Chartered Accountants
-By CA Vivek Newatia
-By CA Puja Borar
Section 14A introduced by the Finance Act 2001 with retrospective effect from 1st April 1962 has been one of the most litigated provisions with different courts interpreting it differently. The Section provides for disallowance of such expenditure which is incurred in relation to income which does not form part of the total income.
– By Team S.Jaykishan
The Union Budget for the year 2016-17 was presented by the Finance Minister in the parliament on 29thFeb 2016.The Government has announced a series of measures to reduce litigation and rationalisation of tax proposals. The nine point agenda mentioned in the budget speech is a welcome move.The Government is set to introduce a framework for Base Erosion and Profit Shifting (BEPS), a global agreement to check tax avoidance by multinationals, making it difficult for the MNCs […] Read More >>
– By Team S. Jaykishan
The Union Budget for the year 2015-16 was presented by the Finance Minister in the parliament on 28th Feb 2015. This being the first full budget by the new government, expectations were running high. Significant announcements were made by the Hon’ble Finance Minister in his speech. He emphasized on curbing black money generation and coming down heavily on tax evaders. Emphasis was given on stability of tax regime and clear focus was seen on promoting […] Read More >>
– By CA Niketa Agarwal
Ind AS–Indian Accounting Standards converged with International Financial Reporting Standards (IFRS) has now become a reality. Soon after the revised roadmap for implementing Ind AS was announced in January, 2015, the MCA through notification dated 16th February, 2015 issued the Companies (Indian Accounting Standards) Rules, 2015 (Rules) which lays down a roadmap for companies other than insurance companies, banking companies and non-banking finance companies (NBFC) for implementation of Ind AS converged with […] Read More >>
– By CA Puja Borar
Residents in India acquire the services of non-resident agents for canvassing of overseas contacts, for export of their products and/or for the provision of ancillary support services etc. Commission is paid to the non-resident agents in lieu of the services rendered by them. The chargeability and deduction of tax on such payments has been a controversial subject. This article intends to discuss the issue in the light of […] Read More >>
– By CA BK Newatia
Right from its inception, the scope of section 14A of the Income Tax Act, 1961 has been a subject matter of controversies and litigation between the tax payers and the tax collectors. One of the issues, surrounding disallowance u/s. 14A, is the possibility of disallowance of an expenditure in the hands of a dealer of shares and securities, who holds such shares and securities […] Read More >>
– By CA Puja Borar
The CBDT announced Income-tax (Third Amendment) Rules, 2015 to prescribe the conditions, procedure and manner for such roll back mechanism, namely, Rules 10MA and 10RA, vide S.O. 758(E) dated 14th March, 2015. Subsequent to the notification of the rules, requests for clarification regarding certain issues have been received in the CBDT. The CBDT therefore issued FAQs vide Circular No. 10/2015 dated 10th June, 2015, clarifying certain issues.The salient features of […] Read More >>
– By CA Vivek Newatia, CA Puja Borar
As per the provisions of Section 145, Income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” shall be computed in accordance with either cash or mercantile system of accounting regularly employed by the assessee.
The Central Government has been empowered by the provisions of sub-section 2 of Section 145 to notify the Income Computation and Disclosure Standards for any […] Read More >>
– By CA Puja Borar
the provisions of sub-section (6) of section 195 of the Act have been amended vide the Finance Act, 2015 w.e.f 1st April, 2016 (i.e. AY 2016-17) to provide that the person responsible for paying any sum, whether chargeable to tax or not, to a non-resident, not being a company, or to a foreign company, shall be required to furnish the information of […] Read More >>
– By CA Puja Borar
The Finance Act, 2012 bought about a number of transfer pricing amendments, specifically the extension of the transfer pricing provisions to specified domestic transaction. Several key issues pertaining to the same have been discussed herein