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Direct Taxes (including International Taxation)
Higher deduction for home loan interest expected from Budget,2014
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jul 5, 2014
Tax Payers who are eagerly waiting for Budget,2014 to come, are expecting changes to be made in the provisions of Section 80EE. Section 8...
RBI directs banks to strictly follow 15CA and 15CB procedure while remitting money
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jul 1, 2014
RBI directs banks to strictly follow 15CA and 15CB procedure while remitting money. Â As per Section 195 of the Income Tax Act 1961, ever...
No disallowance of lawful expenditure merely due to non-compliance of Companies Act provisions
Corporate Law & Intellectual Property Rights | By ALOK PATNIA | Jul 1, 2014
Recently, the ITAT Delhi Bench stated that the offence or prohibition under law referred to in Explanation to section 37(1) should be jud...
No disallowance of interest of loan when assessee had enough interest-free funds to invest in tax...
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jun 25, 2014
Recently, Gujarat High Court held that if there were funds available both interest-free and overdraft and/or loans taken, then a presumpt...
Reassessment notice issued within 6 years valid, if escaped income likely to touch Rs 1 lakh duri...
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jun 23, 2014
Recently Gujarat High Court held that where Assessing Officer while placing reasons recorded for approval of Commissioner prior to issuan...
Income Tax: Impact of late filing and penalty
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jun 23, 2014
Each and every tax payer knows the last date to file taxes. It’s quite common that we postpone tax filing till the final day. Be it de...
10 things startups should know about Companies Act, 2013
Corporate Law & Intellectual Property Rights | By ALOK PATNIA | Jun 21, 2014
New companies act, 2013 has addressed many issues and challenges faced by Startups and are to an extent positive for startups. The Compan...
Assessee making payment to Foreign Agencies for access to record of online consumers, liable to d...
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jun 20, 2014
ITAT Bangalore Bench recently in an appeal held that any fees paid by the assessee to foreign agencies for availing the service of acce...
Case Study : Non-Compliance with ROC can close down your business
Corporate Law & Intellectual Property Rights | By ALOK PATNIA | Jun 17, 2014
Just recently we came across a Company who sought our assistance in completion of its annual compliances since the date of its incorporat...
No TDS to be deducted if commission paid to foreign agents for rendering services abroad
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jun 14, 2014
ITAT Chennai Bench recently held that assessee is not liable to deduct tax at source for making payment to its foreign agents for renderi...
Top 10 Myths about Income Tax Return Filing for Non Residents in India
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jun 11, 2014
Last date for filing tax returns in India is approaching and it’s a heads up time for Non residents Indians (NRIs) as well. NRIs must g...
No Taxes on Salary if actual stay in India was less than 60 days in a year
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jun 10, 2014
Hyderabad Tax Tribunal recently held that Salary earned from employment in US isn’t taxable in India if employee resides in India for l...
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