To read the article, please click the link below.
https://taxofindia.wordpress.com/2016/01/31/india-taxes-due-date-alert-for-the-month-february-2016/
Sunday, January 31, 2016
India Taxes- Due Date Alert for the month February 2016
To read the article, please click the link below.
https://taxofindia.wordpress.com/2016/01/31/india-taxes-due-date-alert-for-the-month-february-2016/
Friday, January 29, 2016
Daily Tax Alert.
Dear Sir,
Since, taxbymanish had been moved to new platform of taxofindia, we request you to please register once your E mail ID at https://taxofindia.wordpress.com/ to receive the daily tax updates.
Sorry for the inconvenience caused.
With Regards
TaxbyManish
How to Plan pay package of Top Executives.
To Read the complete article, please click the link below.
https://taxofindia.wordpress.com/2016/01/29/how-to-plan-pay-package-of-top-executives/
Wednesday, January 27, 2016
Understanding section 80 IB deduction in respect of real estate companies.
To read the complete article, please click the link below.
https://taxofindia.wordpress.com/2016/01/27/understanding-section-80-ib-deduction-in-respect-of-real-estate-companies/
https://taxofindia.wordpress.com/2016/01/27/understanding-section-80-ib-deduction-in-respect-of-real-estate-companies/
Monday, November 30, 2015
LAUNCH OF TAX OF INDIA
Dear Patrons,
Today I am bringing the income tax knowledge sharing in more professional platform under the
brand of TAX OF INDIA.
The link of the website is given below.
https://taxofindia.wordpress.com/
Regards,
Taxbymanish
Today I am bringing the income tax knowledge sharing in more professional platform under the
brand of TAX OF INDIA.
The link of the website is given below.
https://taxofindia.wordpress.com/
Regards,
Taxbymanish
ONLINE CA/CPT COURSES VIDEO
One of my friend has created this wonderful simple course for CA CPT. You can share this with your someone who is in class 11 or 12 or doing CPT.
Below are Video links for CPT Video course.
Subscribe to our YouTube Channel
Accounts by Sheela Madam
Law by Bharat Sir
Micro by Bharat Sir
Macro by Bharat Sir
Maths by Anand Sir
Notes are available at www.meraskill.com
Happy Learning ! Share with your Friends who are appearing for CPT Exam.
Monday, November 23, 2015
RBI issues notifications permitting foreign investments in Indian investment vehicles
In furtherance of the
Government’s intent to attract foreign investments in India, the Reserve Bank
of India (RBI) has issued a notification allowing foreign investments in
investment vehicles regulated, inter alia, by the Securities and Exchange Board
of India including Real Estate Investment Trusts, Infrastructure Investment
Trusts and Alternative Investment Funds (Investment Vehicles).
The notification paves the way for foreign investors to invest in the Investment Vehicles under the automatic route and be treated as domestic investments subject to meeting stipulated conditions.
The notification paves the way for foreign investors to invest in the Investment Vehicles under the automatic route and be treated as domestic investments subject to meeting stipulated conditions.
Three Imp Verdicts On Binding Nature Of CBDT Circulars + Transfer Pricing Law + Taxability Of Shares Gains As STCG vs. Biz Profits
Spentex Industries Ltd vs. CCE (Supreme Court)
CBDT & Govt are bound by their own interpretation of a statutory provision. Principle of "contemporanea expositio" explained. The word "or" can be interpreted as "and" if the former leads to unintelligible and absurd results
It is to be borne in mind that it is the Central Government which has framed the Rules as well as issued the notifications. If the Central Government itself is of the opinion that the rebate is to be allowed on both the forms of excise duties the government is bound thereby and the rule in-question has to interpreted in accord with this understanding of the rule maker itself. Law in this respect is well settled and, therefore, it is not necessary to burden this judgment by quoting from various decisions
Knorr-Bremse India Pvt. Ltd vs. ACIT (P&H High Court)
Rule 10A(d): Law on when multiple transactions can be regarded as a single composite transaction for determining arm’s length price explained. Fact that a transaction results in a profit or a loss has no bearing on whether it is at arm’s length price
The answer to the issue whether a transaction is at an arm’s length price or not is not dependent on whether the transaction results in an increase in the assessee’s profit. A view to the contrary would cause considerable
RELATED PARTY TRANSACTIONS
The Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations 2015 was notified on 2nd September 2015 and will come into force from 1st December 2015. However, Regulation 31A of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 came into force on 2nd September 2015 on publication of these regulations along with sub – regulation (4) of Regulation 23. In last post here, we discussed Regulation 31A and in this post we will discuss Regulation 23.
Whether if assessee makes cheque payment to one 'M' who in turn pays in cash to buy land in his name, it warrants protective addition for investment in land from undisclosed income - NO: ITAT
THE issue is - Whether if assessee makes cheque payment to one 'M' who in turn pays in cash to buy land in his name, it warrants protective addition for investment in land from undisclosed income. NO is the answer.
Facts of the case
A) The assessee was partner of ‘M' developers, where search proceedings was carried out in
Sunday, November 22, 2015
E Book on Understanding Special provisions of Income tax.
NEW BOOK ON INCOME TAX LAUNCED. BOOK YOUR E COPY AT taxbymanish@yahoo.com
The Contents of the books is given below.
The Contents of the books is given below.
SN
|
CONTENTS
|
1
|
Special tax benefits available under section 35
|
2
|
Understanding section 41
|
3
|
Understanding Section 42
|
4
|
Taxation of Forex profit and loss under section
43A
|
5
|
Issues arising
on deemed taxation u/s 43CA.
|
6
|
Understanding Tax audit
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7
|
Advance
Learning on Section 44AD
|
8
|
Clubbing of Income
|
9
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Undisclosed income
u/s 68 & 69.
|
10
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FAQ on tax from Income from Share Market.
|
11
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Taxation of Bonus & Dividend Stripping u/s 94.
|
12
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Taxation under MAT
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13
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Taxation of Non Resident Indian
|
14
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Understanding Buyback of Shares
|
15
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Foreign tax Credit.
|
16
|
Place of Effective Management (POEM)
|
17
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Understanding
Bright line test AMP
|
18
|
Taxation of E Commerce Company
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19
|
Introduction of FATCA in India.
|
20
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Understanding Taxation of Political parties.
|
21
|
Taxation of Real Estate Transactions
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22
|
Taxability of
Reimbursement
|
Saturday, November 21, 2015
Government releases proposed roadmap to phase-out deductions under Income-tax Act
In his Budget Speech this year, the Finance Minister had indicated that the rate of corporate tax will be reduced from 30% to 25% over the next four years along with corresponding phase-out of exemptions and deductions. This was a step to simplify the tax laws, making them clearer and more transparent. The Government proposes to implement its decision in the following manner –
- Profit linked, investment linked and area based deductions would be phased out for both corporates and non-corporate taxpayers.
- The provisions having a sunset clause would not be further modified to advance/ extend the sunset date.
- For incentives that do not have a terminal date, a sunset date of 31 March 2017 would be provided either for commencement of activity or for claim of benefit depending on the structure of the provision in the Income-tax Act, 1961.
- No weighted deduction with effect from 1 April 2017.
RBI issues notifications permitting foreign investments in Indian investment vehicles
In furtherance of the Government’s intent to attract foreign investments in India, the Reserve Bank of India (RBI) has issued a notification allowing foreign investments in investment vehicles regulated, inter alia, by the Securities and Exchange Board of India including Real Estate Investment Trusts, Infrastructure Investment Trusts and Alternative Investment Funds (Investment Vehicles).
The notification paves the way for foreign investors to invest in the Investment Vehicles under the automatic route and be treated as domestic investments subject to meeting stipulated conditions
Diploma in IFRS
Diploma in IFRS
IFRS has become the next big thing and every finance professional & firms are eager to learn and catch on the big opportunity expected to arrive from IFRS implementation work. We all know that each country has it's own accounting standards, which brings comparability of Financial Statement within the country. But what about comparing Financial Statement between companies between countries. With Globalization & opening up of economy there was a need felt to follow one accounting standards by all countries. Hence IFRS (International Financial Reporting Standards ) where developed. India along with many countries are signatory to IFRS convergence. That means they will gradually move towards IFRS. India AS or Accounting Standards as we use to call will become IND AS. Hence a need to update your knowledge and learn IFRS. Diploma in IFRS from ACCA London is a industry accepted qualification in this regards. meraskill provides a good course on IFRS. Visit this link to know more about Diploma in IFRS (give hyperlink www.meraskill.com/ifrs).
IFRS has become the next big thing and every finance professional & firms are eager to learn and catch on the big opportunity expected to arrive from IFRS implementation work. We all know that each country has it's own accounting standards, which brings comparability of Financial Statement within the country. But what about comparing Financial Statement between companies between countries. With Globalization & opening up of economy there was a need felt to follow one accounting standards by all countries. Hence IFRS (International Financial Reporting Standards ) where developed. India along with many countries are signatory to IFRS convergence. That means they will gradually move towards IFRS. India AS or Accounting Standards as we use to call will become IND AS. Hence a need to update your knowledge and learn IFRS. Diploma in IFRS from ACCA London is a industry accepted qualification in this regards. meraskill provides a good course on IFRS. Visit this link to know more about Diploma in IFRS (give hyperlink www.meraskill.com/ifrs).
Friday, November 20, 2015
SHORT NOTE ON SURVEY
Survey in a wider sense means to scrutinize or to inspect. The power of survey under the Income tax Act has been provided U/S 133A and 133B. The provisions contained in section 133A are independent and to the exclusion of the other provisons of the act since the wording of the section starts with ‘Notwithstanding anything contained in any other provisions of the act ‘ The power of survey can be exercised by the following U/A 133A: 1. A Commissioner 2. A Joint Commissioner 3. A Director 4. A Joint Director 5. An Assistant Joint Director 6. A Deputy Director 7. An Assessing officer 8. A Tax Recovery officer 9. An Inspector of Income Tax An Income Tax authority is empowered under section 133A to: enter any place within the limits assigned to him or the place occupied by any person in respect of which he exercises jurisdiction or the place in respect of which he is authorized by such an income tax authority, who is assigned the area in which such place is situated or who exercises the jurisdiction in respect of any person occupying such place. Survey u/s 133A can be conducted only at the business premises of the person concerned. No survey can be conducted at the residential premises unless the residential premises are shown to as the business premises by the assessee concerned. Moreover if the assessee has stated that any stock or books of accounts or cash related to business is kept at his residential premises survey proceedings can also be extended to such residential place. Its not necessary that the survey is only conducted at the principal place of business, it can be conducted simultaneously to all branches of business premises concerned. Since the power of Survey is limited to the business premises only therefore the survey can be conducted only during business hours i.e after sunrise and before sunset. However the survey proceedings started before sunset can be continued till after sunset. Survey proceedings can not be initiated on holidays festive days when the business premises are closed. The question arises wheather the premises of a Tax advocate or Chartered accountant can be inspected for the purpose of survey proceedings of the assessee. It is submitted that the Tax professionals stands in a fiduciary relationship with their clients. In view of explanation to section 133A(1) if the assessee states that his books of accounts or any part of cash, stock or valuable articles are kept at any other place then the income tax authority can survey that place but that too only for limited purpose for obtaining information related to the assessee.. Thus if the assessee states that his books of accounts are kept at the tax professional premises then the premises of the tax professional can also be inspected but only for the limited purpose for obtaining information regarding the assessee concerned. The Income Tax authority can verify stock, cash, other valuable articles, books of accounts and documents lying in the business premises of the assessee. The income Tax authority can also place marks of identification on books of accounts or other documents and can take copies therefrom. However no seizure of cash stock or valuable articles can be made during the cource of survey. But the income tax authority can impound books of accounts after recording the reasons for the same. The impounded books of accounts can be kept only for 10 days after which he has to get approval of the chief commissioner.The statements of the persons working in the business premises can also be recorded during the cource of survey. It is generally seen that the survey party always try to record a confessional statement of the assessee so that income can be made surrunderred. But such a statement recorded under pressure can be retracted and the assessee can file a declaration to that effect afterwards. Since the statement recorded U/S 133A(3)(iii) is not recorded on oath it doesnot have evidentiary value. Certain following things should be kept in mind before making any confessional statement: Whether any evidence has been found or will be found at a later stage regarding concealment of income The provisions of section 40-A(3), 269SS, 269T etc should be kept in mind before making any confession. If the income surrendered relates to current year then it would be liable to interest only as no concealment of current year’s income can be established since no return is being filed for the current year. But if the income surrundered is declared as the income of previous years regarding which the return has already been filed it may attract penalty proceedings since it would amount to concealment of income. If there is any difference between the value of stock recorded by the income tax authority and the value of stock recorded in books of accounts and wheather such difference is explanable The last and most important thing is that one should not panic when survey party enters the business premises. One thing should be kept in mind that the income tax authorities donot have any personal grudges against the assesses. The authorities do their work and they should be cooperated. The presense of a tax professional can be of great help to both the assessee and the authorities Non cooperation with the survey party may result in adverse. Whereas the cooperation with the authorities might result in wining leneant behaviour from the taxman
Four Imp Verdicts Of Supreme Court + ITAT On Concept of Interest, S. 271B/ 44AB Penalty And S. 147 Reopening
State Bank of Patiala vs. CIT (Supreme Court)
S. 2(7) Interest-tax Act: Right to charge overdue interest on discounted Bills of Exchange is not “interest” as it does not arise on account of delay in repayment of any loan or advance. The right arises on account of default in the payment of amounts due under a discounted bill of exchange
Section 2(7) itself makes a distinction between loans and advances made in India and discount on bills of exchange drawn or made in India. It is obvious that if discounted bills of exchange were also to be treated as
Whether passing of title in goods is critical determinative factor to decide question whether franchisee was acting as agent or working on principal to principal basis - YES: ITAT
THE issue is - Whether passing of title in the goods is important and determinative factor for the question whether franchisee was acting as agent or acting on a principal to principal basis of the Assessee. YES is the answer.
Facts of the case
The assessee is a company engaged in the business of production and sale of milk, icecream
Thursday, November 19, 2015
FAQ ON SWACH BHARAT CESS.
A
very careful reading to the aforesaid section make it crystal clear that the
Swachh Bharat Cess is levied & collected as service tax and all the
provisions as to levy and collection of service tax on taxable service is
applicable to Swachh Bharat Cess.The Government, vide Notification No. 21/2015 – ST dated 06th
November, 2015 notified the levy of SBC on all taxable
services w.e.f 15th November, 2015. Besides vide issuance
of Notification No 22/2015 granted an
exemption in respect of Swachh Bharat Cess (hereinafter called SBC).
Refund - Notfn 41/2007 - Education cess paid on service tax by service providers is also to be refunded to appellants when export of goods is not in dispute - Appeals allowed with consequential relief: CESTAT
THE issue involved in all appeals is whether the appellants are eligible for the refund of education cess paid on the service tax in respect of port related services, technical testing and analyzing services.
The Commissioner (A) held that appellants are eligible for refund of service tax paid by the service providers but are not eligible for the education cess paid on the service tax by the
Impact of Amendments in Ch IV Rules by MCA on 6th Nov, 2015
We are aware that the MCA has on 6th November, 2015 notified the Companies (Share Capital and Debentures) Third Amendment Rules, 2015. The text of the said Rules may be viewed and downloaded using the following link
http://www.mca.gov.in/Ministry/pdf/Amendement_Rules_06112015.pdf
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