Income from sub-licensing of property, held not business income The Supreme Court of India addressed the character of income from the sub-lisensing of retail property, and held that such income was taxable as “house property” income and not business income. The case is: Raj Dadarkar and Associates. Read a May 2017 report [PDF 368 KB] of KPMG
Intern visa guidelines The Government of India issued comprehensive guidelines for the intern visa program when the individual is sponsored by an Indian company or an educational institution or a non-governmental organisation. Read a May 2017 report [PDF 304 KB] of KMG
Taxpayer identification number The Central Board of Direct Taxes issued guidance listing individuals not required to obtain an Aadhaar number or enrollment identification. Read a May 2017 report [PDF 276 KB] of KPMG
Expenditure disallowed, dividend income subject to dividend distribution tax The Supreme Court of India agreed to the disallowance of an expenditure under Section 14A of the Income-tax Act, 1961 with respect to dividend income that is subject to the dividend distribution tax. The case is: Godrej & Boyce Manufacturing Company Limited. Read a May 2017 report [PDF… Read More »
Levy of penalty for failure to file audit report The Mumbai Bench of Income-tax Appellate Tribunal upheld a penalty levy for the taxpayer’s failure to file an audit report with respect to its international transaction of receiving foreign remittance from its non-resident Indian director (also a beneficial shareholder) on account of share capital and share premium.… Read More »
GST Rates for Services GST Rates for Services / Rate Chart of Goods and Services Tax (GST) applicable on 35 specifically mentioned services and on all other services with availability of Input Tax Credit and List of Services Which are Exempt from Goods and Services Tax. The fitment of rates of services were discussed on… Read More »
Matching input tax credit under GST The goods and services tax (GST) in India differs from other indirect tax systems in two important aspects: (1) the levy of an integrated GST on an interstate supply of goods or services, or both; and (2) the requirement for matching the claim of input tax credit. Read a May 2017… Read More »
Services Classification under GST with Service Accounting Code The fitment of rates of services were discussed on 19 May 2017 during the 14th GST Council meeting held at Srinagar, Jammu & Kashmir. The Council has broadly approved the GST rates for services at Nil, 5%, 12%, 18% and 28%. The information is being uploaded immediately… Read More »
SERVICES UNDER REVERSE CHARGE AS APPROVED BY GST COUNCIL The fitment of rates of services were discussed on 19 May 2017 during the 14th GST Council meeting held at Srinagar, Jammu & Kashmir. The Council has broadly approved the GST rates for services at Nil, 5%, 12%, 18% and 28%. The list of services that… Read More »