Taxability of advocates
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1. Services provided by lawyers are subject to service tax unless exempt. 2. Individual lawyers and law firm partnerships are exempt from service tax if they provide legal services to other lawyers, individuals, or small businesses with under Rs. 10 lakh turnover. 3. If exempt lawyers provide services to large businesses over Rs. 10 lakh turnover, the business must pay the service tax under reverse charge instead of the lawyer.
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Workshop : Jl.Kebon Besar No.22 BatuCeper - Tangerang - Banten 15000.
Showroom & Marketing : Jl.Maulana Hasanudin No.52 Cipondoh - Tangerang 15000.
Telp.021-55701397 / 021-55702265
Hp:0813.8053.7399./ 0877.7445.0835/ 0813.18913674 ,
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Knowledge Management Team
SPN Missive March 2014
Dear Patron,
Here we are with the Thirty forth 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
SPN Missive February2014
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
SPN Missive January2014
Dear Patron
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.
Thanks and regards,
Knowledge Management Team
SPN Missive of December 2013
The document is the December 2013 issue of the monthly publication "Missive" from the Knowledge Management Team. It provides an index of topics covered in the issue, including Direct Tax, Transfer Pricing, Service Tax, and others. The main article summarizes several important tax court rulings on issues like TDS credit availability, interest liability for non-residents, capital gains tax rates for non-residents, and whether payments for ship charters constitute royalties. It also briefly summarizes other rulings related to transfer pricing documentation and the application of stamp duty valuation rules.
SPN Missive of October 2013
Here we are with the Thirtieth successive issue of our monthly ‘Missive’.
We trust you will enjoy reading this Missive, even while soaking in thecontents. We would very much
appreciate your feedback which consistently helps us in improving and upgrading the contents.
Domestic Transfer Pricing
This document provides an overview of domestic transfer pricing provisions in India. It discusses key concepts like specified domestic transactions (SDT), related parties, applicable sections like 40A(2) and 80A, documentation requirements, and penalties. SDT includes transactions between related parties exceeding INR 50 million annually. The scope was expanded based on a Supreme Court case suggesting potential for tax arbitrage with losses or differential tax rates. Documentation like functional analysis and economic analysis is required to demonstrate arm's length pricing of SDTs. Non-compliance can lead to disallowance of expenses or income adjustments along with penalties.
Missive - Volume XXVI of May 2013
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.
Advance pricing agreement
1) Advance Pricing Agreements (APAs) allow taxpayers to determine transfer pricing methods and arm's length prices for future international transactions in a cooperative manner to avoid potential disputes.
2) Taxpayers can apply unilaterally, bilaterally, or multilaterally for APAs. Bilateral and multilateral APAs require coordination between Indian and foreign tax authorities.
3) Extensive documentation must be provided including financials, functional analyses, critical assumptions, and proposed transfer pricing methodology.
St ppt
The document summarizes key changes to India's service tax laws effective July 1, 2012. Key points include:
1) The service tax rate increased from 10% to 12% and the system shifted from a positive to a negative list.
2) Many services were exempted from tax and new sections were introduced to define taxable services and the place of provision.
3) A reverse charge mechanism was introduced for three specified services and the abatement scheme was modified.
4) Procedural amendments included changes to invoicing rules, cenvat credit, and limitations periods.
Faq on transfer pricing
1) Transfer pricing refers to the prices charged for transactions between related parties, such as multinational businesses. It aims to ensure transactions occur at arm's length prices, similar to unrelated parties.
2) Indian transfer pricing regulations are largely based on OECD guidelines and require extensive documentation and use the arm's length principle. Non-compliance can result in penalties.
3) Transfer pricing methods like comparable uncontrolled price method, resale price method, cost plus method, profit split method, and transactional net margin method are used to determine arm's length prices. Extensive documentation must be maintained.
Case law acit v frost & sullivan (i) (p.) ltd
Assistant Commissioner of Income‐tax
vs.
Frost & Sullivan (I) (P.) Ltd. (ITAT Mumbai
IT Appeal No. 2073 (Mum.) of 2010
Transfer Pricing on domestic transactions
The Finance Bill of 2012 extends transfer pricing regulations to domestic transactions between related parties. This subjects taxpayers claiming tax incentives like SEZ benefits or deductions under sections 80IA/IB/IC to recomputation of income based on fair market value of related party transactions over Rs. 5 crore. While this aims to bring objectivity to related party transactions, it significantly increases compliance burden. The changes take effect from April 2013 and apply to AY 2013-14 onwards, impacting many industries with tax benefits or intra-group transactions.
Transfer pricing
The document provides an overview of India's transfer pricing legislation:
[1] It outlines the substantive provisions, including that transactions between associated enterprises must be computed using the arm's length principle. It defines key terms like international transaction, associated enterprise, and arm's length price.
[2] It also describes the procedural requirements for documentation and specifies penalties for non-compliance.
[3] Timelines for transfer pricing assessments and orders are included, as well as the roles of the Assessing Officer and Transfer Pricing Officer.
Case Law DCIT V Roche DignosticsIndia
Arm’s length price (“ALP”) is nothing but a benchmark or a standard price meant for comparison with price charged or paid by assessee in international transactions with its associated enterprises. Since this standard price constitutes basis for making addition in hands of assessee on account of its international transactions with associated enterprises, legislature, in order to iron out creases, inserted proviso to section 92C(2); role of this proviso is to make such standard price or ALP, flexible and not rigid. It has been provided that if price actually charged or paid by assessee falls within plus/minus 5% range of such ALP or standard price, then no addition should be made.
Advance pricing agreement
The document discusses advance pricing arrangements (APAs) in India. Key points:
1) APAs allow Indian tax authorities to agree transfer pricing methodologies with taxpayers for international transactions over 5 years, providing certainty.
2) APAs benefit both taxpayers and tax authorities by reducing disputes and compliance costs related to transfer pricing rules.
3) APAs can be unilateral between a taxpayer and India, or bilateral/multilateral also involving foreign tax authorities.
Service tax
1. The key amendments in the 2012 Finance Act related to service tax include increasing the service tax rate from 10% to 12% plus a 3% cess, bringing in a negative list approach where only specified services will be taxed, and introducing reverse charge mechanisms for certain services.
2. Under the negative list approach, only services specified in the negative list and exempted list will remain outside the scope of service tax. All other services will be taxable unless specifically exempted.
3. The reverse charge mechanism will apply to certain services provided by individuals/firms to corporate entities, as well as services provided by the government and arbitrators. The recipient of these services will now be liable to pay the service
Key amendments in transfer pricing
The document discusses key amendments proposed by the Finance Bill of 2012 relating to transfer pricing provisions in India. Some of the key points covered are:
1. It proposes to insert new sections to provide a framework for Advance Pricing Agreements (APAs) between taxpayers and tax authorities to determine appropriate transfer pricing methodology for transactions over a fixed period.
2. It empowers the tax authority to examine international transactions not reported by the taxpayer, even if not referred by the assessing officer.
3. It extends applicability of transfer pricing regulations to certain domestic transactions between related parties.
4. It discusses provisions related to determination of arm's length prices and application of the most appropriate transfer pricing method.
Budget 2012-13
On 16 March 2012, the Honorable Finance Minister of India presented in the Parliament the country's Finance Bill for 2012-13, containing proposals on direct and indirect taxes, and key policy initiatives.
In this regard, with pleasure we are presenting our annual India Budget publication. The publication summarizes the key changes announced by the Finance Minister in his speech.
Most direct tax proposals in the Finance Bill 2012 are proposed to be effective from the financial year commencing on 1 April 2012 unless specified otherwise and indirect tax proposals are effective immediately, unless specified otherwise
We hope you find it an interesting and informative read.
Team SPN
More from S.P.Nagrath & Co. (19)
Taxability of advocates
- 1. Note on taxability of services rendered by Advocates w.e.f. 01-07-2012 1. Services provided by lawyers are subject to Service Tax, as they are not mentioned in the negative list of services. 2. However, there is an exemption to individual lawyers and partnership firms of advocates, if they provide legal services1 to,- (i) an advocate or partnership firm of advocates providing legal services; or (ii) any person other than a business entity2; or (iii) a business entity with a turnover up to rupees ten lakh in the preceeding financial year. 3. If an individual advocate or a firm of advocates renders support services to business entities with a turnover above Rs. 10 lakhs in the preceeding financial year, then the Service Tax will be payable under the reverse charge mechanism, by the business entity receiving such services. There will be no Service Tax liability of that individual or partnership firm of advocates to pay service tax, if the services rendered by them are for a business entity having a turnover exceeding Rs.10 lakhs in the preceeding financial year. In short, Individual advocates and partnership firms of advocates are under no obligation to pay Service Tax, whatever be the circumstances as they are provided with an exemption, or their liability to pay Service Tax has been shifted from them to the business entities receiving their services. 1. legal service” means any service provided in relation to advice, consultancy or assistance in any branch of law, in any manner and includes representational services before any court, tribunal or authority; 2. “Business entity” is defined to mean any person ordinarily carrying out any activity relating to industry, commerce or any other business.