B.Com, FCA & Partner, Manohar Chowdhry & Associates

Demystifying Secondary Adjustments

 

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Going Dutch

 

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MCA Tax Calculator-FY2017-18

MCA Tax Calculator-FY2017-18
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The Times They are a Changin’

 

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International Taxation

 

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Pass-Through Costs in Transfer Pricing

 

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A Brief on the Report of the Committee on Taxation of E-Commerce

 

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Benefit Test in Transfer Pricing

 

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Pacta Sunt Servanda – agreements must be performed in good faith

 

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Art of Representation

 

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How Ind-AS implementation will impact corporate tax? – Part II

Read More at » TaxSutra  taxsutra

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How Ind-AS implementation will impact corporate tax? - Part 1

Read More at » TaxSutra  taxsutra

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How Ind-AS implementation will impact corporate tax?

Aug 10 2015

Introduction

The year 2015 has ushered in a new era for compliance service providers with the introduction of two sets of new standards issued by the Ministry of Corporate Affairs (MCA) & the Central Board of Direct Taxes (CBDT) respectively. The MCA notified the Companies (Indian Accounting Standards) Rules, 2015 in February 2015 laying down the roadmap for application of IFRS converged Indian Accounting standards (Ind - AS) along with the Ind - AS standards for application by companies other than Banking Companies, Insurance Companies and Non - Banking Finance Companies (NBFCs). The CBDT vide Notification no. 32/2015 dated 31 - 03 - 2015 has notified 10 Income Computation and Disclosure Standards (ICDS) effective from 01 - 04 - 2015, applicable from Assessment Year 2016 - 17 onwards to be followed by all the assessees, following the mercantile system of accounting. The Ind - AS roadmap provides for a phase wise implementation with Ind - AS up for voluntary adoption for FY 2015 - 16 and becoming mandatory for certain class of companies from FY 2016 - 17 onwards.

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Transfer Pricing

 

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BEPS

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Minimum Alternate Tax

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Bacon, Lettuce and Tomato - BLT

I would like to begin by wishing all the readers a very Happy New Year and a productive 2016.The year 2015 has been a good year for the industry from the direct taxes perspective with the government actively working to simplify the provisions of the Act and clarifying matters of litigation such as applicability of MAT on Foreign Institutional Investors.

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Analysis of decision in case of Rampgreen Solutions Pvt. Ltd.

 

Rampgreen Solutions Pvt Ltd. v CIT, Delhi HC,2015

Introduction

This case law discusses the scope of functional differences filter while carrying out a comparability study for comparables within the same industry sector. The case law has elaborated how companies engaged in Knowledge Process Outsourcing (KPO) services cannot be used as comparables for conducting a Transfer Pricing study of a company engaged in Business Process Outsourcing (BPO) services, even though both KPO and BPO services fall within the broader definition of Information Technology Enabled ServicesSector.

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Analysis of decision in case of Novo Nordisk India Pvt Ltd

Novo Nordisk India Pvt Ltd. v DCIT

Facts:

The assessee is an Indian company (Subsidiary of a Foreign Co.) engaged in the business of pharmaceutical products, dealing mainly in the area of diabetes treatment drugs. The assessee was purchasing finished pharmaceutical products from its AE in Denmark and distributing the same in India (Business Category – 1). The assessee was also purchasing finished goods from an unrelated Indian private limited company and distributing these products in India (Business Category – 2).

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The 401K Conundrum

Introduction

The Indian growth story has become the toast of global investors and the growth train has been chugging along at a steady rate with strong leadership at the helm. Though right now the world economy is in a slump with the global crash of commodity prices, and India too is facing some turbulence, we still remain one of the bright spots in the world economy.

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