Nitin Shantilal Muthiyan Vs Deputy Commissioner of Income-tax Ahmednagar ITAT PUNE For claiming deduction under section 80E, there is no such stipulation u/s.80E of the I.T. Act that the education should be in India only. Had there been such an intention by the legislature it would have been definitely and
Foreign Tax Credit
Tax Credit refers to granting credit of taxes deducted at source while computing the tax paid by the recipient of income. The Income Tax Act provides relief mechanism for foreign tax credit for the treaty countries and non –treaty countries separately. Provisions of section 90(2) provides for foreign tax credit
Liberalised Remittance Scheme – Provisions Of FEMA
The legal framework for administration of foreign exchange transactions in India is provided by the Foreign Exchange Management Act, 1999. Under the Foreign Exchange Management Act, 1999 (FEMA), which came into force with effect from June 1, 2000, all transactions involving foreign exchange have been classified either as capital or
Service Tax On Reimbursable Expenditure – Paradox Rejuvenated
INTRODUCTION: Incurring of reimbursable expenditure by service provider during the course of providing his services and service receiver subsequently reimbursing them is the inevitable business expediency in certain service sectors. Inclusion of this expenditure in the value of taxable service for the purpose of paying service tax seems to be
Transfer Pricing Compliances For Intragroup Transactions
1. Transfer Pricing (‘TP’) continuous to be the most controversial areas in international tax and more particularly in India. It is reported that more TP disputes arise in India vis-à-vis all other countries put together. Opinions continue to differ in India on various aspects of transfer pricing ranging from what
Condonation Of Delay In Filing Refund Claim And Claim Of Carry Forward Of Losses
No Condonation for claim of refund or loss shall be entertained beyond six years from the end of the assessment year for which application or claim is made. The limit of six years is uniform for all authorities considering the application or claim. In case where refund claim has arisen
Companies Amendment Act, 2015 [No.21 Of 2015] – A Review
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All are aware that on the pretext of ease of doing business in India, some amendments were proposed to the Companies Act, 2013 and the said amendments were approved by the Union Cabinet on 02.12.2014. The said Amendment Bill was placed in the Lower house (Lok Sabha) of the Parliament
Exemptions To Private Limited Companies
All are aware that the Companies Act, 2013, came in to effect from 12.09.2013, and most of the working provisions came in to force with effect from 01.04.2014. In comparison with the Companies Act, 1956, though the number of sections have reduced in the Companies Act, 2013, it is mostly
Change In Service Tax Rate – Section 67A Vs Rule 4 of Point of Taxation Rules
Introduction: Finance Bill, 2015 has proposed to increase the service tax rate to 14% by amending Section 66B. The said bill has received President’s assent on 14/05/2015. The increased rate is going to be effective from 01.06.2015. As there is a change in rate of tax, the applicability of new
Procedure For Response To Arrear Of Demand By Taxpayer And Action Of The Assessing Officer
The CBDT Vide Instruction No. 4 of 2014 prescribed Standard Operating Procedure (SOP) for Verification 2 and Correction of Demand available or uploaded by AO in CPC Demand Portal. Online facility has been provided to taxpayers to provided online responses to such demands. Action to be performed by the taxpayer: