Introduction: Whether the credit accumulated in the last returns filed under the previous regime can be taken to electronic credit ledger in terms of section 140 of the CT Act [1] by filing TRAN-01 even after the time limit prescribed under Rule 117 of the CT Rules [2] has been subjected to
The Vires, Right & Retrospectivity – Transitional Credit
Introduction: Claim of credit accumulated in the returns of erstwhile regime under GST [1] regime by filing TRAN-01 return i.e. transitional credit is subject to vexatious litigation as many of the taxpayers failed to meet the due date prescribed in Rule 117[2]. The reasons for not meeting the due date are
Role of Deeming Fiction in Domestic Legislation vis-à-vis Tax Treaty – An Exposition by UK Supreme Court in Fowler’s Judgment
In a recent judgment of Fowler v. Her Majesty’s Revenue and Customs[1], the Supreme Court of United Kingdom had an occasion to deal with the role of deeming fiction in the domestic legislation and their applicability in the context of tax treaties. The said judgment elucidates certain important aspects which
Partner vis-à-vis Capital Gains
The taxation when a personal asset is contributed as capital to a partnership firm and the taxation of amounts received when the partner retires from the firm or the firm dissolves is quite a complex one and no straight answers can be found. There are conflicting judgments on the said
Indirect Transfers 2.0 – Study on Taxability of Gain on Alienation of Shares
Opening Remarks: The acquisition of Flipkart by Walmart has attained considerable attention of media. The deal is to the tune US $ 16 Billion, making Flipkart as most valuable e-commerce marketplace in India. Now that the deal is done, the tax considerations/issues surface, one-after the other, the first being the
Tax Collection at Source – Sale of Goods
Finance Act, 2020 with an intention to widen and deepen the tax net has expanded the scope of provisions of tax collection at source for sale of goods. The obligation to collect tax at source is applicable only for specified sellers when sales were made to specified buyers, which are
Article On Special Measures By The Ministry Of Corporate Affairs, In View Of Covid-19 Outbreak
In view of the outbreak of COVID-19, protection and safety of the lives, is the utmost priority, and compliance of the law is secondary, and in this regard, to support and enable Companies and LLPs in India, to address the threat and economic disruptions caused by COVID-19, the Ministry of
Conduct Of Board Meeting And General Meetings Amidst Covid-19
An attempt is being made to list out on the provisions relating to the conduct of the Board and General Meeting, and relaxations by the Ministry of Corporate Affairs relating thereto. BOARD MEETINGS: All are aware that Section 173 of the Companies Act, 2013, prescribes, the manner in which the
Treatment of Gain/Loss on Foreign Exchange Fluctuations – Income Tax Perspective
The increase in global trade and dependency on the foreign capital for the purposes of conduct of business in India has led to various transactions with the entities which are situated outside India. The business is conducted with such entities in the foreign currency unlike the Indian currency which is
A Deep Dive into the Place of Supply of Scientific Research, Testing and Analysis Services
Introduction: Ever since the introduction of negative based taxation effective from 01.07.2012 under the pre-GST era, the cross-border services by way of scientific research, technical testing or analysis services have undergone huge litigation as to whether these services are to be considered as exported services or not. The issue remained