. It provides updates on notifications, circulars, and legal cases. Some key updates include a clarification on the provision allowing unconditional exemption from GST collection, a facility to download details of Form GSTR-9, and guidance on manufacturing operations in special warehouses. Case summaries relate to GST applicability on construction lifts and availability of input tax credit. The newsletter also shares announcements from regulatory bodies and reports on recent legal, policy, and economic developments.
TransPrice Times - 16th - 28th February 2018Akshay KENKRE
Dear Members,
We are pleased to present to you ‘TransPrice Times – edition 16th - 28th February 2018’.
This periodical covers key court rulings on Transfer Pricing documentation, attribution of income to a permanent establishment; and advertising, marketing & promotion expenses. Apart from this, recent news relating to Advance Pricing Agreements and OECD updated guidance on Country-by-Country Reporting have been discussed in the periodical.
Thank You and Happy Reading!!
CA Vikas singh chauhan gst presentation VMRVIKAS CHAUHAN
The document provides information about Goods and Services Tax (GST) in India. It discusses what GST is, how it replaced other indirect taxes, its key components like CGST, SGST and IGST. It explains the multi-stage nature of GST and how tax is levied at each stage of supply chain. It also outlines the registration requirements for GST, advantages of GST registration and composition scheme. The document lists the various GST return types and their filing due dates. It provides details about the concessional 5% GST rate for renewable energy devices and solar power plants. It highlights benefits of Udyog Aadhaar registration for MSMEs and situations that can lead to GST
Newsletter on daily professional updates- 05/02/2020CA PRADEEP GOYAL
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Here is your Daily dose of professional updates 05.02.2020
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Here we are with the Thirty second successive issue of our monthly ‘Missive’.
We trust you will enjoy reading this Missive, even while soaking in the contents. We would very much appreciate your feedback which consistently helps us in improving and upgrading the contents.
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VAT driven local purchases
Cost driven CST purchases
Duty burden on imports
Complex State Laws
Ever changing tax landscape
Different decisions on the same issue
Border controls
VAT driven local purchases
Cost driven CST purchases
Duty burden on imports
Complex State Laws
Ever changing tax landscape
Different decisions on the same issue
Border controls
This document outlines the enrollment schedule for Goods and Services Tax (GST) registration across Indian states from November 2016 to March 2017. It provides the start and end dates for GST enrollment in each state as well as the percentage of taxpayers enrolled as of the end date. States like Gujarat, Madhya Pradesh, and Rajasthan had enrollment percentages over 67%. Enrollment was still in progress or had not yet started for some taxpayer categories by the end of January 2017.
This document summarizes key aspects of the Indian government's demonetization efforts in 1946, 1978, and 2016 as well as proposed amendments to tax laws relating to undisclosed income and assets.
The summaries cover: the limited impact of the 1946 demonetization which mostly resulted in currency exchanges; key details and impacts of the 1978 demonetization; timelines and public reactions surrounding the November 2016 demonetization; proposed amendments increasing tax rates on undisclosed income to 60% and introducing new penalties; and details of the Pradhan Mantri Garib Kalyan Yojana 2016 allowing declaration of undisclosed assets by paying tax at 49.9%.
Enrolment Plan for your State
The schedule of the enrolment activation drive for states is given below. We encourage you to complete the enrolment during the specified dates. However, the window will be open till 31/01/2017 for those who miss the chance.
This document summarizes key aspects of GST registration in India based on draft rules released by the government. It notes that registration will be required if annual aggregate turnover exceeds Rs. 9 lakhs (Rs. 4 lakhs in North Eastern states). It outlines the registration procedure and discusses provisions for migrating existing taxpayers. It also discusses the impact of GST on the manufacturing sector, including opportunities for improved sourcing and credit availability, as well as challenges related to multiple proposed GST rates and potential differences in rates between goods and services.
The mood is positive for GST with the Congress appearing to soften its stand and press reports indicating a possible five hour debate in the Parliament on the 122nd Constitutional Amendment.
Section 206AA – Rule 37BC
Central Board of Direct Taxes vide Notification No. 53/2016 dated 24.06.2016 has amended the Income Tax Rules, 1962 by inserting a new Rule 37BC through the IT (17th Amendment) Rules, 2016.
The new law provides for an equalisation levy of 6% on the amount of consideration received, or receivable on specified services carried on by a non-resident not having a permanent establishment in India.
Tax Quest
Finance Act, 2016 has effected a number of changes that are effective from 01.06.2016 and this
alert seeks to provide a brief view on such changes.
1. Service Tax on Ocean Freight – Import Segment
The document summarizes changes made by the CBDT to Income Tax Rules regarding employee taxation and TDS. Key changes include:
1) Employees must now furnish evidence of tax deductions claimed on Form 12BB instead of self-declaration, including PAN of landlord for HRA claims over Rs. 1 lakh and evidence of travel/investment expenditures.
2) Due dates for filing TDS statements have been amended, requiring filing within 30 days for Section 194IA deductions and by 30 April/15 days after quarter-end for other TDS.
3) Form 12BB collects employee name, address, PAN and details of claims and evidence for tax deductions.
Recent changes service tax and cenvat creit - w.e.f 01.04.2016oswinfo
The document discusses changes made to service tax provisions in India effective April 1, 2016. Key points include:
- The scope of taxable services provided by the government or local authorities was widened from only "support services" to all "services".
- Certain services provided by government/local authorities were exempted, such as registration, testing, and services to other government entities.
- The definition of "government" and "local authority" were amended.
- The liability to pay tax on services provided by mutual fund agents shifted to mutual funds and asset management companies.
This document summarizes changes to service tax and CENVAT credit rules in India effective April 1, 2016. Key changes include:
1) Business entities now pay service tax under reverse charge for all services from government/local authorities, not just support services.
2) Senior advocates are now directly liable for service tax on legal services, instead of clients paying under reverse charge.
3) Various exemptions and tax rates were added or amended for certain services.
4) CENVAT credit rules were amended to expand eligible capital goods and input definitions and improve credit distribution processes.
This document summarizes changes to service tax and CENVAT credit rules in India effective April 1, 2016. Key changes include:
1) Business entities now pay service tax under reverse charge for all services from government/local authorities, not just support services.
2) Senior advocates are now directly liable for service tax on legal services, instead of clients paying under reverse charge.
3) Various exemptions and tax rates were added or amended for certain services.
4) CENVAT credit rules were amended to expand eligible capital goods and input definitions and management of credits for manufacturers.
Budget 2016-2017 - analysis of indirect tax proposals - generaloswinfo
This document provides contact information for K.VAITHEESWARAN, an advocate and tax consultant based in Chennai and Bangalore, India. It then provides excerpts from speeches by Leonardo DiCaprio and the Indian Finance Minister on the importance of protecting the environment and outlining budget priorities. The rest of the document appears to contain information related to the Indian budget and changes to taxes, including corporate tax, customs duties, excise duties, and service tax.
This document discusses the implications of implementing the Goods and Services Tax (GST) for businesses in India. It notes that GST will replace existing indirect taxes and is aimed at eliminating tax cascading. However, it also acknowledges challenges in implementing GST given India's federal structure with both central and state governments collecting tax. The document analyzes how GST will impact various industries and business structures through changes to tax rates and credits across supply chains. It also examines issues around stock transfers, imports, and inter-state sales under the new GST framework.
Customs special valuation branch recent changesoswinfo
This document outlines new procedures for Special Valuation Branch (SVB) investigations of related party transactions under Indian customs valuation rules. Key points include: SVB investigations will now be based on questionnaires submitted with bills of entry rather than automatic for related parties; no extra duty deposits will be required upfront but can be imposed if information is not provided; SVB has strict timelines to issue investigation reports to streamline assessments; renewals of SVB orders are discontinued; importers can make one-time declarations to close existing renewal cases. The changes aim to reduce transaction costs and delays associated with SVB investigations.
ICDS-III provides accounting standards for construction contracts that must be followed for income tax purposes. Key aspects of ICDS-III include:
1) Contractors must use the percentage of completion method to recognize revenue and expenses over time based on the stage of completion, rather than the completed contract method.
2) Retention money is considered contract revenue under ICDS-III, conflicting with some court precedents.
3) Compliance may be difficult for non-corporate contractors accustomed to the completed contract method.
Tax alert rains in tamil nadu - extension and other mattersoswinfo
The document discusses extensions granted by the Government of India for tax-related deadlines for entities located in Tamil Nadu due to unprecedented rains and flooding. It extends the due dates for payment of excise duty and service tax for November 2015 to December 20th, 2015. It also extends the due date for filing excise returns to December 31st, 2015 and the due date for payment of TDS and TCS to December 20th, 2015. It provides guidance on claiming remission of duties for goods destroyed or lost due to flooding and the process for notifying authorities and applying for remission.
Preliminary findings _OECD field visits to ten regions in the TSI EU mining r...OECDregions
Preliminary findings from OECD field visits for the project: Enhancing EU Mining Regional Ecosystems to Support the Green Transition and Secure Mineral Raw Materials Supply.
Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
Recordings are on YouTube and the company website.
https://www.youtube.com/@jenniferschaus/videos
UN WOD 2024 will take us on a journey of discovery through the ocean's vastness, tapping into the wisdom and expertise of global policy-makers, scientists, managers, thought leaders, and artists to awaken new depths of understanding, compassion, collaboration and commitment for the ocean and all it sustains. The program will expand our perspectives and appreciation for our blue planet, build new foundations for our relationship to the ocean, and ignite a wave of action toward necessary change.
Monitoring Health for the SDGs - Global Health Statistics 2024 - WHOChristina Parmionova
The 2024 World Health Statistics edition reviews more than 50 health-related indicators from the Sustainable Development Goals and WHO’s Thirteenth General Programme of Work. It also highlights the findings from the Global health estimates 2021, notably the impact of the COVID-19 pandemic on life expectancy and healthy life expectancy.
About Potato, The scientific name of the plant is Solanum tuberosum (L).Christina Parmionova
The potato is a starchy root vegetable native to the Americas that is consumed as a staple food in many parts of the world. Potatoes are tubers of the plant Solanum tuberosum, a perennial in the nightshade family Solanaceae. Wild potato species can be found from the southern United States to southern Chile
Synopsis (short abstract) In December 2023, the UN General Assembly proclaimed 30 May as the International Day of Potato.
Combined Illegal, Unregulated and Unreported (IUU) Vessel List.Christina Parmionova
The best available, up-to-date information on all fishing and related vessels that appear on the illegal, unregulated, and unreported (IUU) fishing vessel lists published by Regional Fisheries Management Organisations (RFMOs) and related organisations. The aim of the site is to improve the effectiveness of the original IUU lists as a tool for a wide variety of stakeholders to better understand and combat illegal fishing and broader fisheries crime.
To date, the following regional organisations maintain or share lists of vessels that have been found to carry out or support IUU fishing within their own or adjacent convention areas and/or species of competence:
Commission for the Conservation of Antarctic Marine Living Resources (CCAMLR)
Commission for the Conservation of Southern Bluefin Tuna (CCSBT)
General Fisheries Commission for the Mediterranean (GFCM)
Inter-American Tropical Tuna Commission (IATTC)
International Commission for the Conservation of Atlantic Tunas (ICCAT)
Indian Ocean Tuna Commission (IOTC)
Northwest Atlantic Fisheries Organisation (NAFO)
North East Atlantic Fisheries Commission (NEAFC)
North Pacific Fisheries Commission (NPFC)
South East Atlantic Fisheries Organisation (SEAFO)
South Pacific Regional Fisheries Management Organisation (SPRFMO)
Southern Indian Ocean Fisheries Agreement (SIOFA)
Western and Central Pacific Fisheries Commission (WCPFC)
The Combined IUU Fishing Vessel List merges all these sources into one list that provides a single reference point to identify whether a vessel is currently IUU listed. Vessels that have been IUU listed in the past and subsequently delisted (for example because of a change in ownership, or because the vessel is no longer in service) are also retained on the site, so that the site contains a full historic record of IUU listed fishing vessels.
Unlike the IUU lists published on individual RFMO websites, which may update vessel details infrequently or not at all, the Combined IUU Fishing Vessel List is kept up to date with the best available information regarding changes to vessel identity, flag state, ownership, location, and operations.
Contributi dei parlamentari del PD - Contributi L. 3/2019Partito democratico
DI SEGUITO SONO PUBBLICATI, AI SENSI DELL'ART. 11 DELLA LEGGE N. 3/2019, GLI IMPORTI RICEVUTI DALL'ENTRATA IN VIGORE DELLA SUDDETTA NORMA (31/01/2019) E FINO AL MESE SOLARE ANTECEDENTE QUELLO DELLA PUBBLICAZIONE SUL PRESENTE SITO