Transfer of title without registration - Finance Bill 2017 addresses the dilemma
By Gayatri Sridharan
The Supreme Court in the case of Shoorji Vallabhdas reported in [1962] 46 ITR 144 (SC) held that “No doubt, the Income-tax Act takes into account two points of time at which the liability to tax is attracted, viz., the accrual of the income or its receipt; but the substance of the...
Dated: Feb 22, 2017
Preparing for transition to GST
By Hitesh Arora
GST being the largest indirect tax reform in Indian tax history is on the verge of implementation. Every business, small or big, will get impacted by GST. Amidst other changes in Indian economy, like demonetization, application of IND AS, changing business environment etc. GST implementation is likely to be the biggest change and ...
Dated: Feb 20, 2017
TDS on sea freight – Good times for time charter?
By Sumeet Khurana
Computation of income of non-resident shipping entities posed many challenges and to ease the same Section 44B was enacted vide Finance Act, 1975 w.e.f. 1 April 1976. It provided that income of a non-resident assessee engaged in the business of operation of ships, 7.5% of the gross freight will be deemed to be profits a...
Dated: Jan 23, 2017
EU-Biodiesel: “Input Costs” in Constructed Normal Value
By Greetika Francis
The WTO Appellate Body (AB) has recently delivered the final word on construction of normal value. In European Union - Anti-Dumping Measures on Biodiesel from Argentina (DS 473) [see end note 1], the Appellate Body rendered its decision in the matter in October, 2016 and the key issue in the dispute was with respect t...
Dated: Jan 16, 2017
Inter-State supplies under Model IGST Law – Treatment of FOR & Ex-works supplies
By Sonal Singh
One of the many disputes that have continued to exist in the present regime of taxation of sale of goods are the disputes pertaining to determination of the nature of transaction as inter-State sale subject to Central Sales Tax or local sale subject to VAT. Such disputes especially arise when assessee in a State sells goods to a bu...
Dated: Jan 13, 2017
Challenges in availment of Input Tax Credit under GST
By Gagan Gugnani
The Revised Model GST Law (hence forth "RMGL") was made available in public domain in November, 2016. The commitment of the government is to roll out a simplified and easier indirect tax regime, yet the provisions reveal a different picture. The whole concept of availment of input tax credit (ITC) is set to change from ...
Dated: Jan 13, 2017
Customs valuation and transfer pricing – different valuations for the same transaction ?
By Sriram.S
Globalization has brought along with it various taxation issues, the most talked about being, transfer price of goods being traded amongst enterprises forming part of a same business group (‘related entities’). The price at which related entities transact is of significance to both taxpayers as well as revenue authorities....
Dated: Dec 27, 2016
Input Tax Credit under GST regime – Make it seamless
By Amutha Balasubramanian
The new Goods and Services Tax (GST) is a comprehensive indirect tax on manufacture, sale and consumption of goods and services across India. GST is a destination-based, value added taxation system. GST will be a dual levy in India and the eligible transactions will be subject to levy of both CGST and SGST in the case of...
Dated: Nov 15, 2016
GST – A look at certain grey areas in transition provisions
By Geetika Srivastava
The date of implementation of Goods & Services Tax (GST) is now certain and from 1st April, 2017, India will enter the new indirect tax regime bringing great deal of uniformity and robustness which will impact every business and industry. This leaves the industry with just a few months to prepare for the trans...
Dated: Oct 24, 2016
Do taxes cloud the novelty of SARs?
By Bharathi Krishnaprasad
Comparison between Stock Appreciation Rights and Employee Stock Option Plans
Conceptually different from the Employee Stock Option Plan a.k.a ESOP, a household term in India, Stock Appreciation Rights, also known as SARs are a novel way of rewarding the employees of an or...
Dated: Oct 15, 2016
GST – A look at draft rules on registration and invoices
By Dr. G. Gokul Kishore
India is on the expressway in implementing the biggest reform ever in its indirect tax system. Till July, possibility of implementation of Goods & Services Tax (GST) was perceived as riddled with uncertainty but the Indian political parties have come together and ensured that the Indian Constitution stands amended to p...
Dated: Sep 29, 2016
Spending less than ALP can also have adverse implication
By Sumeet Khurana
Introduction
A person resident of India under the Income-tax Act, 1961 (‘the IT Act’) is liable to tax in India on his global income [see end note 1]. The resident, when transacting with its Associated Enterprise (AE) is obliged to offer to tax, the income arising
Dated: Sep 27, 2016
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