Tax Bulletin - Vol.1 Issue 3

PAN made mandatory in many cases

The Ministry of Finance has, via a Press Release issued on 15th December, amended Rule 114B of the Income Tax Rules, 1962. This amendment will come into effect from 1st January, 2016.The Rule is in relation to quoting of PAN for various specified transactions. This tax alert highlights the amendments.

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Tax Bulletin - Vol.1 Issue 4

Payments to non residents - amendments in requirements for furnishing information

The Ministry of Finance has, vide Notification dated 16th December, 2015 amended Rule 37BB of the Income Tax Rules, 1962. This amendment will come into effect from 1st April, 2016. The amendment is in relation to payments made to non-residents. Some of the changes made bring significant relief to business houses as they do away with the requirement of onerous documentation at the time of making payments for various transactions.

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Tax Bulletin - Vol.1 Issue 5

New Method for computing the disallowance u/s 14A

The Central Board of Direct Taxes on 2nd June 2016 vide notification number  [Notification No. 43/2016] [F.No. 370142/7/2016-TPL]  has amended Rule 8D of the Income tax Rules, 1962 which lays down the method of computation of disallowance u/s 14A of the Income tax Act, 1961.

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Tax Bulletin - Vol.1 Issue 6

Service Tax on Construction and selling of residential flats

Recently, the Delhi High Court in a landmark judgement in the case of Suresh Kumar Bansal Vs UOT [2016] 70 taxmann.com 55 (Delhi) has held that service tax cannot be levied on construction of residential complex service. In an interesting decision, the Court has upheld the levy of the tax but has but quashed the tax as there was no statutory measure to ascertain the value of services involved in this composite contract which involved sale of undivided share of land.

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