There have been a spate of amendments to the various Income Computation and Disclosure Standards (ICDS) prescribed by the Central Government under section 145 (2) of the Income-tax Act, 1961. CA Dhaval Desai has systematically analyzed all the ICDS issued up to date and explained their implications in a concise manner
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Section 14A: Scope Of Disallowance Explained
CA Dev Kumar Kothari has considered the interesting question whether disallowance under section 14A of the Income-tax Act, 1961 can be made in a case where tax is paid by the assessee by way of dividend distribution tax or securities transaction tax or where shares are bought by him not with a view to earn dividends but to obtain a strategic controlling interest in the Company or to earn capital gains
Understanding General Anti-Avoidance Rules (‘GAAR’): Part 1
The provisions of Chapter X-A of the Income-tax Act, 1961, which prescribe General Anti-Avoidance Rules (‘GAAR’), have been made applicable to all transactions entered into on and from 1st April 2017. The provisions are complicated and are likely to lead to numerous controversies and litigation between the taxpayer and the income-tax department. CA Paras Dawar has explained the salient aspects of the legal provisions in a simple and easy-to-understand format
Tagged with: 1961, CA Paras Dawar, Finance Act 2017, GAAR, General Anti-Avoidance Rules, Income-tax Act
Surgical Strike On Cash Transactions (Analysis Of Sections 269ST & 271DA Of The Income-tax Act, 1961)
The numerous amendments made by the Finance Act 2017 to curb the usage of cash in business transactions has serious implications for taxpayers. CA Jyoti Gupta has conducted a systematic analysis of these provisions with special emphasis on sections 269ST and 271DA and explained all of their nuances
Tagged with: 1961, CA Jyoti Gupta, Cash Transactions, Finance Act 2017, Income-tax Act, sections 269ST and 271DA
Digest Of Important Judgements On Transfer Pricing, International Tax And Domestic Tax (Nov & Dec 2016)
Shri Sunil Moti Lala, Advocate has prepared a compilation of 300 important judgments (transfer pricing (155 cases), International Tax (10 cases) and Domestic Tax (135 cases) reported in November & December 2016. The author has meticulously and systematically classified the judgments into various categories to enable ease of reference. A PDF copy of the digest is available for download. He has also given the appeal numbers in all cases so as to enable the judgements to be retrieved from the website of the respective Court or Tribunal. The digest will prove invaluable to all practitioners of taxation law
Some Proposals In The Finance Bill 2017 Need Urgent Reconsideration
Shri. K. C. Singhal, former Vice President of the ITAT, has opined that certain provisions in the Finance Bill 2017 are unjustified and have the potential to cause immense hardhip to taxpayers. The learned author has explained with examples as to how the provisions not only defeat the legislative intent but also put onerous burden on the taxpayer. He has urged the Government to reconsider its decision to enact these provisions into law
Amnesty Under Taxation Laws (Second Amendment) Act 2016: A Study
Shri. K. C. Singhal, former Vice President of the ITAT, has conducted an expert analysis of the Pradhan Mantri Garib Kalyan Yojna 2016, inserted by the Taxation Laws (Second Amendment) Act 2016, to provide amnesty to persons offering their undisclosed cash holdings to tax. The analysis covers all the important aspects of the Scheme and provides succinct answers to frequently asked questions by taxpayers and tax professionals
Demonetisation: Tax And Legal Issues
The Chamber of Tax Consultants organized a public meeting in which several important issues relating to the tax and legal implications of demonetisation were discussed. The eminent tax experts who addressed the gathering also answered several questions of the audience. The videos of the meeting together with a transcript of the discussions is available for perusal. The discussion and the advice of the experts will prove invaluable to all tax payers and professionals who are grappling with the complexities of the demonetisation scheme
Taxation Of High Value Currency Notes Demonetized
CA P. N. Shah, an eminent tax expert, has conducted a critical analysis of the Taxation (Second Amendment) Bill, 2016. He argues that while the Bill provides welcome clarity as to the taxation of, and the levy of penalty on, the deposit of unaccounted cash, declarants may face draconian consequences under the laws relating to Benami transactions, money laundering, foreign exchange etc. He urges the Government to issue appropriate clarifications so that all uncertainties are removed and demonetization becomes a rousing success
Impact Of The Taxation Laws (Second Amendment) Bill, 2016
Dr. Raj K. Agarwal & Dr. Rakesh Gupta have explained the salient terms of the Taxation Laws (Second Amendment) Bill, 2016 which sees to assess the deposit of unaccounted high denomination notes in the bank and also to levy penalty thereon. The experts have expressed concern that the terms of the proposed law may discourage those who want to come clean. They have suggested that the Government should adopt a constructive, pragmatic and forward looking approach rather than being punitive