TAX BY MANISH: HAPPY CA DAY

Monday, 1 July 2013

HAPPY CA DAY

Dear All,

Today is CA DAY and we are very proud to be associated with such a great profession.

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Bombay High Court Clarifies Tax Exemption Eligibility for Venture Capital Funds

In a significant ruling, the Bombay High Court has reaffirmed that a Venture Capital Fund (VCF) registered with SEBI is entitled to claim ...

UNDERSTANDING TAX ON SLUMP SALE WITH LATEST CASE LAWS

Slump sale is transfer of one or more business undertakings for a lump sum consideration, without assigning individual values to the each...
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Consideration for services of seconded employees is liable for deduction of tax at source in view of existence of a service PE

Facts  Centrica India Offshore Private Limited (CIO), an Indian Company, is a wholly owned subsidiary of Centrica Plc, UK  Centrica Plc a...
General Provisions of Tax Audit U/s. 44AB

The Tax Audit season has started and it’s the time when the Assessees rush to their Chartered Accountants (CA) to get their Tax Audit d...
S. 50B: “Slump Sale” Need Not Be A “Sale”. All Slump Transfers Are Covered

SREI Infrastructure Finance Ltd vs. ITSC (Delhi High Court) The assessee entered into a scheme of arrangement u/s 391-394 of the Compani...
Section 40(a)(ia) applies only to the amounts “payable” as on balance sheet date and not to the amounts already “paid” during the year.

Facts  The taxpayer, a partnership firm, derived income from the business of handling and transport of ship containers, customs clearing a...
S. 40(a)(ia): Special Bench verdict cannot be followed in view of High Court verdict

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Domestic Broadband charges & Lease Line charges now covered under TDS

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Service tax paid on taxable services used for export of goods at the post-manufacture stage — electronic refund through the Indian Customs EDI System -- Notification 52/2011-ST – review -- regarding.

F.No.354/66/2011-TRU Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs...
S. 40(a)(ia) TDS Disallowance applies only to amounts “payable” as at 31st March and not to amounts already “paid” during the year

M/s. Merilyn Shipping & Transports vs. ACIT (ITAT Visakhapatnam Special Bench) The assessee incurred brokerage expenses of Rs.38....