How NRIs can claim tax benefits under DTAA Double Taxation Avoidance Agreement or DTAA is an agreement between two countries which aims to avoid taxation of the same income in both countries. India has signed the DTAA with several countries. During assessment of an assessee to whom DTAA applies, the provisions of the Income Tax… Read More »
Taxability of Advance fees received by lawyer / law firm Question ;When should the Advance Fees received by the law firms be taxed ? Answer : Categorisation of a receipt can take place only at the time of appropriation i.e Fees can be taxed only when the matter is over or as when the Assessee… Read More »
Use of own name on goods does not make them branded Where goods were cleared with superscription ‘manufactured and packed by SVS & Sons’ on packaging, said use of assessee’s own name on goods does not make those goods ‘branded’; said goods can be regarded as cleared without any brand name and eligible for exemption… Read More »
Different financial year of Company Query: I have a query my client is following financial year as Nov 2012 to Oct 2013. For complying with sec 2 (41) of companies act 2013, we are revising financial year from Nov 2013 to Dec 2014. We have not passed any BR to that effect till now. I would… Read More »
Question : Service Tax Amnesty Scheme Order are appealable ? Answer :’Designated authorities’ under Service Tax Voluntary Compliance Encouragement Scheme amount to ‘adjudicating authorities’, as they pass order/decision; hence, orders passed by them are appealable as per Finance Act, 1994 HIGH COURT OF MADRAS Narasimha Mills (P.) Ltd. v. Commissioner of Central Excise (Appeals) S. VAIDYANATHAN,… Read More »
Question : HUF Property in the Name of Karta or member will be treated as i) The HUF Property or ii) Property of Karta or Member ? Answer : HUF Property , if the property has been purchased from the funds of the HUF. A Karta of the HUF or a member of the HUF can hold… Read More »
Cos. issuing ESOP to NR employees to furnish return to RBI in Form-ESOP within 30 days of their issuance ISSUE OF SHARES UNDER EMPLOYEES STOCK OPTIONS SCHEME AND/OR SWEAT EQUITY SHARES TO PERSONS RESIDENT OUTSIDE INDIA A.P. (DIR SERIES 2015-16) CIRCULAR NO.4, DATED 16-7-2015 Attention of Authorised Dealer Category – I (AD Category-I) banks is… Read More »
FAQs ON SECRETARIAL STANDARD ICSI replies to queries received on SS-1 and SS-2 ON SECRETARIAL STANDARD ON BOARD MEETINGS (SS-1) AND ON GENERAL MEETINGS (SS-2) PRESS RELEASE, DATED 21-7-2015 Scope/1. Is SS-1 applicable to banking entities which are listed on Stock exchanges? Ans. SS-1 is applicable to all companies incorporated under the Act (for definition… Read More »
Taxability of Premium received by society on transfer of plots : Not Taxable Where assessee-society received contribution from outgoing members as premium on sale of plot, since said amount was to be utilised for benefits of members of society, it could not be regarded as ‘taxable income’ in hands of assessee HIGH COURT OF GUJARAT… Read More »
CENVAT Credit when the car is in name of partner of firm should not be denied Credit of insurance/repair of motorcar is available to assessee-firm even if car is in name of partner, provided car is shown as assets in books of firm and depreciation and other expenditure thereon is incurred/borne by firm CESTAT, MUMBAI… Read More »