The government on Tuesday issued guidelines to plug tax evasion by shell companies or foreign firms set by groups in India to retain income outside the country, dashing hopes ofindustryThe rules outline companies incorporated overseas but with effective control of...
Direct Taxation
Startup Brace For Legal War With I-T
Startups that have been ordered to pay tax despite valuations being marked down in recent funding rounds are challenging the demands, complaining that the move runs counter to the government's campaign to encourage entrepreneurial spirit. With startup fever having...
Two More Advance Pricing Agreements Signed By The CBDT
The Central Board of Direct Taxes (CBDT) has closed the year 2016 by entering into two more unilateral Advance Pricing Agreements (APAs) today. The APA Scheme was introduced in the Income-tax Act in 2012 and the “Rollback” provisions were introduced in 2014. The...
More Online Services May Face Google Tax
The government is likely to expand the scope of the equalisation levy, the so-called “Google tax”, to bring more digital transactions into the tax net in the upcoming budget to curb tax avoidance by multinational chartered accountant firms in mumbai. Online sales of...
Benami Property Transactions on I-T radar
With the validity date ended on Friday for normal exchange of old currency notes, the income tax (I-T) department is working on ‘property index cards’ featuring high value realty transactions in the past three years. They’ve also outlined stringent action against...
India, Singapore Revise Tax Treaty
The government signed a pact with its Singapore counterpart on 30th Dec, 2016, amending their decade-old tax treaty, gaining indirect taxation in India rights over capital gains. This is the third double taxation avoidance agreement (DTAA) amended so far this...
Royalty Paid to AE wasn’t Capital Exp, as It was Paid for Use of Trademark and Not For Its Acquistion
Where assessee-company made payment of royalty to its AE for mere use of trademark, that too by means of non-exclusive licence, it was to be allowed as revenue expenditure while determining ALP. Assessee-company (GKN Driveline (India) Ltd.) was engaged in business of...
Received Expensive Gift This Diwali ? You Should Know These Tax Rules
Follow my blog with Bloglovin Gifts can be in the form of cash, movable property (car , jewellery, art work, etc.) or immovable property (land /building). But the rule doesn't apply in all cases; there are a few exceptions. The festive season has begun and the...
Rules for filing Tax Returns
New forms, additional information, completely paperless filing.... the Finance Ministry has introduced several changes in the way taxpayers will file their returns this year. As a taxpayer you need to be aware of these changes lest you file an incorrect return that...