Sales promotion Expenses by pharmaceutical companies The Mumbai tribunal held that expenditures incurred in holding seminars, sponsoring lectures, sponsoring travel and accommodation for conferences, small gifts with logo and brand names and cost of samples given to medical practitioners are in the nature of sales promotion expenditure incurred for the business of the taxpayer. Since… Read More »
FAQs on the taxation and investment regime for Pradhan Mantri Garib Kalyan Yojana, 2016 The Central Board of Direct Taxes has issued a circular clarifying certain tax and investment guidance in the form of 12 frequently asked questions (FAQs).Read analysis of FAQs on PMGKY 2016 [PDF 302 KB] by KPMG
GST council 9th meeting decisions At its ninth meeting, the GST council made decisions regarding dual control over the taxation base, cross empowerment, and implementation date of goods and services tax (GST). The GST deadline has now been deferred to 1 July 2017. Read GST council 9th meeting decisions [PDF 315 KB] of KPMG
Export commission not taxable in India absent specific “ fees for technical services ” article in tax treaties The Ahmedabad Bench of the Income-tax Appellate Tribunal held that the amount of export commission paid to non-resident commission agents is not taxable in India, since there is no specific fees for technical services article in respective… Read More »
Validity of penalty proceedings under Income-tax Act The Hyderabad Bench of the Income-tax Appellate Tribunals held that since the Assessing Officer (AO) did not mention whether the notice issued was for concealment of income or for furnishing of inaccurate particulars of income, the notice issued by the AO under Section 274 read with Section 271(1)(c)… Read More »
Determination of place of effective management of company The Central Board of Direct taxes issued guiding principles to be followed for determination of the place of effective management, concerning rules related to whether a company is a resident in India. Read a report on place of effective management [PDF 311 KB] of KPMG
Writ petition is maintainable against initiation of reassessment proceedings The Supreme Court of India held that a writ petition challenging the initiation of reassessment proceedings by issuing notices under Section 148 of the Income-tax Act, 1961 is maintainable before the High Court. A common issue in the batch of appeals was with regard to maintainability… Read More »
GST Provisional IDs for Excise & Service Tax Approach for selection of Registrations for issuance of Provisional IDs Overview: CBEC has started the process of migrating the existing Central Excise (CE) and Service Tax (ST) registrations to GST and issue Provisional IDs to them. As a mandatory requirement, only PAN based registrations would be issued… Read More »
Form 1 and Form 3 of Equalisation Levy Rules, 2016 are available for e-Filing Form 1 and Form 3 of Equalisation Levy Rules, 2016 are available for e-Filing on https://www.incometaxindiaefiling.gov.in/ Click here for Relevant Notification Equalisation levy Rules 2016 notified by CBDT
Overview of Revised Model GST Law – Levy, Taxable Event, Taxable Person, Place of Supply, ITC etc. Related Post on GST Free Video GST Video- Brief Concept of Model GST Law ( CGST, SGST & IGST) (1st Technical session) GST Video – Levy & Composition (2nd Technical Session) GST Video- Valuation of Taxable Supply &… Read More »