Lump-sum lease premium or upfront lease charges not “rent” The Central Board of Direct Taxes (CBDT) issued guidance to clarify that a lump-sum lease premium or one-time upfront lease charges that are not adjustable against periodic rent, paid or payable for acquisition of long-term leasehold rights over land or any other property, are not “rent,”… Read More »
Depreciation of goodwill The Bangalore Bench of the Income-tax Tribunal held that the taxpayer cannot claim depreciation on assets acquired through an amalgamation, including goodwill, more than the depreciation that would be allowable to the amalgamating company. The case is: United Breweries Ltd. Read an October 2016 report of KPMG [PDF 315 KB]
ATO draft ruling regarding eligibility for exemptions on foreign dividends. The Australian Taxation Office (ATO) recently issued draft ruling TR 2016/D2 addressing an interpretive issue that goes to the heart of whether a taxpayer can get an exemption for a dividend it receives from a foreign company. This issue originally arose from a question raised… Read More »
10 things to know about GST council meet The Centre is bracing for a testy debate after it proposed a cess on sin goods to compensate states for losses arising from a transition to the tax. The three-day meeting of the goods and services tax (GST) council ended on Wednesday with no consensus on the GST rate. The… Read More »
GOVERNMENT OF INDIA MINISTRY OF FINANCE/DEPARTMENT OF REVENUE CENTRAL BOARD OF EXCISE & CUSTOMS D.O.No 156/Chairman(CBEC)/2016 Dated: 19th October, 2016 Dear Colleague, As you are aware, preparations for introducing GST from the beginning of the next fiscal year are in full swing with the present focus being on timely finalization of its legal and administrative framework.… Read More »
CIRCULAR SEBI/HO/MRD/DSA/CIR/P/2016/113 October 19, 2016 To All Recognised Stock Exchanges, All Recognised Clearing Corporation, All Depositories. Dear Sir / Madam, Subject: Facilitating transaction in Mutual Fund schemes through the Stock Exchange Infrastructure 1. SEBI vide circular no. CIR/MRD/DSA/32/2013 dated October 04, 2013 had permitted mutual fund distributors to use recognised stock exchanges’ infrastructure to purchase… Read More »
GST: Centre, states put off decision on rate to next month “We have converged towards a consensus, announcement will be made after next GST Council meeting. Two standard rates of 12 per cent and 18 per cent under discussion,” said Jaitley. Union Finance Minister Arun Jaitley on Wednesday said the rate structure for Goods and Services… Read More »
Announcement of Disciplinary Sanctions from the Office of Professional Responsibility The Office of Professional Responsibility (OPR) publishes all disciplinary actions in the Internal Revenue Bulletin (IRB). Published sanctions include censure, suspension or disbarment from practice before the Internal Revenue Service.The below listed individuals have recently been disciplined by OPR and are published in IRB Number 2016-38, dated September 19, 2016, on pages… Read More »
Limited Liability Partnership- Law and Practice, 3E Hardcover – 2016 Limited Liability Partnership- Law and Practice, 3E Hardcover – 2016 A LLP contains features of two long-standing forms of business associations, namely the ‘company’ and the ‘partnership firm’. A LLP, thus, is a hybrid of a company and a partnership. To explore this new… Read More »
Applicable Federal Rates Revenue Ruling 2016-26 provides various prescribed rates for federal income tax purposes including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate, the adjusted federal long-term tax-exempt rate. These rates are determined as prescribed by § 1274. The rates are published monthly for purposes of… Read More »