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  • Finance (No. 2) Bill, 2019 receives Presidential assent on August 1st

    MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 1st August, 2019/Shravana 10, 1941 (Saka) The following Act of Parliament received the assent of the President on the 1st August, 2019, and is hereby published for general information:— THE FINANCE (NO. 2) ACT, 2019NO...

    Aug 02, 2019
    • Author
      Finance Act, 2019
  • FINANCE (NO. 2) BILL, 2019 AS PASSED BY LOK SABHA ON 18.7.2019

      AS PASSED BY LOK SABHA ON 18.7.2019Bill No. 55-C of 2019  THE FINANCE (NO. 2) BILL, 2019 Bill No. 55-C of 2019 ARRANGEMENT OF CLAUSESCHAPTER I PRELIMINARY   CLAUSES 1. Short title and commencement.   CHAPTER IIRATES OF INCOME-TAX   2. Income-tax.   CHAPTER IIIDIRECT TAXES...

    Jul 22, 2019
    • Author
      Budget 2019
  • THE FINANCE (NO. 2) BILL, 2019

    Bill No. 55 of 2019 THE FINANCE (NO.2) BILL, 2019 AS INTRODUCED IN LOK SABHA   THE FINANCE (NO.2) BILL, 2019_________ARRANGEMENT OF CLAUSES__________CHAPTER IPRELIMINARY CLAUSES1.Short title and commencement. CHAPTER IIRATES OF INCOME-TAX 2. Income-tax. CHAPTER IIIDIRECT TAXES In...

    Jul 05, 2019
    • Author
      Budget 2019
  • Memorandum to Finance Bill (No.2) Bill, 2019 - Provision Relating to Direct Tax

    Finance (No.2) Bill, 2019 PROVISIONS RELATING TO DIRECT TAXES & RELATED LAWS Introduction The provisions of Finance (No. 2) Bill, 2019 relating to direct taxes seek to amend the Income-tax Act, 1961 (hereafter referred to as ‘the Act’), to continue to provide momentum to the buoyancy i...

    Jul 05, 2019
    • Author
      Budget 2019
  • Budget Speech : 2019-2020

      MINISTRY OF FINANCE (Department of Economic Affairs) (BUDGET DIVISION) NOTIFICATION New Delhi, the 5th July, 2019 No. F. 2(4)-B(D)/2019.—The following is published for general information:— Budget 2019-2020 Speech of Nirmala Sitharaman Minister of Finance July 5, 2019 Mr.Speak...

    Jul 05, 2019
    • Author
      Budget 2019
  • Stock Appreciation Rights (SARs) redemption - if taxable, how?

    Rewarding deserving employees through attractive schemes has always been a priority or focus area for HR function of every organization.  Attractive schemes help motivate high performance employees and help company retain best talent with them for a long tenure.  Amongst other schemes, on...

    May 24, 2019
    • Author
      Amit Nayyar
    • Author
      Sonal Arora
  • Cash Credits taxability – Issue still alive and further evolving….

    In addition to general anti-avoidance measures, the Income Tax Act, 1961 (‘Act’) incorporates various provisions designed to prevent the flow of concealed or disguised income in the economy. Section 68 of the Act is one such provision, which empowers Indian Tax authorities to tax suspicio...

    May 17, 2019
    • Author
      Amit Nayyar
    • Author
      Vipin Sharma
  • Critical appraisal of the recent SC ruling in NRA Iron and its impact

    Recently, the Supreme Court, in an ex-parte decision in the case of NRA Iron [TS-5030-SC-2019-O], ruled upon the applicability of Sec. 68 in the scenario of issue of shares at a high premium while reversing all the lower Courts decisions. The Apex Court held that if upon investigation, th...

    Apr 23, 2019
    • Author
      CA, Prakash Sinha.
  • Orange Annual Digest - A Compilation of 100+ important rulings of year 2018-19

      Orange' by LexisNexis India and Taxsutra is an innovative and powerful online reference tool containing prestigious Chaturvedi & Pithisaria’s Income Tax Law commentary and Historical Database of income tax judgments.   Orange presents compilation of 100+ handpicked, importa...

    Apr 05, 2019
    • Author
      Orange Insight
  • Essential Prerequisite For Invoking Section 14A: Satisfaction Of Assessing Officer

    There have been various controversies surrounding the interpretation and application of Section 14A of the Income-tax Act, 1961 (‘Act’), which have been subject to extensive litigation. The most recurrent and significant issue being that of recording of satisfaction by the Assessing Offic...

    Mar 16, 2019
    • Author
      CA, Ashish Chadha
  • Finance Act 2019

    The following Act of   Parliament received the assent of the President on the 21st February, 2019, and is hereby published for general information:— THE FINANCE ACT, 2019 No. 7 of 2019 [21st February, 2019.] An Act to continue the existing rates of income-tax for the financial year 20...

    Feb 21, 2019
    • Author
      Finance Act, 2019
  • An inquest into the proposed amendment to Sec. 54

    Budget 2019 has left the stake-holders perplexed as to applicability of some of the proposed amendments. Mr. J V Kodhandapani, FCA and CWA (Pani & Associates), in this article, evaluates one such amendments viz., benefit of re-investment of capital gains in two residential houses. Probing...

    Feb 14, 2019
    • Author
      CA, J V Kodhandapani
  • Proposed amendment to Sec. 54 - Retrospective or Prospective?

    CA Prakash Sinha (Partner, Prakash Sachin & Co.) discusses the amendment proposed in Sec. 54 i.e., benefit of re-investment of capital gains in two residential houses and examines a critical question viz., whether this amendment is prospective or retrospective. The author states that the ...

    Feb 02, 2019
    • Author
      CA, Prakash Sinha.
  • Interim Budget - 2019 : Impact on Real Estate, Small earners, TDS and Assessments

    CA Mahesh Chhajed (Partner, M. S. Chhajed & Co) classifies and highlights the important proposals in the areas of real estate and residential houses, small and medium income earners, TDS and income tax assessments. Author highlights exemption from notional interest on 2nd self occupied pr...

    Feb 01, 2019
    • Author
      Mahesh Chhajed
  • An “unconventional” Interim Budget 2019

    CA Mukesh Kumar M (Partner, M2K Advisors P Ltd) discusses the ‘sops’ proposed in the interim budget such as the direct income support to farmers having cultivable land upto 2 hectare under Pradhan Mantri Kisan Samman Nidhi of Rs. 6000 p.a., extension of interest subvention of 2% to farmer...

    Feb 02, 2019
    • Author
      CA, Mukesh Kumar M
  • Comprehensive Analysis of Taxation of Penny Stocks and Shell Companies - Part II

    One of the most significant developments in 2017 and 2018 has been the nation-wide investigation into Shell Companies and Penny Stock companies. Several thousands of cases have been re-opened citing bogus capital gains and penny stocks. This has even led to the Government introducing a pr...

    Jan 25, 2019
    • Author
      Dr. Abhishek Murali, CA
  • Comprehensive Analysis of Taxation of Penny Stocks and Shell Companies - Part I

    One of the most significant developments in 2017 and 2018 has been the nation-wide investigation into Shell Companies and Penny Stock companies. Several thousands of cases have been re-opened citing bogus capital gains and penny stocks. This has even led to the Government introducing a pr...

    Jan 19, 2019
    • Author
      Dr. Abhishek Murali, CA
  • Section 56(2)(viib) of Income Tax Act, 1961 - a Legal Conundrum: - Part III

    Welcome back again…..lets continue the journey from Part II and let us discuss more on 56(2)(viib), with related instructions / notifications! Before we proceed further, there are couple of notable judgements from Hon'ble ITAT Bangalore, which were pronounced very recently and are quite ...

    Jan 10, 2019
    • Author
      Prashanth K L
    • Author
      CA Siddanna Biradar
  • Section 56(2)(viib) of Income Tax Act, 1961 - a Legal Conundrum: - Part II

    Discussion on the issues on the strength of the available precedence Welcome back…..lets continue the journey from Part I and let us discuss the issues involved U/s 56(2)(viib) in the light of the available precedents! 1. Is section 56(2)(viib) applicable where preference shares are all...

    Dec 28, 2018
    • Author
      Prashanth K L
    • Author
      CA Siddanna Biradar
  • Section 56(2)(viib) of Income Tax Act, 1961 - a Legal Conundrum: - Part I

    Introduction to the section, its literal understanding and the issues involved   The recipe for a successful business is one brilliant idea, strong enthusiasm and initial capital!! Mr. X had one such idea, strong enthusiasm and was able to get the funding for his newly incorporated com...

    Dec 20, 2018
    • Author
      Prashanth K L
    • Author
      CA Siddanna Biradar
  • Refuelling a plane in mid-air: Direct tax perspective on structuring transactions under IBC

    The Insolvency and Bankruptcy Code ('IBC') was passed by the Parliament in the year 2016. It is well acknowledged that with IBC, Mergers and Acquisitions ('M&A') activity has seen an uptick in the country with Associated Chambers of Commerce and Industry ('ASSOCHAM') predicting almost USD...

    Oct 10, 2018
    • Author
      Hardeep Singh Chawla
  • Analysis of Sec. 94B limiting interest deduction

    Section 94B has been inserted in Income Tax Act, 1961 via Finance Bill,2017 to curb the practice of shifting of profits to tax havens through excessive interest payments by primarilyconsidering the recommendations by the OECD under Action Plan 4 of the Base Erosion and Profit Shifting ("B...

    Aug 20, 2018
    • Author
      CA Shweta Gupta
    • Author
      CA Gaurav Garg, CA Arushi Jain
  • Interpreting whether a corporation is established 'By the Act or Under the Act'

    The Supreme Court of India in its latest decision[1] in respect of applicability of TDS on payment to Noida Authority has delineated the principle of “By the Act or Under the Act”. The moot question raised in this case by the learned senior advocate representing the revenue was that Noi...

    Jul 10, 2018
    • Author
      Vishal Rastogi
  • Disallowances under section 14A - the saga continues?

    The Finance Act, 2001 inserted section 14A in the Income-tax Act, 1961 with retrospective effect from 01 April, 1962. Section 14A provides that expenditure incurred in relation to exempt income shall not be allowed as a deduction while computing total income. The Memorandum to the Finance...

    Jun 26, 2018
    • Author
      Hiten Kotak, Leader
    • Author
      Falguni Shah, Partner
  • Does Black Money Act empower the IT Department to arrest without a warrant?

    It is generally believed by practitioners as well as law enforcement agencies that offences related to tax evasion are civil offences. As a result, such offences are not considered cognizable offences and power to arrest without a warrant has not been bestowed with tax officers under the ...

    Jun 21, 2018
    • Author
      Mr Smarak Swain
  • Rulings Impacting Taxation of Salary Income

    It is that time of the year when the rush for filing of the first batch of income tax returns begins, comprising mostly of salaried employees and small businessmen. There are a number of issues surrounding salary taxation viz. exemption of HRA; taxability of salary received by non-residen...

    Jun 08, 2018
    • Author
      Orange Insight
  • Re-opening of Assessment: dilemma of opinions!

    The assessment proceedings, completed under Section 143(3) of the Income-tax Act, 1961 ("Act"), have to be conferred sanctity and any reopening of the same has to be on a sound legal basis and not on a mere conjecture or surmise on for frivolous reasons. Existence of "reason to believe" i...

    Jun 21, 2018
    • Author
      Advocate Yojit Pareek
  • Delay in filing Objections before DRP - Consequences thereof

    It has been a subject matter of debate in the past whether, in absence of specific provisions under the Income-tax Act, 1961 (the Act), can an authority condone delay in filing a statutory form? Whether power to condone the delay is an inherent power of an authority before whom the form /...

    May 24, 2018
    • Author
      L N Pant
    • Author
      Darshana Deshmukh
  • Flipkart on sale – Will Taxman ‘cart’ tax on Walmart Entry?

    On 9th May 2018, SoftBank chief Masayoshi Son made a historic announcement about the biggest e-commerce deal in the history of the world — the “Flipkart-Walmart deal”. According to the announcement, “Walmart will pay approximately $16 Bn for an initial stake of about 77% in Flipkart. Th...

    May 18, 2018
    • Author
      Samir Sanghvi
  • Dawn of a New Era in Income Tax Filing

    Dawn of a New Era in Income Tax Filing With the dawn of a new era in Income Tax return filing, the CBDT and Government of India have taken into consideration the expected increased compliance. In AY 2018-19 (relevant to FY 2017-18), the tax base of the Indian Income Tax Payer is set to i...

    May 24, 2018
    • Author
      Abhishek Murali
  • Recent SC ruling in Maxopp Investment Ltd – A Few Questions Answered and Some Raised on Section 14A

    Overview There has been substantial litigation on the issue of disallowance under section 14A of the Income-tax Act, 1961 (the Act) read with Rule 8D of the Income-tax Rules, 1962 (the Rules). The Supreme Court (SC) in its recent decision in Maxopp Investment Ltd v. CIT [TS-5170-SC-201...

    May 24, 2018
    • Author
      Percy Chhapgar
    • Author
      Milin Thakore & Jayesh Desai
  • India & Hong Kong Tax Treaty – Finally Sees Light!!!

    Prelude Hong Kong is India’s new Double Tax Avoidance Agreement (‘Tax Treaty or DTAA’) partner. The Government of India and the Hong Kong Special Administrative Region of People’s Republic of China (‘Hong Kong’) signed the DTAA on 18th March 2018.  It is imperative to note here that the ...

    Apr 26, 2018
    • Author
      Sudarshan Rangan
  • Filing of Tax Returns for A.Y. 2018-19 – Top Ten Things to Focus on

    The Finance Act 2017, introduced multiple changes and it is necessary to keep track of these amendments while filing the return of income. Further the CBDT introduced the new ITR forms A.Y 2018-19 on 5th April, 2018 with modifications as compared to the ITR forms of the previous A.Y. Here...

    Apr 26, 2018
    • Author
      Ameet N. Patel
    • Author
      Ayesha Aziz
  • Application of Section 14A of the Income Tax Act, 1961 to ‘Strategic Investment’

    History Section 14A of the Income-tax Act, 1961 (‘Act’) was introduced by the Finance Act 2001 with retrospective effect from 1 April 1962, to provide for disallowance of expenditure incurred/ deemed to have been incurred in relation to earning of income not chargeable to tax in India. ...

    May 24, 2018
    • Author
      Jaideep Kulkarni
  • Sec. 270A - A Pragmatic Move Towards Rationalizing the Scope of Penalty under the Income Tax Act, 1961

    Introduction Section 271(1)(c) of the Income Tax Act, 1961 (“the Act”) is the main and widely used section for levying penalty whether it be for non – appearance, non-compliance of notices or for additions/ adjustments to the total income. It is a known fact that penalty (automatically)...

    Apr 23, 2018
    • Author
      Bhavin J. Marfatia
    • Author
      Virat A. Bhavsar
  • Press Release

    Sharp increase in prosecutions of tax evaders by Income Tax Department The Income Tax Department has accorded the highest priority to tackle the menace of black money. With this objective in mind, the Department has initiated criminal prosecution proceedings in a large number of cases of...

    Jan 12, 2018
    • Author
      CBDT
  • Prosecution Proceedings for Default in Payment of Tax Deducted at Source

    A whopping 2225 prosecution complaints have been filed, with 1052 complaints compounded and 48 defaulters convicted by Courts during the period of April to November 2017 as per press release issued by the Finance Ministry on 12 January 2018. Some of the lapses which can attract prosecutio...

    Apr 16, 2018
    • Author
      Orange Insight
  • Prosecution – A Tool to Prevent Tax Evasion and Ensure Compliance

    It is a general phenomenon that for effective implementation and ensuring due compliances under the law enacted by the parliament, provisions for prosecution have been embedded therein. Tax is no different, and is considered to be one of the key source of Revenue for the Government in Ind...

    Apr 13, 2018
    • Author
      M.P. Lohia
    • Author
      Rajendra Agiwal
  • Income Tax Prosecution- Need for Balancing Act !

    Recent Trends: Lately, there has been an unprecedented increase in the number of prosecution proceedings initiated by the Income Tax Department. Prosecutions have majorly been initiated for offences like wilful attempt to evade tax or payment of any tax, wilful failure in filing returns...

    Apr 12, 2018
    • Author
      Sanjay Sanghvi
    • Author
      Ashish Mehta
  • THE FINANCE ACT, 2018

      MINISTRY OF LAW AND JUSTICE  (Legislative Department) New Delhi, the 29th March, 2018/Chaitra 8, 1940 (Saka) The following Act of   Parliament received the assent of the President on the 29th March, 2018, and is hereby published for general information:— THE FINANCE ACT, 2018 NO. ...

    Mar 29, 2018
    • Author
      MINISTRY OF LAW AND JUSTICE
  • Share Transfer to 'Step-Down' Subsidiary - Tracing Tax Impact

    The Indian tax laws [Income-tax Act, 1961 (“the Act”)] provides for the taxation of income arising from the “transfer” of a capital asset under the head “Capital Gains”.  Further, the Act also provides a list of transactions that will not be considered as “transfer” (subject to satisfacti...

    Mar 27, 2018
    • Author
      Gaurav Bhauwala
  • The Finance Bill, 2018 as passed by Lok Sabha on 14.03.2018

    Bill No. 4-C of 2018 THE FINANCE BILL, 2018A BILL to give effect to the financial proposals of the Central Government for the financial year 2018-2019. BE it enacted by Parliament in the Sixty-ninth Year of the Republic of India as follows:- Chapter I - Preliminary 1. Short title an...

    Mar 14, 2018
    • Author
      Lok Sabha
  • Applicability of Sec. 45(5A) - Prospective or Retrospective

    Background In a plethora of decisions, various Courts and Tribunals have held, on the facts of each case, that under real estate Development Agreements (‘DA’), transfer for the purpose of taxability of capital gains in the hands of land owner takes place on entering the DA and granting p...

    Mar 15, 2018
    • Author
      Hiten Paurana
  • Interest Set-off Conundrum

    The interest received u/s. 244A of the Income-tax Act, 1961 (‘the Act’) is taxable under the head ‘Income from Other Sources’ (‘IFOS’) as has been held by the Delhi High Court in the case of CIT v. Delhi State Industrial & Infrastructure Development Corporation Limited. [TS-5913-HC-2012(D...

    Mar 08, 2018
    • Author
      Hiten Paurana
  • Credits and Creditors in Focus: How to Effectively Resolve Tax Investigations?

    The last few years have witnessed increased scrutiny by the tax department of credits in the books of accounts of the taxpayers and the source of such credits. All this relates back to the department’s agenda and clear mandate of the Government to unearth black money. A common practice, a...

    Feb 27, 2018
    • Author
      Sanjay Sanghvi
    • Author
      Surajkumar Shetty
  • E- Assessment Proceedings –Turbulence in Store

    The present Government had claimed in its election manifesto (2014) that ‘tax terrorism’ and ‘uncertainty’ has been leashed and had promised to provide a non-adversarial and conducive tax environment, as well as to rationalise and simplify tax regime. It had also stated that it will make ...

    Feb 16, 2018
    • Author
      Uttamchand P. Jain
  • Budget 2018: PMLA – Government’s Magic Wand Against Launderers of Illegal Money

    1 Prelude Money laundering is not mere siphoning of funds or black money, money laundering arises when money earned through illegitimate means is camouflaged to bring it as earned/originated through legitimate source. In order to curb this practice, The Prevention of Money Laundering Act...

    Feb 16, 2018
    • Author
      Sudarshan Rangan
  • Business Connection – Connecting the Dots

    As a member of G20, India has been amending its domestic tax laws to bring it in line with the BEPS Action Plan. The introduction of Equalization Levy, limitation of interest deductibility etc., are some examples.    The Finance Bill 2018 proposes to expand the scope of the ‘business con...

    Feb 16, 2018
    • Author
      Subramanian Krishnamani
    • Author
      S Ananthapadmanabhan
  • Union Budget 2018-19 - A Green Signal to Farmers

    Though India is primarily an agriculture-based economy the conditions and premise for their continued economic viability and growth have remained elusive for long. The Union budget 2018-19 brought in sufficient focus on this sector with a slew of announcements. Significant among those was...

    Feb 09, 2018
    • Author
      Sachin Kumar BP
    • Author
      CA Smita Ramakrishna
  • DDT - Wider Than Before and A Pinch to Your Pockets

    Budget 2018 brought in a slew of amendments that expanded the ambit of taxation for the Revenue. While the most talked about amendment was the taxation of Long Term Capital Gains from Listed Equity Transactions, there still remains a few critical anti-abuse provisions that have managed to...

    Feb 09, 2018
    • Author
      Abhishek Murali
  • India’s Way to Implement BEPS Action Plan and Multi-Lateral Instrument

    Background India is again at the forefront of discussions globally; this time for some of the tax related proposals made in the Union Budget. Amidst high expectations and in the backdrop of some big bang reforms, the Hon’ble Finance Minister presented the Union Budget 2018. Several inter...

    Feb 05, 2018
    • Author
      Faizan Nursumar
    • Author
      Bhumit Gangar
  • CBDT : Press Release & FAQs on LTCG Tax Proposed in Finance Bill, 2018

    F. No. 370149/20/2018-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, Dated 4th February, 2018 Subject: Frequently Asked Questions (FAQs) regarding taxation of long-term capital gains proposed in Finance Bill, 2018-reg. ...

    Feb 05, 2018
    • Author
      CBDT
  • Insertion of New Explanation 2A in Section 2(22) - Widening of Scope of ‘Accumulated Profits’ for Dividend Purpose

    Section 115-O of the Income-tax Act (‘Act’) requires payment of dividend-distribution tax. Section 2(22) gives an inclusive definition of ‘Dividend’. As per clause (d) thereof, any distribution by a company on reduction of its share capital, to the extent to which it possesses ‘accumulate...

    Feb 05, 2018
    • Author
      CA Manan Agarwal
  • E-assessments – A Dawn of New Era?

    In the present article, I’m dealing with the proposed amendments in the scheme of assessments. There are two amendments. Firstly, we shall deal with e-assessments. E-assessments. The Government is all set to roll out faceless, nameless, paperless and jurisdictionless assessments under t...

    Feb 05, 2018
    • Author
      Dharan V Gandhi
  • Proposed Amendment to Sections 50C, 43CA & 56 - Unsettling the Settled Principle!

    Background: The valuation of immovable properties has been a critical factor from Income Tax perspective. The law makers have taken utmost care in last few years to plug the tax evasion using undervaluation of immovable property at the time of its sale. Finance Act 2002 introduced secti...

    Feb 05, 2018
    • Author
      CA Sagar S Tilak
  • Proposals to Retrospectively Legitimate the Notified ICDS

    Background of ICDS The Central Government had notified ten Income Computation and Disclosure Standards (‘ICDS’) to be applicable from assessment year (AY) 2016-17 for the purpose of computation of income under the head ‘profits and gains from business or profession’ and ‘income from othe...

    Feb 02, 2018
    • Author
      Pradeep Kasthala
    • Author
      Vasudevan C R
  • The Finance Bill, 2018 (AS INTRODUCED IN LOK SABHA)

    AS INTRODUCED IN LOK SABHAON 1ST FEBRUARY, 2018 Bill No. 4 of 2018 THE FINANCE BILL, 2018 ABILLto give effect to the financial proposals of the Central Government for the financial year 2018-2019.BE it enacted by Parliament in the Sixty-ninth Year of the Republic of India as follows:...

    Feb 01, 2018
    • Author
      Ministry of Finance
  • Budget Speech : 2018-2019

    MINISTRY OF FINANCE (Department of Economic Affairs) (BUDGET DIVISION) NOTIFICATION New Delhi, the 1st February, 2018 F. No. 2(10)-B(D)/2018.—The following is published for general information:— Budget 2018-2019 Speech of Arun Jaitley Minister of Finance February 1,  2018 ...

    Feb 01, 2018
    • Author
      Ministry of Finance
  • Memorandum to Finance Bill, 2018

    FINANCE BILL, 2018 PROVISIONS RELATING TO DIRECT TAXES Introduction The provisions of Finance Bill, 2018 relating to direct taxes seek to amend the Income-tax Act, 1961 (hereafter referred to as 'the Act') to continue to provide momentum to the buoyancy in direct taxes through deepenin...

    Feb 01, 2018
    • Author
      Ministry of Finance
  • Applicability of Sec. 50C in Cases of Unregistered Property Sales

    Sec. 50C of the Income-tax Act was introduced in 2003 for computation of capital gains in real estate transactions. The real estate sector of India prior to 2005 was much unorganised. Deliberate under-valuation of immovable property was often used as a tax-avoidance practice by some taxpa...

    Jan 31, 2018
    • Author
      CA Manan Agarwal
    • Author
      CA Rishabh Khaitan
  • Taxation of Benefits from Waiver of Loans/ Payables and Cessation of Liability

    A section largely relegated to the side, Sec 41(1) has seen a resurgence in recent months, with the income tax using it as a tool to bring to tax benefits gained by the Assessee from the waiver of trade liabilities. Sec 41(1) forms part of Profits Chargeable to Tax under Chapter IV of the...

    Jan 25, 2018
    • Author
      Abhishek Murali
  • What Forensic Auditors Should Look For in Shell Companies

    Shell companies have been the focus of financial investigations and enforcement activities in recent times. Both Financial Intelligence Unit (FIU) and Serious Fraud Investigation Office (SFIO) have prepared lists of suspected shell companies. Few months back, SEBI had banned trading of 33...

    Jan 09, 2018
    • Author
      Mr Smarak Swain
  • CBDT INSTRUCTION

    INSTRUCTION NO. 5051/1991 [F.NO. 285/160/90-IT(INV)] DATED 7-2-1991 Under the Direct Tax Laws prosecution against tax offences and tax frauds is a significant provision and requires to be effectively deployed to create an appropriate impact and to subserve as a deterrence against tax ...

    Feb 07, 1991
    • Author
      CBDT
  • Characterization of Payments – A Challenge for MNCs

    The issue whether various payments by MNCs to their foreign counterparts are taxable as royalty or not under the domestic law and the respective Double Tax Avoidance Agreement (“DTAA”), has been a matter of debate. There is a plethora of decisions dealing with this issue. The controversy ...

    Nov 16, 2017
    • Author
      Rajesh Patil
    • Author
      Bhavishi Vichhi
  • Recent Judicial Decisions on Aspects of Sec. 79 – a Specific Anti-Abuse Provision

    Sec. 79 in Chapter VI of the Income Tax Act, 1961 (the Act) was introduced as an anti-abuse provision, intended to curb taxpayers’ attempts at transferring losses incurred by a corporate entity by means of transfer of shareholding. This section restricts carry-forward and set-off of losse...

    Nov 15, 2017
    • Author
      Orange Insight
  • Tax Avoidance Structures Used in Real Estate Transactions and Implications Under GAAR

    When an immovable property is transferred, two parties are involved: the seller and the buyer. Transfer of immovable property is transfer of capital asset within the meaning of Section 45 of Income Tax Act. On effecting the transfer, the seller has to pay income tax at 20% on long term ca...

    Nov 07, 2017
    • Author
      Mr Smarak Swain
  • Sec. 54/54F – Is Investment in the Name of Assessee Now Mandatory? – Analysis of Recent Decision of Delhi ITAT

    Introduction The recent Delhi ITAT decision in the case of Kaushal Kishore Maheshwari vs ACIT [TS-6590-ITAT-2017(DELHI)-O], has raised a few eye-brows.One cannot underestimate the magnitude of bearing the decision will have on Capital Gain cases across the country; and also for the purpo...

    Nov 03, 2017
    • Author
      Abhishek Murali
  • CBDT order u/s119 Tax Audit due-date extented to November, 2017

    F.No. 225/270/2017/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North-Block, ITA.II Division New Delhi, the 31st of October, 2017 Order under Section 119 of the Income-tax Act, 1961 On consideration of representations from vari...

    Oct 31, 2017
    • Author
      CBDT
  • Orange Insight: Changing Contours of Law Enforcement in India

    Table of Contents INTRODUCTION A. LEGISLATIVE/ ADMINISTRATIVE CHANGES IN INDIA 1. GAAR 2. Demonetisation and its fall-out 3. Benami Transactions 4. Efforts to get more assessees to file income tax returns 5. GST 6. Panama Leaks 7. Aadhaar numbers linking 8. Co-op...

    Oct 11, 2017
    • Author
      Orange Insight
  • Tax Consequences Due to Removal of Company’s Name from Register

    The Government has been undertaking drastic attempts to corner black money and tax evaders. In wake of demonetisation, the Government observed frantic monetary transactions conducted through ‘shell companies’. In February 2017, it constituted a special task force to identify such ‘shell c...

    Oct 04, 2017
    • Author
      Vikas Kumar
    • Author
      Chandni Patel
  • New, Improved Section 80JJAA: New Wine in New Bottle!

    Since independence of India, keeping the unemployment rate under check has been a top priority of every ruling Government.  Even the present Government has taken slew of measures for employment generation such as Make in India, Prime Minister’s Employment Generation Programme, Mahatma Gan...

    Sep 27, 2017
    • Author
      Siddharth Kaul
    • Author
      Prasad Kulkarni
  • Tightening Interest Payments - Ramifications of Sec. 94B and BEPS Article 4

    Thin capitalisation refers to a scenario where an entity is highly geared, that is, has high proportion of debt as compared to equity.  Interest payments generated on ‘debt capital’ is treated as a finance charge, and are tax deductible while computing the taxable income, thereby aid in r...

    Sep 13, 2017
    • Author
      Sujit Parakh
    • Author
      Amit Nayyar
  • New Disclosures in Form 3CD - Auditor's Report

    With the significant developments over the last 12 months, the form of the tax audit report has undergone significant changes. The CBDT issued the first version of Form 3CD on 1st April, 2017 itself. However, since then it has undergone 3 changes vide Notification No. 88/2016 dated 29th S...

    Sep 11, 2017
    • Author
      Abhishek Murali
  • Returns Filing, Forms to be Filed Therewith, Impact of Late/Non-Filing; Revisions in Form 3CD

    Return filing is an important event and the start of the assessment proceedings. An assessee is expected to file its return of income on time in the prescribed form and verified in the prescribed manner u/s. 139(1). Also, there are various forms to be submitted along with the return of in...

    Sep 11, 2017
    • Author
      Orange Insight - Tax Audit
  • Multilateral Instrument – How it Impacts International Tax Rules and India’s Tax Treaties

    The OECD devised the BEPS Action Plan to tackle use of aggressive tax planning strategies used by multinationals that artificially shift profits to low tax jurisdictions with limited or no economic activity.  In October 2015,  the OECD released the final report on the 15 Action items of t...

    Sep 07, 2017
    • Author
      Amit Nayyar
    • Author
      Vipin Sharma
  • SRK's Dubai villa received in AY 08-09 - passed the test of section 28(iv)

    Income tax is a tax on the income of a person. It is quite settled that such income, does not include capital receipts. Prior to introduction of gift taxation u/s 56, gifts received out of natural love and affection were treated as capital receipts not chargeable to tax under the Income-t...

    Sep 01, 2017
    • Author
      Dharan V Gandhi
  • CBDT extends due date for filing return & Tax audit report to Oct 31, 2017

    F.No. 225/270/2017/ITA.IIGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes North-Block, ITA.II Division New Delhi dated the 31st of August, 2017 Order under Section 119 of the Income-tax Act, 1961 ('Act') The Goods and Services Tax ('GST') has com...

    Aug 31, 2017
    • Author
      CBDT
  • CBDT extends the time for linking Aadhar with PAN till 31.12.2017

    F.No. 225/270/2017/ITA.IIGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes North-Block, ITA.II Division New Delhi dated the 31st of August, 2017 Order under Section 119 of the Income-tax Act, 1961 ('Act') Under the provisions of recently introduce...

    Aug 31, 2017
    • Author
      CBDT
  • Recent Rulings Impacting Tax Audit u/s 44AB of the Income Tax Act

    With the commencement of the tax audit season this year, the updated exclusive Taxsutra insight endeavors to compile the key rulings delivered since last tax-audit season till today i.e August 18, 2017, which would impact the transactions typically covered in tax audits. Clause 12: Presu...

    Aug 18, 2017
    • Author
      Orange Insight - Tax Audit
  • What Constitutes 'Turnover' for Purpose of Tax Audit

    ‘Turnover’, ‘Gross Receipts’, ‘Sales’ are the buzzwords during this Tax Audit season. Incidentally, they are the very starting point of a Tax Audit. They form the qualifying criteria, determine whether a taxpayer is liable to tax audit during a given year. Sec. 44AB of the Income Tax Act ...

    Aug 17, 2017
    • Author
      Orange Insight - Tax Audit
  • Jurisdiction of AO – A Matter of Vigilance

    The power of quasi-judicial authorities is not self empowered it has to be conferred upon them in a manner known to law. In a decision by the Delhi High Court in the case of Mega Corporation, the Court with due respect has left the window open for tax authorities to deal with assessments ...

    Aug 10, 2017
    • Author
      Sandeep Bagmar R
  • Compendium of Rulings Impacting 'Deemed Dividend' Taxation u/s 2(22)(e)

    In the cat-and-mouse game that is constantly played out between taxpayers and the taxman, one weapon in the taxman's arsenal is the "deeming provision" - changing some term to mean something more (or less) with the intent of conferring an advantage upon the taxman. Taxpayers often contest...

    Aug 08, 2017
    • Author
      Orange Insight
  • Compendium of Rulings Impacting ‘Unexplained Money’ Taxation u/s. 69A

    As the dust begins to settle on demonetization and the taxman hunts for undisclosed income, there is a lurking concern among practitioners and tax officers as to application of law contained u/s. 69A (dealing with unexplained money, etc.). Taxsutra presents you a compendium of important ...

    Aug 02, 2017
    • Author
      Orange Insight
  • CBDT: PAN-Aadhaar linking deadline set as August 31, ROI filing permitted by quoting Aadhar

    F.No. 225/270/2017/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North-Block, ITA.II Division New Delhi, the 31st July, 2017 Order under Section 119 of the Income-tax Act, 1961 The 'due-date' for filing income-tax returns for Ass...

    Jul 31, 2017
    • Author
      CBDT
  • Applicability of Sec. 272A(2)(k) to Government Department

    It is common practice that TDS authorities impose penalty on government departments for not filing TDS return u/s 200(3) of IT Act. In this article an attempt has been made to analyze the provision whether this section is applicable to government departments. 1. Section 272A is not appli...

    Jul 24, 2017
    • Author
      Apoorva Moonat
    • Author
      Pavan Ved
  • Principles for Determination of Fair Income in case of Rejection of Accounts – A Judicial Analysis

    Rejection of books of account u/s 145(3) and making a best judgment assessment assessment u/s 144 is a powerful tool in the hands of the Assessing Officer. The Assessing Officer must notice specific defects in the books of accounts of assessee to be able to reject it & make an assessment ...

    Jul 19, 2017
    • Author
      Orange Insight
  • Key Safeguards Against Rejection of Accounts & Best Judgment

    As assessees (i.e., taxpayers) are heading towards income-tax return filings (primarily for cases involving the statutory filing due dates, for non-tax audit cases) within 31 July, it may be imperative to note a few relevant provisions under the Income-tax Act, 1961 (“the IT Act” or “the ...

    Jul 19, 2017
    • Author
      Gautam Dalvi
  • 10 Things That A Salaried Taxpayer Should Know for FY 16-17 Return

    It is the return filing season for salaried employees with 31st July being the last date to file returns for such assessees. This article makes an attempt to list the topmost 10 things that should be borne in mind at the time of filing returns of a salaried individual. 1. Quote and Link ...

    Jul 12, 2017
    • Author
      CA Sagar S Tilak
  • “Penalty Notice – Whether to "tick" or Not? – An Analysis”

    Background The provisions of section 271(1)(c) of the Income-tax Act, 1961 (“the Act”) states that penalty shall be levied in case a person either “conceals the particulars of his income” or “furnishes inaccurate particulars of his income”.  Further, as a general practice, the reason for...

    Jul 11, 2017
    • Author
      Sharath Rao
    • Author
      Chandra Prakash Agarwal
  • Final Notification u/s 10(38) - Dissecting the Impact

    In the direction to curb the black money and fabricated transactions, the Finance Act, 2017 has amended the provisions of section 10(38) of the Income-tax Act, 1961(‘the Act’) effective AY 2018-19. Prior to this amendment dated 5 June 2017, the exemption under section 10(38) of the Act w...

    Jul 03, 2017
    • Author
      Dinesh Prabhakar
  • Recent Judicial Pronouncements on Taxation of Stamp Duty Value of Immovable Properties u/s. 50C

    Section 50C was introduced in the Income Tax Laws vide Finance Act 2002 as a measure to curb the incidence of unaccounted money in immovable property transactions via undervaluation. The section seeks to tax sale of immovable properties at lower of the agreement value or the prevailing st...

    Jun 22, 2017
    • Author
      Orange Insight
  • Equalisation Levy: A Year in Review!

    Introduction In order to tackle the challenges in the digital economy, the provisions of equalization levy were brought in by Chapter VIII of Finance Act 2016, in line with BEPS Action Plan 1. In pursuance of the same, the Central Board of Direct Taxes ('CBDT') made equalisation levy ('t...

    Jun 13, 2017
    • Author
      Ms Darshana Deshmukh
  • Foreign Tax Credit - A Compendium of important rulings

    Globalisation of business brings with it the dangers of the same income getting taxed in more than one country, due to overlaps between residence-based and source-based taxation. To mitigate hardship, countries often provide its residents credit for taxes paid in other countries. While u/...

    Jun 06, 2017
    • Author
      Orange Insight
  • Valuation Rules for Sections 50CA and 56(2)(x) - So Close Yet So Far!

    The Finance Act 2017 introduced section 50CA and clause (x) to section 56(2) in the Income Tax Act, 1961 (‘IT Act’) w.e.f. 1 April, 2017, to deal with specified transactions undertaken at a value below the fair market value computed as per prescribed guidelines (‘FMV’). Broadly, section 5...

    May 29, 2017
    • Author
      Aneri Dani
  • MAT Provisions u/s 115JB - An Exhaustive Overview of Landmark and Recent Judgments

    Introduction: MAT provisions u/s. 115JB (earlier, these provisions were part of section 115J) is a self-contained code of assessment. It requires that every company shall pay tax on its book profits arrived by preparing its accounts as per Schedule III to Companies Act 2013 (Part II of Sc...

    May 22, 2017
    • Author
      Orange Insight
  • Analysing Applicability of MAT Levy on Capital Receipts

    Constitution of India is the father of all laws and the authority to levy a tax is derived from the Constitution. It allocates the power to levy various taxes between the Centre and the State. An important restriction on this power is contained in Article 265 of the Constitution which sta...

    May 22, 2017
    • Author
      Dharan V Gandhi
  • Analysing Noteworthy Aspects for Determining Tax Rate for NR Transactions

    While determining rate of tax for transactions with non-residents, the first thing to be looked into is Whether the transaction is taxable in India as per Section 9. If the answer is in the affirmative, then we check for existence of Double Taxation Avoidance Agreement (DTAA) between ...

    May 09, 2017
    • Author
      T. Banusekar
    • Author
      Nithya Sankaran
  • Depreciation - A Judicial Analysis

    Depreciation, an allowance on capital assets acquired and put to use, is a non-cash deduction allowed u/s 32 of the Income Tax Act, 1961. This is one of the allowances originally provided by the Act which has evolved over time with advancements in businesses and judgments by various Court...

    May 03, 2017
    • Author
      Orange Insight
  • Counsel’s Responsibility - Court or Coat?

    Vignettes of the recent judgment of the Hon’ble Supreme Court in the case of Classic Industries Ltd: In the light of recent developments it is observed that the Hon’ble Supreme Court, in the case Classic Industries Ltd [TS-5082-SC-2017-O] (dated 9th March 2017) has affirmed the decision ...

    Apr 26, 2017
    • Author
      Ramakrishnan B
  • CBDT Clarifications on ICDS – An Incisive Analysis – Part III

    We are now in the final leg of our three article series on the issues emanating from the FAQs released by CBDT on Income Computation and Disclosure Standards (ICDS).  In this article, we are discussing four issues addressed by the FAQs, namely, allocation of general borrowings, treatment ...

    Apr 18, 2017
    • Author
      Riaz Thingna
    • Author
      Gaurav Mittal and Apoorve Bansal
  • Invoking GAAR Principles - A Judicial Overview

    General Anti Avoidance Rules (‘GAAR’) that became effective from April 1, 2017, enables Revenue to go into the substance of a transaction and to disregard the same if the main purpose of such an arrangement is to obtain tax benefits without any commercial justification for creating such a...

    Apr 17, 2017
    • Author
      Orange Insight
  • Embargo on Mc Dowell's on exempted cases of GAAR

    Background In India, General Anti-Avoidance Rule (“GAAR”) shall be effective from 1 April 2017 i.e. applicable from AY 2018-19 onwards. GAAR enables the tax authority to go into substance of the transaction and to disregard if the main purpose of such an arrangement is to obtain tax bene...

    Apr 17, 2017
    • Author
      Akshay Dave
  • CBDT Clarifications on ICDS – An Incisive Analysis – Part II

    This second article is again an attempt to discuss some of the FAQs issued by the CBDT and to highlight some of the potential tax issues emanating therefrom. In the previous article we discussed some of the clarifications issued by the CBDT pertaining to revenue recognition. This time we ...

    Apr 13, 2017
    • Author
      Riaz Thingna
    • Author
      Rishi Harlalka
  • Taxation of cash receipts u/s 269ST – Resolving vexed issues

    In Brief:  Clause 83 of the Finance Bill 2017 has sought to introduce Section 269ST in the Income-tax Act relating to mode of undertaking transactions.  Rationale behind introduction of Section 269ST: The logic behind this transaction is to put a restriction on cash transactions and to...

    Apr 10, 2017
    • Author
      Ramakrishnan B
  • Revisiting Sec. 45(3) in light of SC ruling in Sunil Siddharthbhai’s case

    Section 45(3) has been introduced in the Income-tax Act, 1961 (Act) by the Finance Act, 1987 w.e.f 01.04.1988. Section 45(3) states that “the profits or gains arising from the transfer of a capital asset by a person to a firm or other association of persons or body of individuals (not bei...

    Apr 10, 2017
    • Author
      Geetha Pentakota
  • CBDT Clarifications on ICDS - An Incisive Analysis - Part I

    The Central Board of Direct taxes (“CBDT”) constituted a committee of tax experts to draft Tax Accounting Standards (“TAS”) with an intention to reduce litigation around contentious tax issues. The committee submitted its report in August 2012, which was put in public domain for their com...

    Apr 07, 2017
    • Author
      Arun Chhabra
    • Author
      Gaurav Mittal
  • Exemption u/s 54 & 54F - A Judicial Analysis

    Being some of the most beneficial and widely availed exemption provisions of the Income Tax Act, Sections 54 and 54F have certain conditions attached therein in order to avoid its misuse. The fulfilment of these conditions brings with it litigation so as to determine whether the assessee ...

    Apr 05, 2017
    • Author
      Orange Insight
  • Clarity on taxability of conversion of CCPS into Equity – Boon to Private equity?

    As per the present tax laws, conversion of debentures into equity shares are specifically exempt under the Income Tax Act, 1961 (‘the Act’).  However, there is no specific exemption given to conversion of compulsorily convertible preference shares (‘CCPS’) to equity shares. In the past di...

    Mar 28, 2017
    • Author
      Rohit Kumar S
    • Author
      Risha Choudhary
  • Taxation of Joint Development Agreements - The Unaddressed Issues

    Joint Development Agreement “JDA” is an arrangement in which land owner introduce land and developer agrees to develop land for agreed consideration in cash or kind or both. CURRENT SCENARIO Prior to Finance Bill 2017 in case of JDA arrangement capital gains is chargeable to tax in the ...

    Mar 27, 2017
    • Author
      CA Darshak Shah
    • Author
      Vishal Kheria
  • Notice u/s 143(2), is it mandatory!

    Scrutiny notice issued u/s 143(2) of the Income Tax Act, 1961 is the starting point of assessment proceedings whereby AO seeks documents/evidences from the assessee to support the claims made in the return of income. The issue of whether absence of a proper notice u/s 143(2) would be fata...

    Mar 21, 2017
    • Author
      Orange Insight
  • Budget 2017 – Changing Landscape of the Real Estate Sector

    The demonetization episode caused choking demand in the real estate sector. Expectations were high that the Budget 2017 would bring in much needed relief in the form of tax reforms. The real estate sector is an important one for the investment and employment potential it has. As against ...

    Mar 07, 2017
    • Author
      Subramanian Krishnamani
    • Author
      S Ananthapadmanabhan
  • Comprehensive analysis - Impact & Insight on Real Estate

    Owing to the nature of transactions involved, Real Estate is one of the most affected industries by the tax regime and amendments therein, particularly direct taxes. In today's insight, we have made an attempt to cover some of the aspects affecting real estate like Sec. 43CA - a section u...

    Mar 06, 2017
    • Author
      Orange Insight
  • Digitization - a path towards Cashless economy

    The post demonetization days have clearly showed how the country is set to leapfrog a few stages to embrace the power of digitalization. Mobile is being rapidly adopted to make e-transactions post demonetization. Key objective of the radical step taken by government was to bring all the t...

    Feb 28, 2017
    • Author
      Yogesh Shah
    • Author
      Vimal Desai and Asmi Chhibber
  • Orange Insight : Tightening Capital Gains Tax Exemption u/s 10(38)

    As a part of ‘Additional Revenue Mobilisation (ARM) and Anti-abuse Measures’, the Finance Minister in his Speech proposed to “restrict the exemption from long term capital gains in case of transfer of listed shares by providing that the exemption, subject to notification of certain except...

    Feb 16, 2017
    • Author
      Analysis of Finance Bill, 2017
  • Amendment in Sec. 10(38) - Gains from Sham Transactions Under Tax Net

    Presently, any income arising from the transfer of a long term capital asset, being an equity share in a company or a unit of an equity oriented fund is exempt under the provisions section 10 (38) of Income Tax Act, 1961 (ITA) subject to following conditions: The transaction i.e; sale ...

    Feb 15, 2017
    • Author
      Ravindra Agrawal
    • Author
      Vidhi Shah
  • Return filed late – pay the FEE!!!

      The Finance Bill 2017 has introduced few interesting amendments to improve tax compliance and ensure that tax returns are filed within the due dates. One such amendment being the insertion of section 234F which proposes to levy a Fee for delay in furnishing of return beyond the due dat...

    Feb 14, 2017
    • Author
      Subramanian Krishnamani
    • Author
      S Ananthapadmanabhan
  • Budget 2017 Decoder : Part V powered by Chaturvedi and Pithisaria's Commentary on Sections 11, 12, 48 and more...

    With an effort to decode and simplify the amendments of Finance Bill, 2017, we bring to you a summary of the amendments vide a series of editions beginning from today. We also bring to you Orange Editorial pick from Commentary by Chaturvedi & Pithisaria comprising of Legislative amendment...

    • Author
      Analysis of Finance Bill, 2017
  • Budget 2017 Decoder : Part IV on Sec 197A, along with expert views on Sec. 269ST and more…

    With an effort to decode and simplify the amendments of Finance Bill, 2017, we bring to you a summary of the amendments vide a series of editions beginning from today. We also bring to you Orange Editorial pick from Commentary by Chaturvedi & Pithisaria comprising of Legislative amendment...

    Feb 08, 2017
    • Author
      Analysis of Finance Bill, 2017
  • Some aspects of Budget 2017 – Remembering Nani Palkhivala

    The amendments proposed in the Finance Bill 2017 on assessment procedures are disconcerting to say the least.  It is ironical that these amendments are clothed in the garb of ‘minimum government and maximum governance’, the professed objective of this Government. Some of the mindless amen...

    Feb 07, 2017
    • Author
      G Srikanth
  • Orange Insight on Sec. 13A : Special provisions relating to incomes of political parties

    As quoted by Finance Minister Shri Arun Jaitley in his speech, “India is the world's largest democracy. Political parties are an essential ingredient of a multi-party Parliamentary democracy” Noting that Political parties continue to receive most of their funds through anonymous donations...

    Feb 06, 2017
    • Author
      Analysis of Finance Bill, 2017
  • Part II - Budget 2017 Decoder, powered by Chaturvedi and Pithisaria's Commentary on Sec 79, MAT, 43B & more...

    Analysis of Finance Bill, 2017 Part - II Measures for Stimulating Growth  1. Sec. 194LC : Extension of eligible period of concessional rate of TDS u/s 194LC from 2017 to 2020  Amendment : It is proposed to amend Sec. 194LC to provide that the concessional TDS rate of 5%on inter...

    Feb 03, 2017
    • Author
      Analysis of Finance Bill, 2017
  • Budget 2017 Decoder, powered by Chaturvedi and Pithisaria's Commentary

      With an effort to decode and simplify the amendments of Finance Bill, 2017, we bring to you a summary of the amendments vide a series of editions beginning from today. We also bring to you Orange Editorial pick from Commentary by Chaturvedi & Pithisaria comprising of Legislative amendm...

    Feb 02, 2017
    • Author
      Analysis of Finance Bill, 2017
  • Ministry of Finance - Salient Direct Tax Proposals in Union Budget 2017

    Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes New Delhi, 1st February, 2017. Press Release Salient Direct Tax Proposals in Union Budget 2017   The Union Budget 2017 was laid before the Parliament today by the Hon'ble Finance Minister of India...

    Feb 01, 2017
    • Author
      Budget 2017
  • Budget 2017-2018 - A glance

    Key Features of Budget 2017-2018   INTRODUCTION  - In the last two and half years administration has moved from discretionary, favouritism based to system and transparency based - Inflation brought under control. CPI-based inflation declined from 6% in July 2016 to 3.4% in December, 2...

    Feb 01, 2017
    • Author
      Budget 2017
  • Budget 2017 Special : Relevance of Finance Minister's Speech In Statutory Interpretation

    Finance Minister’s Budget speech marks the very beginning of the Budget saga. It carries high significance providing the purpose and object of the introductions, deletions and amendments to the existing statutes. Courts have in numerous instances referred to and relied on the Budget Speec...

    Feb 01, 2017
    • Author
      Budget 2017
  • Compendium of Recent Rulings on Undisclosed Income, Unexplained Credits, Unexplained Expenditure & Unexplained Investments - Part II

    In the wake of demonetization and ongoing assessments, we had in our edition dated 22nd December, 2016, compiled latest case laws by various Courts including Supreme Court on issues covering unexplained credit, unexplained expenditure, unexplained investments and topics alike. There have ...

    Jan 27, 2017
    • Author
      Orange Insight
  • Section 80JJAA – Implementation Hurdles

    1. Introduction The erstwhile provisions of Section 80JJAA provided for:  a) A deduction of thirty percent of additional wages paid to new regular workmen in a factory for three years (i.e. the 30% deduction would be allowed for 3 years). b) The provisions applied to the business of ma...

    Jan 31, 2017
    • Author
      Aditya Bellur
  • Convertible and Non-Convertible Debentures: Multiple Nuances In Tax Treatment

    Debentures are popular as instruments used by foreign portfolio investors (FPIs) to invest in India. Debentures are debt instruments. However, varieties of debentures also have some equity features. Broadly, the popular debenture instruments used by FPIs are of three kinds: Non-convertibl...

    Jan 17, 2017
    • Author
      Mr Smarak Swain
  • "Known sources” in exceptions to the Benami Law

    Benami Transactions (Prohibition) amendment Act, 2016 is effective from 1st November 2016. The objective of the Act is to prohibit a benami transaction so that the beneficial owner would be compelled to keep the property in his own name only and the legal complexities owing to the apparen...

    Jan 12, 2017
    • Author
      CA Sagar S Tilak
  • Major Achievements of CBDT in Current Financial Year 2016-17

    Press Information Bureau Government of IndiaMinistry of Finance08-January-2017 14:51 IST Major Achievements of CBDT in Current Financial Year 2016-17 so far include among others Enactment of The Benami Transactions (Prohibition) Amendment Act, 2016, Implementation of The Direct Tax Dispu...

    Jan 09, 2017
    • Author
      Ministry of Finance - Year End Review - 2016
  • Compendium of Recent Rulings on Undisclosed Income, Unexplained Credits, Unexplained Expenditure & Unexplained Investments - Part I

    In the wake of demonetization and ongoing assessments, we have made an effort to compile and bring to our readers, latest case laws by various Courts including the Supreme Court on issues covering unexplained credit, unexplained expenditure, unexplained investments and topics alik...

    Dec 22, 2016
    • Author
      Orange Insight
  • Orange Insight : Appealability of 'agreed additions' & 'penalty' in income tax assessments - Judicial Overview

    Legal issues involved in assessments [TS-6073-ITAT-2015(Chandigarh)-O]:An addition made on agreed basis cannot be disputed; Non-charging of partners' expenses results in extra-ordinary profits u/s 80IA(10), restricts tax holiday; ITAT refers to assessee’s letter to Assessing Officer and ...

    Dec 15, 2016
    • Author
      Orange Insight
  • Paradigm shift in employment generation incentive u/s 80JJAA

    It’s been close to two decades now that provisions of Section 80JJAA[1] are part of the statute book. It was introduced with a view to provide impetus to employers to generate more employment opportunities. The deduction was granted for three years as 30 per cent of additional wages paid ...

    Nov 21, 2016
    • Author
      Hiren Bhatt
    • Author
      Chetan Kakariya
  • Analysing the term “effectively connected” for allocation of taxing rights

    The tax treaties provide for allocation of taxing rights between the residence state and the source state in respect of passive income[1]. The passive income’s primary right of taxation is granted to the resident state through paragraph 1, though, paragraph 2 provides that such income may...

    Oct 04, 2016
    • Author
      Ashish Karundia
  • Tax Auditor’s standpoint on Sec 14A disallowance

    Under section 14A, expenditure incurred in relation to an income which does not form part of total income is not allowed as deduction. Section 10 deals with the incomes which do not form part of total income. Clause 21h of Form 3CD requires the tax auditor to certify the disallowance unde...

    Sep 27, 2016
    • Author
      Shashi Kumar
  • Reporting of Section 56(2)(viia) & 56(2)(viib) of Income Tax Act under Tax Audit Report

    Owing to the recent amendments in the tax audit report, the reporting responsibilities of the tax auditor have considerably increased. The revised Form 3CD now requires reporting for receipt of shares of private limited company without consideration or for inadequate consideration and rec...

    Sep 20, 2016
    • Author
      Ravindra Agrawal
    • Author
      Vidhi Shah
  • Form 26AS Reconciliation – A Nightmare

    1. Just a Hypothetical concern: It was a sunny morning of the July month for Mr.X, an employee with one of the major IT companies of India. He walked into the office of his consultant for getting some assistance in filing his tax returns for the FY 2015-16. After a brief chat on the natu...

    Sep 15, 2016
    • Author
      Prashanth K L
  • Tax Audit applicability on partner’s remuneration

    Can Partners' Remuneration, Commission and Interest be subjected to the provisions of section 44AB of The Income Tax Act, 1961. Under the general law of partnership, a firm has no separate legal existence but identified as a collective association and represented by its partners. However...

    Sep 08, 2016
    • Author
      Shashi Kumar
  • Share trading turnover - Tax Audit impact

      DETERMINATION OF TURNOVER IN CASE OF TRADING OF SHARES EITHER ON SPECULATION OR NON SPECULATION BASIS  1. Preamble: 1.1 The broad legal positions are as follows- Dealing in shares whether Investment or Business Dealing in shares can result either in "Business income" (chargeable as...

    Sep 08, 2016
    • Author
      N Anush Shanker
  • Tax implications on Contributions to Funds – An employers’ perspective

    Section 43B of the Income-tax Act, 1961 (the ‘Act’) allows deduction for certain expenses on actual payment basis. Time frame is the due date of filing of return of income. Clause (b) of Section 43B cover “any sum payable by the assesse as an employer by way of contribution to any provide...

    Sep 06, 2016
    • Author
      Hiren Bhatt
    • Author
      Chetan Kakariya and Pranav Shukla
  • Reimbursement of expenses – Analysing the legislative and judicial landscape

    “It is only a reimbursement of actual expense incurred….please do not deduct tax on our payments “.  An oft repeated request from a payee.  Let us see in the context of non-salary payments whether this statement hold true. What is a reimbursement? Reimbursement is an act of compensating...

    Sep 06, 2016
    • Author
      Subramanian Krishnamani
    • Author
      Mr Sateesh Bollineni
  • An insight into the article 3(2)

    Article 3(2) of the OECD Model Convention reads: ‘‘As regards the application of the Convention at any time by a contracting state, any term not defined therein shall, unless the context otherwise requires, have the meaning that it has at that time under the law of that state for the purp...

    Aug 31, 2016
    • Author
      Ashish Karundia
  • CBDT clarifications on Income Declaration Scheme – Is it proffering the “real” solution?

    The efforts of the Government in promoting the Income Declaration Scheme, 2016 (‘Scheme’) and to make the same a grand success are quite visible. CBDT has already issued various clarifications vide Circular no. 17 dated May 20, 2016, Circular no. 24 dated June 27, 2016, Circular no. 25 da...

    Aug 23, 2016
    • Author
      Dharan V Gandhi
  • Equalisation Levy - some issues

    Background The Finance Act, 2016  (FA) in the  chapter VIII (comprising clauses 163 to 180) has introduced a new tax i.e “equalization levy” on consideration received or receivable for any specified services. The objective is to impose tax on the consideration received by the non-reside...

    Aug 08, 2016
    • Author
      Rajiv Shah
  • Surging high on Start-ups!!

    In order to give an impetus and boost to the Indian economy, the government of India has undertaken various initiatives over the years which include developing smart cities, digital India, development of international financial centers, Make in India etc.   Start-up India is a flagship i...

    Aug 08, 2016
    • Author
      Amit Ajmera
  • Interest on Refund – Whether a Debt?

    Interest on Refund – Whether a Debt? Section 244A of the Income Tax Act, 1961 (the Act) provides that when any income tax refund is due to an assessee from the Government, he is entitled to receive simple interest along with the refund. Interest on refund is an automatic event and there ...

    Aug 01, 2016
    • Author
      Dr M S Vasan
  • Applicability of the Lokpal and Lokayuktas Act, 2013 to office bearers of institutions receiving foreign donations

    1. Background:  1.1 The Lokpal and Lokayuktas Act, 2013 (“the Act”) was enacted by the Parliament with effect from 16th January 2014 to provide for the establishment of a body of Lokpal for the Union and Lokayukta for States to inquire into allegations of corruption against certain publi...

    Jul 22, 2016
    • Author
      Rajesh S Kadakia
    • Author
      Aditya Y Bhatt
  • The Income Declaration Scheme, 2016 – Saga of CBDT Clarifications

    The Government is leaving no stones unturned in making the Income Declaration Scheme, 2016 (‘the scheme’) a success. This is quite evident from the frequency with which the CBDT is coming out with clarifications. CBDT has already issued various clarifications vide Circular no. 17 dated 20...

    Jul 19, 2016
    • Author
      Dharan V Gandhi
  • CBDT settles 31% IDS tax rate controversy

    CBDT has finally come out with the most awaited clarification and the most peculiar fact about this clarification is that it clarifies an earlier clarification issued by CBDT vide Circular No. 25 dated 30 June 2016. The root of this issue goes to question 5 of the said circular which rea...

    Jul 15, 2016
    • Author
      Dharan V Gandhi
  • Tax Withholding Obligations on Domestic Payments

    The provisions for Tax Deduction at Source (‘TDS’) were inserted in the legislation to ensure smooth collection of revenue for the Govt. However with anomaly in law, compliance requirements, consequences of failure to withhold TDS and several other hassles TDS provisions have slowly but s...

    Jul 11, 2016
    • Author
      Orange Insight - Tax Withholding Obligations on Domestic Payments
  • Controversies surrounding Section 14A of the Income Tax Act

    Background and Rationale for introduction Section 14A introduced by the Finance Act 2001 with retrospective effect from 1st April 1962 has been one of the most litigated provisions with different courts interpreting it differently. The Section provides for disallowance of such expenditur...

    Jul 08, 2016
    • Author
      CA Vivek Newatia
    • Author
      CA Puja Borar
  • Condonation of delay in filing Appeal - 40 selected rulings

    Condonation of delay is a matter of discretion of the Court and not of right of the applicant and hence, a subjective issue. However, the Courts, over the years, have laid down certain principles which may be considered in this regard. In general, the Courts have held that the approach to...

    Jul 04, 2016
    • Author
      Orange Insight - Condonation of delay in filing Appeal - 40 selected rulings
  • The Income Declaration Scheme, 2016 – analysis of additional clarifications

    The Income Declaration Scheme, 2016 – analysis of additional clarifications The Hon’ble Prime Minister of India, Shri Narendra Modi, in his 21st edition of ‘Mann ki Baat’ program, appealed and at the same time warned the people to come out clean by disclosing the undisclosed income as th...

    Jul 04, 2016
    • Author
      Dharan V Gandhi
  • Joint Development Agreement (JDA) - Taxability

    The issues regarding taxability of JDA have always remained a contentious issue, a subject of litigation between taxpayers and the Revenue. JDA involves certain noteworthy aspects that need to be dwelled upon from a taxability perspective such as incidence of capital gains tax arises whet...

    Jun 27, 2016
    • Author
      Orange Insight - Joint Develoment Agreement (JDA) Taxability
  • Equalisation Levy – A Non-equalizing burden

    Background Today E-commerce is a constantly developing business. New Technologies assist global business to be operated without permanent establishment (PE) in Country of source (COS). Today traditional businesses conduct their business with new technologies. And completely new businesse...

    Jun 22, 2016
    • Author
      Samir Sanghvi
  • Rulings impacting LLP taxation

    The Limited Liability Partnership (‘LLP’) Act, 2008 provides for conversion of companies into LLP. However there was a lack of clarity on tax implications on such a conversion. The Government vide Finance Act (No.2) of 2009, introduced Sec. 47(xiiib) which provides that such conversions w...

    Jun 20, 2016
    • Author
      Orange Insight - Rulings impacting LLP taxation
  • The Income Declaration Scheme, 2016–will it boomerang?

    In line with the Government’s objective of freeing India from the menace of black money and with the intention of providing last opportunity to come out clean in so far as the undisclosed income is concerned, the Hon’ble Finance Minister of India, Shri Arun Jaitley, introduced The Income ...

    Jun 20, 2016
    • Author
      Dharan V Gandhi
  • Insight on amended Rule 8D dealing with disallowance u/s 14A under Income Tax Act, 1961

    Insight on amended Rule 8D dealing with disallowance u/s 14A under Income Tax Act, 1961 Rulings Impacted – compiled by editorial team of orange.taxsutra.com  CBDT has recently amended Rule 8D[1]  for computation of disallowance of expenditure relating to exempt income u/s 14A. The ame...

    Jun 14, 2016
    • Author
      Orange Insight - Amended Rule 8D
  • Tax reforms - Policy and Administration Measures

    As Govt completes 2 years of its term, there are discussions on pace of reforms considering expectations which were set when the Govt came to power. It will be fair to conclude that reforms have been progressive a particularly keeping in mind majority at Centre but not so much at Rajya Sa...

    Jun 07, 2016
    • Author
      Uday Ved
  • Buyback – A smart way of rewarding shareholders?

    Buybacks seem to be in vogue in 2016, with biggies like Wipro, Bharti Airtel, Bharti Infratel, Nalco and Novartis having made announcements for buyback of shares for whopping amounts in the range of INR 2,000 to 3,000 crores.  What has suddenly changed in the recent past, due to which com...

    Jun 06, 2016
    • Author
      Yogesh Dharnidharka
    • Author
      Jainee Seth
  • Analysing revised Rule 6 – Weighted deduction for in-house R&D expenses

    Background: Section 35(2AB) of the Act1 grants weighted deduction to specified companies2 subject to compliance with conditions as laid down in the section, Rules3 and in the DSIR4 guidelines.  Weighted deduction is granted for capital and revenue expenditure (except for cost of land or ...

    May 30, 2016
    • Author
      Vipul Soni
  • Right to tax in right hand

    The Preamble of our Constitution declares India as a Republic nation, meaning that government exercises its power according to the rule of law. The authority to levy a tax is derived from the Constitution of India which allocates the power to levy various taxes between the Centre and the ...

    May 23, 2016
    • Author
      Dharan V Gandhi
  • Treaty Overrides – A global roundup

    Treaty override Domestic Law – A global roundup Dr. M.S. Vasan, Managing Partner, MSV Legal (Assisted by Anmol Anand, LLM in Taxation,  George town University Law Centre , Washington DC, USA) Article 27 of the Vienna Convention on the Law of Treaties1 provides that treaties are binding ...

    May 16, 2016
    • Author
      Dr M S Vasan
  • Tax implications of possession of leasehold property bereft agreement

    Supposedly in a lease what will happen if the lessee does not vacate the property for some reason and still retains possession and continues to pay rent to the lessor bereft an agreement? What will be the tax implications in such a scenario? Let’s visit Sec. 116 of the Transfer of propert...

    May 09, 2016
    • Author
      Mr. Srivatsan Ranganathan
  • 99 years lease payments – Is Sec 194IA TDS applicable ?

    Background Sec 194-IA was introduced by the Finance Act 2013 with effect from 01-06-2013 wherein any person responsible for paying to a resident transferor any sum by way of consideration for transfer of any immovable property (other than agricultural land), shall, at the time of credit ...

    May 03, 2016
    • Author
      Pradeep Kasthala
  • Claim The Loss, If Beneficial Owners Are The Same!

    In the last decade there has been a trend of restructuring of group companies of foreign companies having subsidiaries in India. The parent companies create their hub based on the region and the economic viability. Singapore as such has been most preferred destinations among the asia-paci...

    Apr 22, 2016
    • Author
      Sandeep Bagmar R
  • Section 14A – Settling Controversies

    There are various controversies surrounding the interpretation of section 14A of the Income tax Act, 1961 (‘the Act’), which has been the subject matter of extensive litigation. Recently, there have been various judicial decisions rendered by High Court(s) whereby much needed clarity has ...

    Apr 18, 2016
    • Author
      Mr Rohit Garg
  • Judicial appraisal of 'period of holding' in changing times

    The Scheme of Taxation of Capital Gains as it exists in the Income tax Act is quite simple and has remained the same for a long time now. The statute defines the terms ‘capital asset’ and ‘transfer’ and the gain from the transfer of a capital asset owned by the assessee is taxed which is ...

    Apr 11, 2016
    • Author
      Bala Subramanyam
  • Demystifying LLP conversion taxation

    Introduction of Limited Liability Partnership in India Limited Liability Partnership (LLP) Act 2008 introduced a new form of organization in India. The year when the LLP Act was introduced there was lack of clarity on its taxability. The question was whether LLP will be taxed like a Dome...

    Apr 04, 2016
    • Author
      CA Sagar S Tilak
  • Budget 2016 : Consequences of cessation or conversion of a Charitable Institution

    The charitable activity enjoys tax exemption due to the operations carried on for the benefit of general public. It is in a way the duty of the Government shared by the charitable trusts and hence deserves tax exemption as per the provisions of Income tax law. However, there have been in...

    • Author
      Prashanth K L
  • Equalisation Levy.. A Bumpy Ride ahead..!

    Background On 5 October 2015, the Organisation for Economic Co-operation and Development (OECD) released its final report on the tax challenges of the digital economy (Action 1) under its Action Plan on Base Erosion and Profit Shifting (BEPS).  The Final Report summarizes key features of...

    • Author
      Akhil Bhalla
  • Equalisation Levy - Indian version of 'Google Tax'!

    Introduction The digital economy in India is growing at a rapid pace at ten per cent per year, significantly faster than the global economy as a whole. Online advertising forms an integral part of the expeditious growth of the digital economy. Considering this accelerated growth, it is ...

    • Author
      CA Prabhu Govindan
  • Additional Tax on Dividend income introduced in Budget 2016

    Taxation of dividends has seen several twists and turns over the years. In order to reduce cost of collection and curb tax evasion through non-reporting of dividends by shareholders, Government had introduced section 115-O in the Income-tax code through Finance Act, 1997. The section pres...

    • Author
      Mr Arindam Lahri
  • Is it a good start for start ups?

    The much awaited Union Budget 2016 has finally been unveiled by the Hon’ble finance minister (“FM”),expatiating on a series of policy initiatives and schemes that aim at encouraging startups and existing Micro, Small and Medium Scale Enterprises (“MSME”). They key objective of such scheme...

    • Author
      Prabhu Govindan
  • Top 9 Direct Tax Proposal in Finance bill, 2016

    The Budget is out and contains more than the usual number of amendments.  There is definitely focus on infrastructure, fiscal discipline and a conscious effort to boost growth and employment. Added to these regular efforts, there are also some welcome efforts to tackle the new age challen...

    • Author
      Bala Subramanyam
  • Proposed Amendment in International Tax arena – Budget 2016

    The 2016 budget was presented today and as promised it was a balanced budget. Here are some of the proposals regarding international transactions. Deferral of Place of effective Management Finance Act , 2015 amended section 6(3) of Income Tax Act, 1961 (Act) so as to provide that a comp...

    • Author
      Naman Shrimal
  • Significance of Fiance Minister's Budget Speech

    The Significance of Finance Minister’s Budget speech is that, it gives the purpose and proposals of the introductions, deletions and amendments to the existing statutes. The financial enactments can neither be static nor be rigid. It not only has to be dynamic and flexible but also be sen...

    Mar 01, 2016
    • Author
      TNC SRIDHAR, Advocate
  • Claiming Deductions and Tax Benefits not claimed in Income Tax Returns

    Claiming Deductions and Tax Benefits not claimed in Income Tax Returns   Background   Tax payers sometimes fail to claim / short claim certain deductions/exemptions in the Income tax returns filed. Assessee also realise that additional claim for deductions/exemptions could have been...

    • Author
      Pritesh Jain
  • Taxing ‘Bonus shares’ – the question is of timing!

    Backdrop Tax implications concerning bonus shares have always been contentious and litigious. As early as in 1921 the issue as to whether the receipt of bonus shares constitutes a taxable income was dealt with in IRC vs. John Blott [1]. It was held that, on issuance of bonus shares nothi...

    • Author
      Rajat Juneja
    • Author
      Sumeet Khurana
  • Income tax deductibility on Employee’s Contribution to Social Security Scheme – A Never ending Saga

    Social Security Schemes (SSS) in India which provide for retirement, pension planning and social welfare of employees are principally governed by the Employees' Provident Fund (PF) and Employee State Insurance (ESI).It is imperative to note that under such schemes apart from the employer’...

    • Author
      CA T G Suresh
    • Author
      Sudarshan Rangan
  • Taxation of Share Issue Expenses - Paradoxical Situation

    This article is based on the long debated taxability of share issue expenses incurred by a company. One of the major sources of funding company is infusion of equity.  A company may incur a host of expenses such as professional consultation, underwriting commission, legal expenses, print...

    • Author
      P Menakshi Sundaram
  • Analysis of Charitable Purpose

    Overview: Social welfare of the countrymen is a huge responsibility on the Government of any country , however for developing countries like India ,welfare for populace have always been not enough. This gap is filed by welfare associations like charitable trusts supplementing the activit...

    • Author
      M Venkatesan (Chartered Accountant)
  • A final inning of ICDS (like IPL) creates excitement as well as controversies!

    As part of the “Roadmap” laid down in 2010 for introduction of IFRS (Ind-AS), theCentral Board of Direct Taxes (‘CBDT’) started working on drafting ‘Income Computation and Disclosure Standards’ (‘ICDS’) to align the tax treatment with the Ind-AS. Finally, the CBDT vide Notification No. 32...

    • Author
      Jayesh Karia
  • ICDS - Quest for harmony

    The Central Board of Direct Taxes (CBDT), Department of Revenue, recently operationalised a new framework for computation of income, by notifying Vide Notification No. SO 892(E) dated 31-3-2015 the 'Income Computation and Disclosure Standards' (ICDS) from April 1, 2015. The standards hav...

    • Author
      Mukesh Butani
  • How Ind-AS implementation will impact corporate tax? - Part 1

    Introduction The year 2015 has ushered in a new era for compliance service providers with the introduction of two sets of new standards issued by the Ministry of Corporate Affairs (MCA) & the Central Board of Direct Taxes (CBDT) respectively. The MCA notified the Companies (Indian Accoun...

    Aug 10, 2015
    • Author
      Sachin Kumar BP
  • How Ind-AS implementation will impact corporate tax? – Part II

    Ind – AS and Prior Period items Under the current Indian GAAP prior period items have to be disclosed separately in the financial statements of the period in which the error pertaining to a prior period is discovered. However under Ind – AS material prior period errors are to be correcte...

    • Author
      Sachin Kumar BP
  • “Exemptions to educational institutions - Section 10(23C) vis – a – vis section 11”

    Section 10(23C) relating to educational institution vis – a – vis section 11 exemption for such institution   As per section 10(23C), the income of certain funds, Universities, educational institutions, hospitals, etc., are not includible in the total income. There are about fourteen su...

    • Author
      S Sukumar, B.Sc., FCA., DISA., LLB
  • ICDS on Construction Contracts – Unsettling already settled principles?

    Background Section 145(2) of the Income Tax Act was amended by Finance (No.2) Act, 2014 in order to provide that the Central Government may notify from time to time Income Computation and Disclosure Standards to be followed by any class of assessees or in respect of any class of income. ...

    • Author
      Advocate K Vaitheeswaran
  • ICDS and Deferred Taxation Interplay – A Lush area of Snags – Part II

    In Part I of the two article series author had analysed the impact created on computation of deferred tax i.e. timing or permanent difference keeping the remaining nine ICDS in the backdrop, six of which are dealt with in Part I, namely, valuation of inventory, construction contracts, rev...

    Nov 04, 2015
    • Author
      M Venkatesan (Chartered Accountant)
  • ICDS and Deferred Taxation Interplay – A Lush area of Snags – Part I

    Prelude The Pronouncement of CBDT on Income computation and disclosure standards has significantly impacted the computation of deferred taxes. This article aims at bringing light on the deferred tax aspect of ICDS. CBDT has pronounced 10 standards applicable from AY 2016-17 for all asse...

    • Author
      M Venkatesan (Chartered Accountant)
  • A new twist to the old re-assessment saga!

    The reopening of assessment under Section 148 of the Income Tax Act (the Act) has been a continuous saga of litigation and uncertainty. Even when it appears that some finality is emerging, a new issue arises and it goes through the entire gamut of litigation all over again. This issue has...

    • Author
      Advocate K R Vasudevan