Daily Archives: July 9, 2016

Scientific research deduction : AO has no power to verify conditions

Scientific research deduction: The Gujarat High Court held that once the Department of Scientific and Industrial Research grants approval of the taxpayer’s scientific research, the Assessing Officer cannot attempt to verify that conditions were satisfied in order to deny a deduction. The case is: B.A. Research India Ltd. Read a June 2016 report [PDF 304 KB]

Treaty provisions, no override

Treaty provisions, no override: The Chennai Bench of the Income-tax Appellate Tribunal held that a provision of the Income-tax Act, 1961 does not override a withholding tax rate prescribed by an income tax treaty. The case is: Pricol Ltd. Read a June 2016 report [PDF 325 KB]

Expenditure relating to exempt income

The Central Board of Direct Taxes (CBDT) issued a notice of amendments to Rule 8D of the Income-tax Rules, 1962. The rule concerns the disallowance of a claim for an expenditure relating to tax-exempt income. Read a June 2016 report [PDF 263 KB]

Indirect transfers : FMV and reporting requirements

Fair market value and reporting requirements in relation to indirect transfers: The Central Board of Direct Taxes issued draft rules to prescribe the manner of computation of the fair market value of assets of a foreign company and the reporting requirements by the Indian concern. Draft forms for reporting requirements have also been provided. Read… Read More »

CBDT’s central action plan for FY 2016-17

CBDT’s central action plan for FY 2016-17 India’s Central Board of Direct Taxes issued the “central action plan” and targets for the tax department for the financial year 2016-17. Read a June 2016 report [PDF 382 KB]

Import of poultry and poultry products regulations notified by Govt.

THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF AGRICULTURE AND FARMERS WELFARE (Department of Animal Husbandry, Dairying and Fisheries) NOTIFICATION New Delhi, the 8th July, 2016 S.O. 2337(E).—In exercise of the power conferred by sub-section (1) of section 3 and Section 3A of the Livestock Importation Act, 1898 (9 of 1898) and… Read More »

ICAI Proposed amendments to ICDS ; Detailed FAQ of ICAI

Direct Taxes Committee of ICAI made detailed representation to Central Board of Direct Taxes during the Direct Tax Workshop with CBDT which was followed by written representation to Chairman, CBDT on 31.03.2016 and Hon’ble Finance Minister, on 7.04.2016 for deferment of implementation of ICDS(For copy click here). On invitation by CBDT subsequently, the ICAI representatives… Read More »

Applicability of Income Computation and Disclosure Standards notified under section 145(2) of the Income-tax Act, 1961 from Assessment Year 2017-18.

Applicability of Income Computation and Disclosure Standards notified under section 145(2) of the Income-tax Act, 1961 from Assessment Year 2017-18. – (08-07-2016) The Central Board of Direct Taxes has vide Press Release dated 6.07.2016 (For copy click here) clarified that the Income Computation & Disclosure Standards shall be applicable from 1.4.2016 i.e. previous year 2016-17… Read More »

Undisclosed Income : CBDT to issue notification to ensure secrecy

Black money window:CBDT to issue notification to ensure secrecy NEW DELHI: CBDT is likely to issue a fresh notification making it clear that information about those who declare their black money under the compliance window which ends on September 30 will be kept secret, a senior official said today. The notification is expected to quote… Read More »

Kerala imposes fat tax on burgers, pizzas in budget

Bengaluru: Kerala’s newly elected Left Democratic Front (LDF) government’s maiden budget says a lot about what its priorities are. Finance minister Thomas Isaac, who presented the revised budget for 2016-17 on Friday, said the government will raise tax revenues through nine schemes, which include introduction of a 14% “fat tax” on burgers, pizzas, tacos, doughnuts,… Read More »

72 rich farmers under Income Tax deptt Scanner

RAIPUR: Seventy-two affluent farmers of Chhattisgarh and Madhya Pradesh are under Income Tax scanner following suspicion that they avoided paying taxes by declaring their earnings as returns from farming. IT department has identified rich farmers, who have declared more than Rs one crore as agriculture income, in both the states. “There are many assesse who… Read More »