Allowability of foreign taxes paid as business expenditure under the Income-tax Act, 1961 – A possibility ?

The Indian economy, for a considerable period, has been a captivating investment destination for various multinational corporations.The Indian economy, for a considerable period, has been a captivating investment destination for…

Continue ReadingAllowability of foreign taxes paid as business expenditure under the Income-tax Act, 1961 – A possibility ?

Activity of right to use goods where its possession is given with effective control over work-wears is liable to VAT and not ST: CESTAT Chennai

EXCISE/ST/VAT : Renting/leasing of work-wear to clients would not amount to Supply of Tangible Goods supply service so as to attract levy of Service TaxEXCISE/ST/VAT : Renting/leasing of work-wear to…

Continue ReadingActivity of right to use goods where its possession is given with effective control over work-wears is liable to VAT and not ST: CESTAT Chennai

Disturbing loss figure as accepted in scrutiny is beyond scope of Sec. 154 rectification amp; Sec. 263 revision : ITAT

INCOME TAX : PCIT 's revision order u/s 263 is to be quashed where it is time-barred and is in respect of a rectification order passed by AO u/s 154…

Continue ReadingDisturbing loss figure as accepted in scrutiny is beyond scope of Sec. 154 rectification amp; Sec. 263 revision : ITAT

Compliance requirement of Limited Liability Partnership and Consequences of non-compliance

Limited liability partnership (LLP) registration is administered by the Ministry of Corporate Affairs, Government of India, through the office of the Registrar of Companies.Limited liability partnership (LLP) registration is administered…

Continue ReadingCompliance requirement of Limited Liability Partnership and Consequences of non-compliance

SEBI requires Stock Exchanges/Depositories/Clearing Corporations to disclose complaints against them on websites

In order to bring transparency in the Investor Grievance Redressal Mechanism, the market regulator SEBI has mandated all the Stock Exchanges /Depositories/Clearing Corporations excluding Commodity Derivatives Exchanges to disclose on…

Continue ReadingSEBI requires Stock Exchanges/Depositories/Clearing Corporations to disclose complaints against them on websites

CBIC instructs officers to allow TSPs to import wireless equipment based on Self declared DoT certificate

The CBIC instructed Customs officials to allow import of wireless equipment by Telecom Services Providers as per the certificate obtained on self-declaration basis from Saralsanchar portal of Department of Telecommunications…

Continue ReadingCBIC instructs officers to allow TSPs to import wireless equipment based on Self declared DoT certificate

HC slams AO for invoking extending limitation period of 4 year for reassessment on mere change of opinion

INCOME TAX: Mere 'change of opinion' does not entitle AO to reopen assessment even within the limitation period of 4 years specified in the first proviso of the pre-amended section…

Continue ReadingHC slams AO for invoking extending limitation period of 4 year for reassessment on mere change of opinion

Exemption from TDS u/s 194C can’t be denied even if payer didn’t furnish transporter details in Form 26Q

INCOME TAX : Where assessee had furnished copies of PAN along with copies of invoices of transportation bill comprising complete address of transporter, phone no. and complete particulars of goods…

Continue ReadingExemption from TDS u/s 194C can’t be denied even if payer didn’t furnish transporter details in Form 26Q