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Rationalization of Equalization Levy & Other Measures Affecting International Taxation, Relief to Start-ups, Affordable Rental Housing
By CA. Paresh P. Shah: 1. Proposed Rationalization of provisions of Equalization Levy 1.1 Background: 1.1.1 Equalisation Levy (“EL”) was introduced in India in 2016, with the intention of taxing the digital transactions i.e., the income accruing to foreign e-commerce companies from India. It was aimed at taxing business to business transactions and was applicable to consideration received or receivable… Read More ...
Adjudicating Authority Under PBPT Act, 1988
By Rajendra, Advocate: One of the four objects of the of the Finance Bill, 2021 was stated to be ‘removing of difficulties faced by the taxpayers’. Clauses 142-147 of the Finance Bill, proposing amendments to the Prohibition of Benami Property Transactions Act, 1988 (PBPTA), can be categorized as a step taken in that direction. Proposed amendments deals with… Read More ...
Authority for Advance Ruling: Rules of the Game Altered
By CA. Ketan Ved and CA. Urvi Mehta: Constitution of the Board for Advance Ruling and the need to pronounce rulings in advance? Union Budget 2021 inter-alia proposes to take the agenda of the Government of making the tax payer and the tax department interactions faceless and also the time and again emphasized objective of minimizing tax litigation. Various steps are proposed to… Read More ...
Irrationalisation of Provision of Transfer of Capital Asset to Partner on Dissolution or Reconstitution
By Rahul Hakani, Advocate: The Supreme Court in CIT v. Dewas Cine Corporation (1968) 68 ITR 240 (SC) and CIT v. Bankey Lal Vaidya [1971] 79 ITR 594 (SC) held that the distribution, division or allotment of assets between partners of a firm consequent on its dissolution amounts to a mutual adjustment of rights of the partners and such… Read More ...
Abolition of Settlement Commission and Constitution of Dispute Resolution Committee
By S. R. Wadhwa, M.A. LLM, Advocate: The Income-tax Settlement Commission has been abolished with effect from 1st February 2021 and no application for settlement will be accepted from that date. Clauses 54 to 65 of the Finance Bill, 2021 are relevant to deal with the consequential arrangements proposed to be made to deal with the pending settlement applications. A new institution,… Read More ...
Reassessment Provisions Revisited & Depreciation on Goodwill
By Ajay Singh, Advocate, Mumbai: I. Reopening of Assessment : Section 147 to 151 “If you are losing at a game, change the game” Read More ...
Faceless Procedure Before – ITAT – Whether Valid – Vice or Virtue
By Ajay Wadhwa, Advocate, New Delhi: No professional practicing before the Assessing Officer or the Commissioner of Income tax (Appeal), (CIT(Appeal)) can ever forget instances of waiting outside the room of the concerned officer for hours together, with bags overflowing with books of account, vouchers and other documentary evidence and often being told to come back again the next day because… Read More ...
Rationalization of Provisions of Audit, Presumptive Taxation, Issue of Notice and Assessment, Safe Harbour Arising from Budget-2021
By CA. Kishor Phadke, Pune: In the historic Budget-2021, the Honourable Finance Minister has addressed number of issues which loom large from a very detailed narrative Memorandum of 79 pages. Here is an attempt to deal with some of the provisions assigned to me. Read More ...
Faceless ITAT – Whether Denial of Oral Hearing is in Violation of Principles of Natural Justice
By Dr. Ashok Saraf, Sr. Advocate, Guwahati: Natural justice demands that the person who is directly affected by an administrative action should be given prior notice of what is proposed so as to enable him to make a representation on his behalf, to appear at a hearing or enquiry if it is to be held and to meet effectively the points raised.… Read More ...
Liable to Tax – Is it a step forward?
By Ravi Mehta. The author is Managing Director & Head - Transaction Tax at RBSA Advisors LLP.: The amendment of introducing the definition of the term “liable to tax” is well intended. The proposed amendment has wide ramifications. An attempt has been made to highlight the existing issues and the resultant impact of the proposed amendment, therein. Analysis and reference of judicial precedents have been made appropriately. Analysis of the: Meaning of… Read More ...