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Direct Taxes (including International Taxation)
263 order Quashed by ITAT on shares issued at high premium.
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jan 13, 2015
Case: Recently in Elder IT Solutions Pvt Ltd. Vs. CIT (ITAT Mumbai), the Commissioner set aside the order of Assessing Officer (AO) and p...
Annual franchise fees paid to Dominos: Revenue Expenditure
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jan 8, 2015
Recently High Court of Delhi in Commissioner of Income-tax-II v Jubilant Foodwork (P.) Ltd held that annual franchise fees paid at a fixe...
Revenue Expenditure for Credit Card Business: Verification of creditworthiness of customers for i...
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jan 8, 2015
Recently High Court of Delhi in Commissioner of Income-tax-III v SBI Cards & Payment Services (P.) Ltd held that: In credit ca...
Expenditure on development of web and portal charges to be allowed, even if no receipt during year
Direct Taxes (including International Taxation) | By ALOK PATNIA | Dec 30, 2014
Recently, ITAT Delhi Bench in Deputy Commissioner of Income-tax vs. E.India Biz.Com (P.) Ltd held that expenditure incurred on developmen...
Issuance of shares by Indian Company to its Foreign Parent Company would not trigger Transfer Pri...
Corporate Law & Intellectual Property Rights | By ALOK PATNIA | Nov 20, 2014
Issuance of shares by Indian Company to its Foreign Parent Company would not trigger Transfer Pricing laws . The Hon’ble Bombay has...
Section 54F relief denied by the ITAT on acquisition of another residential house within 1 year o...
Direct Taxes (including International Taxation) | By ALOK PATNIA | Nov 13, 2014
Recently, ITAT MUMBAI BENCH, in Smt. Pramila R. Wadhawan v Assistant Commissioner of Income-tax held that the assessee shall not be liabl...
When are you liable to pay the Advance Tax next?
Direct Taxes (including International Taxation) | By ALOK PATNIA | Nov 11, 2014
What is Advance Tax? A taxpayer whose Income Tax Liability is more than Rs 10000 in a Financial Year , is liable to pay tax in installmen...
Provision under section 263 cannot be invoked merely on assumption that order passed by Assessing...
Direct Taxes (including International Taxation) | By ALOK PATNIA | Nov 6, 2014
Recently,High Court of Delhi, in Globus Infocom Ltd VS. Commissioner of Income-tax, Delhi- IV held that where Assessing Officer had speci...
Tax Tribunal held that any unexplained credits in the saving account can be treated as income of ...
Direct Taxes (including International Taxation) | By ALOK PATNIA | Sep 27, 2014
Are you careful about money deposited into your saving account ?  Recently Chennai Tax Tribunal passed important decision, wherein the ...
IT Dept finally extends Tax Audit ITR filing date under pressure from High Courts
Direct Taxes (including International Taxation) | By ALOK PATNIA | Sep 26, 2014
IT Dept finally extends Tax Audit ITR filing date under pressure from High Courts. With Various High Courts asking IT department  to ext...
Minimum ceiling limit for provident fund has been enhanced to Rs. 15000 per month from Rs. 6500
Direct Taxes (including International Taxation) | By ALOK PATNIA | Sep 7, 2014
Starting from 1st September 2014, the minimum ceiling limit for provident fund has been enhanced to Rs. 15000 per month from Rs. 6500 . B...
Maintain your books of accounts and stay in compliance
Direct Taxes (including International Taxation) | By ALOK PATNIA | Aug 24, 2014
What we always keep on stressing in all our counselings and start-up advises is what do you do after registering your company? Is it just...
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