Three Imp Verdicts On Transfer Pricing, Taxability Of Software As Royalty And S. 50C Capital Gains

Shell Global Solutions International BV vs. DDIT (ITAT Ahmedabad)

Interplay between Article 9 of the DTAA and Transfer Pricing law in the Act explained. While Article 9 is an enabling provision, the TP mechanism under the domestic law is the machinery provision. There is no occasion to read Article 9 as confined to enabling ALP adjustment in respect of only domestic entities. The mere fact that the OECD Commentary etc give examples related to economic double taxation situations does not imply that the Article 9 (1) cannot be applied to other situations

Important Case Laws Relating To Taxability Of Black Money (Demonetisation) & Levy Of Penalty Thereon

1. S. 4: Income – Chargeable as – Assessee’s books actually showing a cash balance of above Rs.38,000 as on the day immediately preceding the date of demonetisation. – In the absence of material before the Tribunal, it could not have held that only 22 out of 28 high denomination notes  

Maharashtra Govt. releases 2013-14 Computerized Desk Audit reports; No Mate's receipt for containerized

MVAT:

Maharashtra Govt. releases Computerized Desk Audit (CDA) reports for the period 2013-14 after analyzing electronic data pertaining to e-Returns, audit reports in Form e-704 and annexures thereof uploaded by all dealers; Dealers can submit compliance electronically; Audit parameters, related tax liability and facility for entering interest payments have been made available to the dealer; Compliance should be made on or before December 20, 2016

Tax Due Date Reminder - December 2016

Sr No	Due Date	Related to	Compliance to be made
1	06.12.2016	Service Tax	Payment of Service Tax for the Month of November 2016
2	07.12.2016	TDS/TCS (Income Tax)	· Deposit TDS for payments of Salary, Interest, Commission or Brokerage, Rent, Professional fee, payment to Contractors, etc. during the month of November 2016. · Deposit TDS from Salaries deducted during the month of November 2016 • Deposit TCS for collections made under section 206C including sale of scrap during the month of November 2016, if any • Deliver a copy of Form 15G/15H, if any to CCIT or CIT for declarations received in the month of November 2016, if any
3	20.12.2016	VAT	Payment of VAT & filing of monthly return for the month of November 2016 ( TN, KAR & TEL).
4	15.12.2016	Income tax	Payment of Advance tax for the Corporate and Non Corporate assesses –Amount not less than 75% and 60% of advance tax respectively.

IBBI Notifies Insolvency Professionals Regulations 2016

I am pleased to share that the Insolvency and Bankruptcy Board of India has notified the following regulations on 23/11/2016: The same shall come into force from 29/11/2016. 

Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 

http://www.mca.gov.in/Ministry/pdf/IBBIRegulation_25112016.pdf

The above regulations also consists of stipulations pertaining to Registration of Insolvency Professionals (Members of ICAI/ICSI/ICMA/Bar Council etc) and Insolvency Examinations.

For viewing and downloading the complete set of notifications pertaining to the Insolvency and Bankruptcy Code, 2016 till date, one may use the following link:

http://www.mca.gov.in/MinistryV2/insolvency+and+bankruptcy+code.html

HAPPY DHANTERAS

Assistance required for handling Income Tax Notice.

In case you are in receipt of any income tax notice and you are looking for any assistance to deal with income tax department in this respect, then you can avail our professional services in this regard. Please sent  your request to taxbymanish@yahoo.com or call us at 81053-69696.

Assistance required for handling Income Tax Notice.

In case you are in receipt of any income tax notice and you are looking for any assistance to deal with income tax department in this respect, then you can avail our professional services in this regard. Please sent  your request to taxbymanish@yahoo.com or call us at 81053-69696.

Top Searched Post of TAX OF INDIA last week.

Hi

Given below the links of few most searched articles.

https://taxofindia.wordpress.com/2015/11/26/what-is-an-aop-i-e-association-of-person-under-income-tax-act/

https://taxofindia.wordpress.com/2015/11/26/what-is-an-aop-i-e-association-of-person-under-income-tax-act/

https://taxofindia.wordpress.com/2015/11/26/understanding-taxation-of-trust-in-india/

https://taxofindia.wordpress.com/2015/11/28/deemed-dividend-a-detailed-analysis-of-section-222e-of-the-income-tax-act-1961-and-its-legal-implication/

https://taxofindia.wordpress.com/2016/05/03/fedai-circular-issuance-of-foreign-inward-certificate-firc/

https://taxofindia.wordpress.com/2015/11/26/form-16-form-16a-latest-pdf-generation-utility-ver-1-3l-download-from-tdscpc/


Please subscribe  your e mail ID to https://taxofindia.wordpress.com/ to get all latest updates on tax.

Also please whatsup me at 8970769696 to join the whatsup group.

Jai Hind.

Assistance in handling Income tax notice

In case you are in receipt of any income tax notice and you are looking for any assistance to deal with income tax department in this respect, then you can avail our professional services in this regard. Please sent  your request to taxbymanish@yahoo.com or call us at 81053-69696.

TAXBYMANISH NOW HAVING 2 MILLION HITS

Dear Patron

Jai Hind.

Its just before the 5 year ago, on the Independence day only,  a revolution was being started to share the knowledge on tax  in the name of TAXBYMANISH.BLOGSPOT.IN and today because of your kind support and love the effort started 5 years ago  had crossed 2 Million Hits.  The blog now is having more than 6000 post and being accessed all over the world and  able to assist tax professionals with updating tax knowledge.

The blog now continuing its tax knowledge sharing services now in fresh and advance portal at https://taxofindia.wordpress.com/       and  within  a short span of time having thousands of followers.   You too can register your email at the portal to get daily tax alert which will keep you updated with tax knowledge.

Also we are thankful to all of you for your kind response towards all the E- books published by us in the last couple of years.  The books published by us are very much assisting tax professionals in their routine compliance and advisory work. In case you want e book of our publication, please drop an email at taxbymanish@yahoo.com. 

We once again thankful  to you for your blessings and support which help us to reach such a milestone. 

Jai Hind. 

HAPPY INDEPENDENCE DAY.

CELEBRATING 700TH POST OF TAX OF INDIA.

https://taxofindia.wordpress.com/2016/06/23/arrest-of-tax-defaulters-cbdt-clarifies/

Revised India Mauritius DTAA Agreement.

Click the link below to read the complete article.


https://taxofindia.wordpress.com/2016/05/11/revised-india-mauritius-dtaa-agreement/

Changes in the Finance Bill 2016 as passed by the Lok Sabha

Please click the link below to get the access to complete article.


https://taxofindia.wordpress.com/2016/05/05/changes-in-the-finance-bill-2016-as-passed-by-the-lok-sabha/

Procedure for TCS/ TDS return filing in the ITD e-filing portal

The new change of E TDS return is very important.  Please click the link below.




https://taxofindia.wordpress.com/2016/05/05/procedure-for-tcs-tds-return-filing-in-the-itd-e-filing-portal/

India Taxes- Due Date Alert for the month May 2016

To read the duel date please click the link below


https://taxofindia.wordpress.com/2016/04/29/india-taxes-due-date-alert-for-the-month-may-2016/

Tax Saving Proof required from Employee

To read the latest  circular please click the link below.


https://taxofindia.wordpress.com/2016/05/03/tax-saving-proof-required-from-employee/

Understanding Turnover exemption u/s 10A of the Income tax act, 1961.

In respect of claim of exemption u/s 10A, 10AA & 10B, still there is lot of confusion is there between taxpayer and the tax officer. Given below chart based on the latest judicial pronouncement will help to reduce such confusion. 

SN	Items	Included in Turnover	Excluded in Turnover
1	Foreign currency transactions	CIT v. Tata Elxsi Ltd. 382 ITR 654
2	Income from sale of scrap, export incentives, interest income and gains on exchange rate fluctuation	Wipro Ltd. v. Deputy CIT 382 ITR 179  Watson Pharma P. Ltd. v. Deputy CIT VOL 37 PG 97 GE BE P. Ltd. v. Asst. CIT 371 ITR 32
3	Only freight, telecommunication charges or insurance attributable to delivery of computer software outside India or expenses incurred in foreign exchange in providing technical services outside India to be excluded from total turnover. Also Travelling expenses.		CIT v. Hewlett Packard Global Soft Ltd 381 ITR 99   Aptean Software India P. Ltd. v . ITO VOL 41 PG 246   Cypress Semiconductor Technology India P. Ltd. v. Deputy CIT VOL 39 PG 468   Tektronix Engineering Devt. India P. Ltd. v. Deputy CIT VOL 39 PG 212   ACIT v.Think Soft Global Services (P.) Ltd 34 ITR 633
4	Lease line charges excluded from export turnover--To be excluded from total turnover		Sun Life India Service Centre P. Ltd. v. Deputy CIT-VOL 43 PG 511
5	Travelling expenses incurred in foreign currency to be reduced both from export turnover and total turnover		iNautix Technologies India P. Ltd. v. Asst. CIT -          VOL 42 PG 324 McAfee Software (India) P. Ltd. v. Dy. CIT VOL 40 PG 574
6	Expenses excluded from export turnover to be excluded from total turnover		Deputy CIT v . WS Atkins India P. Ltd. VOL 41 PG 397   Dy. CIT v . Timken India Manufacturing P. Ltd. VOL 41 PG 208   e4e Business Solutions India P. Ltd. v . Dy. CIT VOL 41 PG 90   Torry Harris Business Solutions P. Ltd VOL 40 PG 256
7	Profits arising out of fluctuation of rates of foreign exchange--Form part of export turnover-	Universal Precision Screws v. Asst. CIT VOL 38 PG 233
8	Sale of scrap--Proceeds not includible in turnover		Universal Precision Screws v. Asst. CIT VOL 38 PG 233

 

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