Budget-2017

Union Budget 2017 Insights
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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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MCA’s Special Report on Demonetisation

 

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Benefit Test in Transfer Pricing

 

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The Fight Against Black Money

On 8th November, the Prime Minister addressed the nation. Most Indians expected the PM to talk about the security threat to India arising out of the consistent Pakistan sponsored attacks on our border. However, nobody would have been ready for what we all were in for. That speech has shaken the whole of the country. Fans of the PM are ecstatic and over the moon. The opposition leaders are confused and demoralised as they cannot officially pat the government on its back and they are damned if they criticize the drive against black money. The demonetisation of Rs. 500 and Rs. 1,000 currency notes so suddenly and virtually overnight has been the talk of the town for the past few days.

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Analysis of Financial Statements

 

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Extension of due date for filing of income-tax returns

Read More at » TaxSutra  taxsutra

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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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Tax Bulletin - Vol.1 Issue 1

CBDT Notifies Cost Inflation Index for FY 2015-16

Cost Inflation Index notified for Financial Year 2015-16

Recently the Central Board of Direct Taxes ( CBDT ) has notified the Cost Inflation Index (CII) for the current financial year (2015-16) at 1081. This index figure is essential for computing long term capital gains on transfer of any long term capital asset.

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Tax Bulletin - Vol.1 Issue 2

Sword Global India Private Limited vs ACIT

The Assessee filed its return for AY 2007-08 after claiming deduction u/s 10B.The AO after verification of income filed by the Assessee completed assessment u/s 143(3) and accepted return furnished by the assesssee.The DCIT initiated reassessment u/s 147 by issuing notice u/s 148. The said notice did not state whether necessary sanction was obtained and the reason for reassessment proceedings. On assessee's request reasons for the same was furnished.The Assessee subsequently filed writ petition before Madras HC.

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Capital Gains – An overview

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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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Analysis Of Financial Statements

 

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