The Income-tax Act 1961

Widening of the scope of power of Transfer Pricing Officer in context of Section 92CA of the Income Tax Act, 1961 An Analogous study

In the last few years the Government of India has taken many steps in order to strengthen the Transfer Pricing (Taxation) regime in India. A series of amendment has been introduced in order to enhance the ambit of tax base and consequent increase in the revenue. The latest step in this direction was the extension… Read More

Tags: CBDTFinance ActGovernment of IndiaIncome Tax Act 1961IndiaOrder of AustraliaTaxation in IndiaThe Income-tax Act 1961transfer pricing

The Financial Year 2013-14 – Eligibility and AllocationTax-Free, Secured, Redeemable, Non-Convertible Bonds

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES NOTIFICATION NO. 61/2013 DATED 8-8-2013 S.O. 2424(E) - In exercise of the powers conferred by item (h) of sub-clause (iv) of clause (15) of section 10 of the Income-tax Act,… Read More

Tags: AAACompanies Act 1956Finance MinistryGovernment of IndiaIndiaSecurities & Exchange Board of IndiaSecurity (finance)The Income-tax Act 1961

Online advertising on foreign entity not taxable in India – An Analysis

Introduction The recent decision of ITO v. Right Florists P. L.   I.T.A. No. : 1336/ Kol. / 2011, deals with India™s right to tax payment made by an Indian entity (˜ICO™) to a foreign entity for online advertising services provided by the latter. Here, ICO made payments to Google Ireland and Yahoo USA (together… Read More

Tags: FCOForeign and Commonwealth OfficeGovernmentHyundai Heavy IndustriesIncome Tax ActIncome Tax Act 1961IndiaItalyOnline advertisingOrganisation for Economic Co-operation and DevelopmentPermanent establishmentThe Income-tax Act 1961United States

CG notification on maximum deduction to eligible institutions u/s 35AC

NOTIFICATION NO. 97/2012 [F.NO. V. 27015/4/2012-SO(NAT.COM]]/S.O. 627(E), DATED 12-3-2013 In exercise of the powers conferred by sub-section (1), read with clause (b) of the Explanation to section 35AC of the Income Tax Act, 1961 (43 of 1961), the Central Government, on the recommendations of the National Committee for Promotion of Social andEconomic Welfare, hereby notifies the institutions approved by the… Read More

Tags: ChennaiIndiaKolkataMaharashtraMumbaiTaluka MavalThe Income-tax Act 1961West Bengal

MCA Clarification under Section 372A(3) of the Companies Act, 1956

The Ministry of Corporate Affairs (MCA) vide its General Circular No. 06 /2013 dated 14.03.2013 has provided a clarification under Section 372A (3) of the Companies Act, 1956, which says that in such cases where the effective yield (effective rate of return) on tax free bonds is greater than the yield on prevailing bank rate,… Read More

Tags: Companies ActCompanies Act 1956MCA21Ministry of Corporate AffairsNew DelhiReserve Bank of IndiaSection 372A (3)The Income-tax Act 1961

Income Tax Offices to remain open on 30th and 31st March 2013

SECTION 119 OF THE INCOME TAX ACT, 1961 - INCOME TAX AUTHORITIES - INSTRUCTIONS TO SUBORDINATE AUTHORITIES - ORDER FOR FACILITATING FILING OF IT RETURNS BY TAX PAYERS FOR F.Y. 2012-13 ON 30th & 31st MARCH, 2013 ORDER [F. NO. 225/45/2013/ITA.II], DATED 13-3-2013 The Financial Year 2012-13 closes on 31-3-2013. In view of holidays on 27th and… Read More

Tags: Central Board of Direct TaxesFinancial Year 2012-13Fiscal yearIncome taxIncome-tax OfficesThe Income-tax Act 1961

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