By Iype Mathew

Introduction

India is now poised to introduce its biggest indirect taxes reform by launching the Goods and Services Tax regime. GST when introduced will usher in a nationwide common market which is expected to be less intrusive, compliance friendly, and self-policing in nature. The passage o...

By Lakshmi Pavan

Recently, the Central Board of Direct Tax (‘CBDT’) has issued a notification [see end note 1] notifying Rules [see end note 2] for granting of Foreign Tax Credit (‘FTC’) to resident taxpayers on income earned in foreign jurisdiction (hereinafter referred as ‘foreign income’). Before, notifying ...

By Dr. G. Gokul Kishore

At the time when this article is being written, the air is thick with optimism and hope that Constitutional Amendment Bill on Goods & Services Tax (GST) will be passed by the Rajya Sabha in this monsoon session itself. It appears that the government is inclined to accept certain amendments and therefore, if it is passe...

By Iype Mathew

India is now poised to launch the next generation reform on the indirect tax front. Fiscal policy experts and economists have confirmed that a comprehensive and broad based consumption tax on supply of goods and services, collected at each stage of value added within the supply chain, is the best method for levying and collecting indirect ...

By Gayatri Sridharan

A brief critique of the judgement of Kolkata bench of the Income Tax Appellate Tribunal in the case of Tapas Kumar Bandopadhay vs DDIT [2016]70 taxmann.com50(Kolkat-Trib)

The new era of the global citizen or the peripatetic Indian brings with it its unique problems at the level of taxation. The Income Tax Act,...

By S.Sriram

The Double Taxation Avoidance Agreement (‘DTAA’) entered into by India with Mauritius on 24^th August, 1982 and made effective from 1^st April, 1983 was the first of its kind wherein the right to tax the capital gains arising to a resident of Mauritius from transfer of shares of an Indian company was completely ...

By Lakshmi Pavan

Background
 
Last year, the Indian Government introduced a scheme for voluntary declaration of undisclosed foreign income and assets for resident taxpayers under the Black Money Act. A similar scheme is proposed by the Finance Bill, 2016 referred as ‘Income Declaration Scheme, 2016’ (&lsquo...

By Sumeet Khurana

Introduction

With the Finance Bill 2016, the penalty regime in income-tax law is proposed to undergo a major overhaul. Earlier system provided for a levy of penalty, for concealment of income or furnishing inaccurate particulars of income, of an amount between 100% to 300% of the tax sought to be...

By Varun Chablani

The Government of Tamil Nadu has brought out certain amendments to the Tamil Nadu Value Added Tax Act 2006 (‘the Act’) and the Tamil Nadu Value Added Tax Rules, 2007 (‘the Rules’), with effect from 29th January, 2016 [see end note 1].  From a holistic reading of the amendments it is clear that the legislatur...

By Sharanya Mishra and Yogendra Aldak

Swachh Bharat Cess (“SBC”) proposed at the “rate of 2% on all or any services” in Budget Speech on 28th February 2015, was notified vide Notification No. 21/2015-ST and Notification No. 22/2015-ST both dated 6th November 2015 for imposition from 15th November 2015 onwards “just ...

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  Aayush Singla

In the case of State of Punjab v. Nokia India Pvt Ltd (2014-VIL-23-SC), the Supreme Court held that battery charger of a cell phone is not a composite part of the cell phone but only an accessory and is an independent product. Hence, battery chargers sold along with cell phones were held to be assessable ...