Introduction: At present, cross border services received by any individual or by Government or local authorities which are not in relation to business or commerce are exempt from service tax. Online database, access or retrieval services (hereinafter referred to as ‘OIDAR services’) provided by entities located outside India are not
Movement Of Credits To GST – Section 167- Certain Issues
The movement from existing regime to GST regime is gaining certainty with passing of each day. The recent council meetings give a sense of hope that the law shall be made effective from April, 2017. With GST around the corner, we would like to dwell upon on one of the
Highlights Of Taxation Laws (second Amendment ) Bill 2016
The Bill was introduced to amend the Income-tax Act, 1961 and the Finance Act, 2016. The below are the changes proposed vide the amendment bill: Amendment to provisions of Section 115BBE (W E F 01-04-2017); Proposed to amend the applicable tax rate in relation to income referred to in
Managing Compliance Risk
Today the scope of compliance is much broader and its impact on business far greater than ever before. Despite greater regulation and the risk of noncompliance, some companies may not be taking their responsibility for identifying and managing compliance risk particularly seriously. Organisations should Identify, prioritize, and assign accountability for
Transfer Pricing – Revised Guidance Note -ICAI 2016 Key Highlights
Post budget 2012 and after introduction of part C in form 3CEB, ICAI had revised the guidance Note on Sec 92E (August 2013) and since then there have been various developments in TP Provisions like notification of safe harbour rules, notification of provisions/rules for Advance Pricing Agreement (APA) roll back
Understanding ‘Govermental Authority’
From the title of the article, it is clear that entire discussion is relating to understanding of ‘Governmental Authority’ prior and post to the judgment of Honourable High Court of Patna in the case of Shapoorji Paloonji and Company Pvt Limited. Before going into the discussion, let us try to
Rationalisation Of Section 50C
Legal Background:- Section 50C of the Income Tax Act, 1961 was inserted by Finance Act (“FA”) 2002 w.e.f 01-04-2003. It provides that where the consideration received or accrued as a result of transfer of capital asset by the assesee being land or building or both is less that value
Fraud – Prevention, Detection & Control
Definition of Fraud The term ‘fraud’ commonly includes activities such as theft, corruption, conspiracy, embezzlement, money laundering, bribery and extortion. Even in a rapidly changing business environment with emerging technologies and constant challenges, at the core of every organization is its employees — those carrying out operations, executives, administrative personnel,
Overview Of Converting Companies Having FDI INTO LLPS
In continuation of its thrust on liberalizing the economy, bringing more funds into India and creating employment, the Central Government has announced key amendments in the FDI policy by Press Release dated 12th November, 2015 followed by Press Note No. 12/2015, dated 24th November, 2015 (“Press Note”)[Please refer detailed coverage
Transfer Pricing – Form 3CEB
The Finance Act, 2001 introduced Transfer Pricing Regulation in India by substituting existing Section 92 of the Act and introducing new sections 92 to 92F w.e.f April, 2001 (from AY 2002-03). Rule 10A to 10E with reference these sections 92 have been notified subsequently. Transfer pricing provisions were earlier restricted