The concept of draft assessment order and final assessment order is an interesting concept to study under the Transfer Pricing (for brevity ‘TP’) Regulations. Under the old provisions of the Income Tax Act, 1961 (for brevity ‘ITA’), the concept of passing of draft assessment order was limited to transfer pricing
Job Work – Certain Issues
One of the main reasons that goods and services tax (for brevity ‘GST’) laws were introduced is to bring numerous indirect legislations under one single law to the extent possible. By doing this, the service tax law, excise law and value added tax law have repealed and subsumed into GST
Issue of Debentures vis – a-vis Actually Paid – Section 43B – Supreme Court Decision in MM Aqua Technologies Limited
Claiming of a deduction in respect of expenditure which are covered under Section 43B is always a discussion point at various appellate fora. Section 43B was introduced into the Income Tax Act, 1961 (for brevity ‘ITA’) through the Finance Act, 1983, making it effective from April 01, 1984. The primary
Where does this ‘road’ lead to? – Taxability on Annuities – HAM Projects
The construction of road is quintessentially a primary infrastructure and boost to the national infrastructure. The construction of road and maintenance thereof, is one of the important factors to boost the national income and economic productivity. The taxation of construction of road under the service tax regime was completely exempted
Resident Welfare Associations – Exemption under GST – Madras High Court Rules in favour of RWA
The birth of Resident Welfare Association (for brevity ‘RWA’) is guided by Section 11(4)(e) of Real Estate (Regulation & Development) Act, 2016. The said section mandates that promoter should enable the formation of RWA under the local laws. In absence of such local laws, the section mandates that RWA must
Payment Of Income Vs. Treaty Protection – Morgan Stanely – Classic Case Of Treaty Interpretation Of Dtaa
In this article, we get to one of the recent interesting judgment in the arena of international taxation. The judgment is authored by Honourable Vice President, Mr Pramod Kumar of Mumbai ITAT[1]. As a student and learner of International Taxation, I would never miss reading a judgment of Mr Pramod
Partner vis-à-vis Capital Gain – Version 2.0
In our earlier version on the captioned subject matter, we have extensively dealt with taxation in the hands of the firm and the partners at the time of admission or dissolution and connected issues therein. We have framed four issues and tried to answer them with the help of judicial
Copyright – Reproduction v. Usage – Much Awaited Judgment of Decade – Engineering Analysis Centre of Excellence Private Limited
This article is on one of the vexatious issues of taxation on the software payments made by residents to non-residents. The said issue was put to an end by the Honourable Supreme Court in the matter of Engineering Analysis Centre of Excellence Private Limited[1] (for brevity ‘EAC’) in favour of
All About Section 194Q, Higher Rates of Tax and Issues Thereof
Section 194Q – An Interceptor to TCS under Section 206C (1H): We all know that through the Finance Act, 2020, a new clause (1H) has been inserted to Section 206C for collection of tax at source in order to bring-in certain transactions in respect of sale of goods under the
Blocked Credit on Free of Cost Supplies – The Gloomy Picture and a Glimmer of Hope
Introduction: One of the objectives for implementation of GST in India is to ensure seamless flow of credit among business to shift the entire tax burden to ultimate consumers of the supply. In line with this objective, Section 16(1) of the CT Act[1] facilities input tax credit (‘ITC’/’Credit’) availment by