Taxation - Corporate Law Reporter

Proof of Tangible/direct benefits from international transactions needed for determination of ALP

CLR Editorial Notes: This case bears reference to an appeal filed by the concerned assessee against an order passed by the Assessing officer. The assessee-company is engaged in the business of manufacturing, designing, engineering and supply of cooling towers, spares and providing engineering services. The assessee entered into several international transactions with its Associated Enterprises… Read More

CLR Urgent :: DVAT Filing of online returns for March, 2013 and Fourth Quarter 2012-13.

The date of filing of DVAT online returns for March, 2013 and Fourth Quarter 2012-13 has been extended for various categories of tax payers. The circular is provided below: GOVERNMENT OF NCT OF DELHI DEPARTMENT OF TRADE & TAXES VYAPAR BHAWAN, NEW DELHI No.F.7(420)/VAT/Policy/2011 /117-123 Dated:25/04/2013 CIRCULAR NO. 3 OF 2013-14 Sub: Filing of online returns… Read More

Income Tax Overseas Units

Income Tax Overseas Units have been set up in Indian Missions abroad as part of efforts to unearth black money. Tax Officers at the level of First Secretary are being posted to Income-tax Overseas Units (ITOUs) in Indian Missions abroad to maintain effective coordination and liaison between Indian tax authorities and the tax authorities of… Read More

Income Tax notification in relation to Sec 138 of the IT Act – Disclosure of Information

NOTIFICATION NO. 32/2013 Dated: 18/04/2013 Whereas the Central Government is of the opinion that it is necessary to do so in the public interest; and, therefore, in pursuance of sub-clause (ii) of clause (a) Sub-Section (1) of 138 of the Income-tax Act, 1961, the Central Government hereby specifies officers of the rank of Joint Director and above serving… Read More

Income Tax Amendment Notification in relation to Deduction u/s 80IA

NOTIFICATION NO. 31/2013 Dated: 18/04/2013 In exercise of the powers conferred by clause (iii) of sub section (4) of section 80-IA of theIncome-tax Act, 1961 (43 of 1961), the Central Government hereby makes following amendment to the notification of the Government of India in the Ministry of Finance, Department of Revenue published in the Gazette of India, Part… Read More

DTAA with Argentina

SECTION 90 OF THE INCOME-TAX ACT, 1961 DOUBLE TAXATION AGREEMENT AGREEMENT FOR EXCHANGE OF INFORMATION AND ASSISTANCE IN COLLECTION WITH RESPECT TO TAXES WITH FOREIGN COUNTRIES ARGENTINE AMENDMENT IN NOTIFICATION NO. GSR 710(E), DATED 18-11-1993 NOTIFICATION NO. 22/2013 [F.NO. 504/3/2010-FTD-II]/SO 824(E), DATED 22-3-2013 Whereas, an Agreement between the Government of the Republic of India and… Read More

Income Tax Jurisdiction Notification – for Bhopal Region

SECTION 120 OF THE INCOME-TAX ACT, 1961 - INCOME-TAX AUTHORITIES - JURISDICTION OF - COMMISSIONER OF INCOME-TAX (CENTRAL) NOTIFICATION NO. 26/2013 [F.NO.187/18/2012 (ITA.I)], DATED 28-3-2013 In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby :- (a) directs that… Read More

DTAA with United Arab Emirates

SECTION 90 OF THE INCOME-TAX ACT, 1961 - DOUBLE TAXATION AGREEMENT - AGREEMENT FOR AVOIDANCE OF DOUBLE TAXATION AND PREVENTION OF FISCAL EVASION WITH FOREIGN COUNTRIES - UAE - AMENDMENT IN NOTIFICATION NO. GSR 710(E), DATED 18-11-1993 NOTIFICATION NO. 29/2013 [F.NO. 503/5/2004-FTD-II], DATED 12-4-2013 Whereas the annexed Second Protocol amending the Agreement between the Government… Read More

Department Clarification on Arms Length Price Variations

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PARTII, SECTION 3, SUBSECTION(ii)] GOVERNMENTOF INDIA MINISTRYOF FINANCE [DEPARTMENTOF REVENUE] NOTIFICATION New Delhi, 15April 2013 [INCOME TAX] In exercise of the powers conferred by the second proviso to subsection (2) of section 92 C of the Income Tax Act, 1961 (43 of 1961), the Central Government hereby notifies that… Read More

Issuance of certificate for tax deducted at source in Form No. 16 as per provisions u/s 203

CIRCULAR NO. 04/2013 F.No 275/34/2011-IT(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, the 17th April, 2013 Sub: Issuance of certificate for tax deducted at source in Form No. 16 in accordance with the provisions of section 203 of the Income-tax Act, 1961 read with the Rule… Read More

ALP has to be the Arithmetic mean of all prices arrived through various methods

Ratio of the Case: If more than one price is determined by the most appropriate method, the ALP has to be the arithmetical mean of such prices CLR Editorial Notes: The assessee was engaged in providing software development support services by which it developed software upon the instructions of its parent associated enterprise (IKOS Systems Inc).… Read More

Consistent losses in IT Returns does not mean intention to evade taxes

CLR Editorial Notes: The assessee in this case, had filed a return declaring a loss of Rs. 16 lakhs in which it had made a wrong claim of depreciation. The Assessing Officer disallowed this claim and levied 100% penalty which was upheld by the CIT(A). When this case was brought before the Tribunal, the assessee… Read More

Delays due to Government’s administrative mechanism is not condonable

CLR Editorial Note: This case is related to an application preferred for condonation of delay of 1226 days in filing a Tax Appeal. The applicant submitted that, to file Tax Appeal before the Court the applicant had to undergo certain administrative procedures. Due to Government administrative mechanism, every work passes and comes back to source point, through a route system, hence… Read More