ALOK PATNIA – Page 130 – Advisory, Tax and Regulatory Compliance in India, Singapore and USA

Yuvraj Singh to play a new innings: YouWeCan Ventures

News & FAQs | By ALOK PATNIA | Apr 7, 2015

If you are a startup then you must be in search of funds. Funds are the basic but also a dreadful problem which lead to shut down. For su...

Depreciation shall not be claimed on goodwill if retiring partner were not paid in excess of bala...

Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 4, 2015

If retiring partner were not paid in excess of balance in capital account then, no goodwill arises. Thus, depreciation shall not be claim...

Purchases made from person carrying dummy business shall be added to the income of assessee u/s 69C

Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 4, 2015

Case:Assistant Commissioner of Income-tax vs. Shanti Swarup Jain Where assessee purchases from a firm running dummy business then such pu...

Foreign technical expense related to main business of assessee shall not be excluded for Sec. 80HHE

Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 2, 2015

Assessee incurring expenditure in foreign exchange for providing of technical services related to his business of export of computer soft...

E- Commerce: Full of mysteries

News & FAQs | By ALOK PATNIA | Apr 1, 2015

Shopping…. After listening to this word.. what comes first to your mind?? Going to crowded malls… chasing your products… hunting in many ...

Income shall be computed based on net profit rate in Best Judgment Assessment

Direct Taxes (including International Taxation) | By ALOK PATNIA | Mar 31, 2015

Case: Income-tax Officer vs. Om Silk Mills Facts: The assessee filed its return on 31.10.2003 declaring total income of Rs. 1,10,463. The...

Capital Gain shall be the income of owner of land even if wrongly shown as income of HUF

Direct Taxes (including International Taxation) | By ALOK PATNIA | Mar 31, 2015

The Tribunal held – If the capital gain wrongly showed in hands of HUF while the individual owned the property then, the said capital gai...

Top 10 things to know about Companies Act, 2013

Corporate Law & Intellectual Property Rights | By ALOK PATNIA | Mar 30, 2015

Almost a year has passed since the Companies Act, 2013 had been implemented. The act has replaced some grandfathered provisions of the ol...

Clarification on income deemed to accrue or arise in India

News & FAQs | By ALOK PATNIA | Mar 28, 2015

Section 9 of Income Tax Act, 1961 deals with income deemed to accrue or arise in India. However, many explanations have been provided reg...

Hopes raised for e- filing of returns to go paperless

News & FAQs | By ALOK PATNIA | Mar 26, 2015

Must be Busy in filing returns.. just few days left. However, remember just filing will not be enough to make the return valid. Submittin...

Where guarantor repays loan of its subsidiary for benefits of its business then such expense shal...

Direct Taxes (including International Taxation) | By ALOK PATNIA | Mar 25, 2015

The High Court ruled that if installments of loans taken by subsidiary company were repaid by guarantor for protecting its business then,...

Claim Sec. 54 on sale of short-term asset being building if developed on land, which is long-term...