Daily Archives: March 18, 2017

GST Input Tax Credit on Change from Composition scheme to Regular scheme

By | March 18, 2017

whether input tax credit can be claimed on capital goods and Inputs  on change of scheme from composition scheme to Regular scheme under GST As per Section 18(3) the taxable person is entitled for input tax credit on capital goods and Inputs on Change of option from Composition Scheme to regular Scheme. [ Read Composition Scheme under… Read More »

USA IRS News for Tax Professionals Issue 2017-11

By | March 18, 2017

News for Tax Professionals Issue 2017-11 1.  Beware of Last-Minute Email Scams The Internal Revenue Service, state tax agencies and the tax software industry are warning tax professionals and taxpayers of last-minutephishing email scams, especially those requesting last-minute deposit changes for refunds or account updates. Although the IRS, states and industry have enacted many safeguards against… Read More »

Category: USA

USA _IRS – Qualified mortgage bond – Revenue Procedure 2017-27

By | March 18, 2017

Revenue Procedure 2017-27 provides issuers of qualified mortgage bonds, as defined in section 143(a) of the Internal Revenue Code, and issuers of mortgage credit certificates, as defined in section 25(c), with (1) nationwide average purchase prices for residences located in the United States, and (2) average area purchase price safe harbors for residences located in… Read More »

USA- IRS Warn of Last-Minute Phishing Email Scams

By | March 18, 2017

IRS, States and Tax Industry Warn of Last-Minute Email Scams   WASHINGTON – The Internal Revenue Service, state tax agencies and the tax industry today warned both tax professionals and taxpayers of last-minute phishing email scams, especially those requesting last-minute deposit changes for refunds or account updates. As the 2017 tax filing season winds down… Read More »

USA IRS Reminds Taxpayers of April 1 Deadline , Retirement Plan Distributions

By | March 18, 2017

IRS Reminds Taxpayers of April 1 Deadline to Take Required Retirement Plan Distributions WASHINGTON — The Internal Revenue Service today reminded taxpayers who turned age 70½ during 2016 that, in most cases, they must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by Saturday, April 1, 2017. The… Read More »

Payments to Belgian entities not taxable as Fees for Technical Services

By | March 18, 2017

Payments to foreign entities under India-Belgium income tax treaty The Ahmedabad Bench of the Income-tax Appellate Tribunal held that payments made to Belgian entities are not taxable as “fees for technical services” in view of the most favoured nation clause under the India-Belgium income tax treaty. The case is: Cadila Health Care Ltd. Read a March 2017… Read More »

Retention money is not income under Minimum Alternate Tax

By | March 18, 2017

“Retention money” not regarded as income under minimum alternate tax The Kolkata Bench of the Income-tax Appellate Tribunal held that retention money is not in the nature of income until such time that the taxpayer performs the contractual obligations to the satisfaction of the customer. On the date when the bills were submitted, having regard to the… Read More »

Higher tax rate not applied when tax is withheld under tax treaty

By | March 18, 2017

Higher tax rate not applied when tax is withheld under tax treaty: The Ahmedabad Bench of the Income-tax Appellate Tribunal held that when the tax has been withheld (“deducted”) pursuant to provisions of tax treaties, the provisions of Section 206AA of the Income-tax Act, 1961 cannot be invoked. Section 90(2) of the Income-tax Act, 1961 provides that… Read More »

AIS:052 exemption of Body building and approval of buses extended till 30.06.2017

By | March 18, 2017

MINISTRY OF ROAD TRANSPORT AND HIGHWAYS NOTIFICATION New Delhi, the 17th March, 2017 S.O. 846(E).—In exercise of the powers conferred by section 110 of the Motor Vehicles Act, 1988 (59 of 1988), the Central Government hereby exempts the existing models of buses with seating capacity of 13 or more passengers excluding driver from the applicability… Read More »