3 November, 2015
The Joint Committees on Business Processes for Goods & Services Tax (GST), set up by the Ministry of Finance, have given their reports providing a broad outline of the processes to be followed in respect of registration, payments, refunds and in case of filing of returns under the proposed GST regime by the assessees.
15th November, 2013
Reinforcing, perhaps, the significance of finer distinctions in fact situations and observing that tax laws have to be interpreted at times with a touch of equity, the Delhi High court in DIT –I v. Alcatel Lucent held that interest under Section 234 B of Income Tax Act was payable by the assessee, since tax was payable and neither payment had been made nor TDS deducted.
17 December, 2013
The Supreme Court of India has held that exercise of power by the Telecom Regulatory Authority of India (TRAI) under Section 36(1) of the Telecom Regulatory Authority of India Act, 1997 is not controlled or limited by Section 36(2) or Sections 11, 12 and 13.
The Apex Court held that in exercise of power under Section 36(1), TRAI can make regulations which may empower it to...
By Sumeet Khurana
Purpose of section 197
Provisions relating to deduction of tax at source (‘TDS’) do offer the government a good tool of efficient tax recovery but unless counterbalanced with a measure like Section 197, can become a weapon of oppression. Thus, to ensure that taxpayers who don&rs...
By Rajat Juneja
Multi-national enterprises (MNEs) do make monthly provision for various expenses in their ERP system at the end of each month. This might be a nearer approximation of the expenditure to be incurred. It is a method of generating a debit entry in the accounting system for an expendi...
By Rajat Juneja & Sumeet Khurana
Tax reforms can play a decisive role in supporting growth, by removing distortions, enhancing transparency and ensuring certain level of stability in the area of international taxation. Indian economy has grown at an impressive pace over the past couple of decades as a result of wide-ranging structural reforms however lack of a stable tax regime h...
By Chetan Agrawal & Tushar Aggarwal
The Supreme Court in the case of Larsen & Toubro Limited & Anr v. State of Karnataka & Anr.[ see end note 1] (hereafter referred to as ‘judgment’) has re-affirmed and upheld the legal position earlier taken by the Division Bench of the Supreme Court in the case of K. Raheja Development [ see end note 2 ]. Further, the Supreme Court upheld the Constitution...
Institute of Business Laws, in association with Lakshmikumaran & Sridharan, will be organising seminar series on ‘Receipts & Payments in Cross-border Transactions – Implications under POPS, RCM & TDS Provisions’, from 18 September, 2015 to 29 September, 2015 in three cities namely Bangalore, New Delhi & Chennai to guide CFOs, VPs, GMs of all business...
Capital gains from transfer of shares held in an intermediary company, by a non-resident not having tax presence in India to another non-resident, not taxable in India - Supreme Court
21st January, 2012
The Hon’ble Supreme Court set aside the order of the Bombay High Court in the ‘Vodafone’ case and held that that the sale of shares of CGP Investments (Holdings) Ltd., by Hutchison Telecomm...
Merger of business entities not implies any automatic merger of licences or approvals held by the merging entities. This article in "Corporate Amicus" discusses a recent Delhi High Court order on the subject which also talks of jurisdiction of Telecom Dispute Settlement and Appellate Tribunal (TDSAT). Ministry of Corporate Affairs has asked specified companies to file balance sheet and profit &...
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