Dr. Raj K. Agarwal & Dr. Rakesh Gupta point out that the Income Declaration Scheme, 2016 has several ambiguous provisions which have remained unclear despite clarifications issued by the CBDT. The learned authors explain that the question whether the Scheme supersedes the law of limitation applicable to reopening of cases u/s 147 of the Act is one such ambiguity which requires urgent clarification by the CBDT

CA Prarthana Jalan has lightheartedly equated the Tribunal with a school. She says that the grim atmosphere of the Tribunal and the strict discipline in its functioning reminds her of the school days and revives nostalgic memories of a carefree life that has long gone past

CA Abhishek Jain has conducted a meticulous study into the entire law relating to Hindu Undivided Families (HUF). He has not only explained the Hindu Law aspects of HUFs but also their income-tax implications, with practical examples. The author has …

Understanding The Concept Of Hindu Undivided Family Read More »

Shri. Sunil Moti Lala, Advocate, has prepared a compilation of important judgements on transfer pricing, international tax and domestic tax reported in the period from November to December 2015. The author has meticulously and systematically classified the judgements into various …

Digest Of Important Judgements On Transfer Pricing, International Tax And Domestic Tax (Nov to Dec 2015) Read More »

CA Paras Dawar has meticulously analyzed the draft rules for grant of foreign tax credit issued by the CBDT and explained its nuances. He has also identified the provisions which have the potential to create hardship for taxpayers and suggested solutions to ameliorate the same

CA. P Shivanand Nayak, CA. Prem Raj Rathod and CA. Mohit A Parmar have conducted an expert analysis of the provisions in the Finance Bill 2016 relating to the imposition of Equalisation Levy, Place of Effective Management (POEM) and Base Erosion and Profit Shifting (BEPS) and explained all of its implications in a simple and easy-to-understand format

CA H. N. Motiwalla has analyzed the provisions of section 44ADA proposed to be inserted by the Finance Act 2016 so as to subject professionals to presumptive taxation and explained its advantages and disadvantages Ease of doing business The provisions …

The Law On Presumptive Taxation On Professionals As Proposed By Finance Bill 2016 Read More »

The Finance Bill 2016 proposes to make radical changes to the law relating to levy of penalty for concealment of income and furnishing of inaccurate particulars. Sections 270A and 270AA, which are intended to substitute section 271(1)(c), propose a levy …

Rationalisation Of Penalty Provisions Under The Income-tax Act 1961 As Per The Finance Bill, 2016 Read More »

S. R. Wadhwa, Advocate, has explained important nuances of the Income Declaration Scheme 2016 proposed to be introduced by the Finance Bill 2016. He explains that though the Scheme is declared to not be an “amnesty“, it falls squarely within the definition of an “amnesty” which means granting an official pardon to people who are guilty of an offense. He warns that the preferential treatment to tax evaders will shake the confidence of honest taxpayers in the credibility of the Government to deal with law breakers and invite contempt for its enforcement machinery, namely, the Income-tax Department

CA Gautam Baid has meticulously examined the proposed amendment to section 10(12) of the Income-tax Act, 1961 by the Finance Bill 2016 to tax the accumulated balance received by an employee from an Employee Provident Fund and explained its implications