NCLT members appointed at 14 Locations
National Company Law Tribunal
National Company Law Tribunal
Levy and collection: The Ministry of Finance issued guidance concerning the Krishi Kalyan Cess and an exemption from the cess for invoices issued on or before 31 May 2016. Read a June 2016 report [PDF 248 KB]
General Anti-Avoidance Rules: The CBDT amended the general anti-avoidance rules (GAAR), to reflect an effective date 1 April 2017. Read aJune 2016 report [PDF 278 KB]
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: 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]
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]
Income from sale of software not royalty under India-Netherlands income tax treaty: The Mumbai Bench of the Income-tax Appellate Tribunal held that income from the sale of software is not a royalty within the meaning of Article 12(4) of India-Netherlands income tax treaty because the taxpayer did not allow the end-user to use a process… Read More »
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 »
Foreign tax credit rules: The Central Board of Direct Taxes issued new rules with respect to the allowance of a foreign tax credit. The new rules have an effective date of 1 April 2017. Read a June 2016 report [PDF 189 KB]
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]