HC : Reverses AAR, Formula One Championship circuit constitutes fixed-place PE

Delhi HC reverses AAR order in the case of Formula One World Championship Ltd. (‘FOWC’ / ‘assessee’, a UK tax resident Company), holds that assessee constituted a fixed place PE in India under Article 5(1) of India-UK DTAA through the international

Whether disallowance of prior period expenditure is jutified, when same was accepted and allowed for previous years in case of other assessee's - NO:HC

THE ISSUE IS - Whether disallowance of prior period expenditure is jutified, when the same was accepted and allowed for previous years in case of other assessee's. NO IS THE VERDICT.

Facts of the case:

Whether Section 50C can have retrospective application in case of transfer of property prior to Oct 01, 2009 - NO: ITAT

THE ISSUE IS - Whether Section 50C of I-T Act can have retrospective application in case of transfer of a property, if the transfer was made prior to Oct 01, 2009. NO IS THE ANSWER.

Facts of the case:

Latest e-Hand Book on Revised GST Law

The Central Government is targeting to implementation the new indirect tax system w.e.f. April 1st, 2017, its called GST.

"The revised drafts of the Model GST Law, iGST Law, GST Compensation Law have been uploaded on our website (Central Board of Excise and Customs). These laws will be considered by the GST Council on December 2-3 and finalized,"

The revised drafts of three Goods and Service Tax laws have been released after incorporating suggestions from stakeholders, the government said on Saturday. These will now be placed before the Goods and Services Tax Council in its next meeting on December 2 and 3.

Revised GST law containing :

• Revised Model CGST /SGST Law
• Revised IGST Law
• GST Compensation Cess Law
• GST Rules for registration, payment, return, refund and invoices.

To Download Latest Free e-Handbook on Revised GST Law Click Here

Tax Notices

In case you are in receipt of any tax notices and you are looking for professional assistance please contact us for the same via e mail at taxbymanish@yahoo.com.

Few Important Points on Revised GST Model Law.

Right from the beginning of talks relating to GST, we all were hoping that with the introduction of GST, there will be “One Nation, one Tax” or at least “One Nation, Few Rates”. But the actual scenario is quite different. GST Council has already decided that there will be 4 rate slab i.e. 5%, 12%, 18%, and 28%. In addition to this there will be a new cess with the name “GST Compensation Cess” for first 5 years on some specified items. Now since government has come out with relevant draft law on this 26^th day of November, 2016, let’s understand this new levy of cess.

CBEC releases revised version of GST Model Law and new draft of State Compensation law

The Draft GST model law was released on June 14, 2016.On Nov. 26, 2016 the CBEC has released the revised version of draft GST model law after considering the suggestions of the stakeholders. It has also released the draft law for compensating the States. The Central Govt. would compensate the States for the revenue loss in the first five years of GST implementation.

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.

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Assistance in handling Income tax notice

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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/