Taxation

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Income Tax Taxation

Interpretation of the word ‘Deductible or Collectible...

Interpretation of the word ‘Deductible or Collectible’ to Determine Advance Tax Liability

In a recent case of Director of Income Tax, New Delhi Vs. M/s. Mitsubishi Corporation, the Supreme Court (SC) ruled that for years prior to the fiscal year...

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Taxation

Service Tax Not Leviable on Goods Component of Composit...

Service Tax Not Leviable on Goods Component of Composite Works Contract in Case VAT Already Paid

In the case of Touchstone Infrastructure & Solutions Private Ltd. Vs. Commissioner of Central Taxes and Central Excise (CESTAT Chennai), it was decided...

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Taxation

Assessment orders cannot be passed under Section 153A o...

Assessment orders cannot be passed under Section 153A order if no incriminating material is seized

In the caselaw of Smt. Smrutisudha Nayak vs. Union of India & Others [W.P. (C) Nos. 10587 of 2009 dated October 27, 2021], the Honourable Orissa High C...

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Taxation

Tax Implications of Sale of Immovable Property by Non-R...

Tax Implications of Sale of Immovable Property by Non-Resident Seller

Because of the extensive provisions of the Income Tax Act of 1961 regulating the taxation of non-residents, most NRIs are confused by the legal rules gover...

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Taxation

E-Settlement Scheme for Small Taxpayers

E-Settlement Scheme for Small Taxpayers

Recently CBDT (Central Board of Direct Taxes) announced the introduction of the e-settlement scheme, 2021. This scheme is aimed to settle pending applicati...

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Taxation

Agreement Between Nations to Pay a Global Minimum Tax o...

Global minimum tax

A majority of the governments across the world have signed a landmark agreement that may compel multinational businesses to pay their fair share of taxes i...

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Latest News Taxation

SC observes obliteration in the difference between tax...

Tax and Fee

The Supreme Court of India in the case of Jalkal Vibhag Nagar Nigam and ors vs. Pradeshiya Industrial and Investment Corporation and Anr. observed that the...

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Taxation

A Brief Understanding on Investment in Equity Shares &#...

Investment in equity shares

Earlier majority of the people used to invest in FDs, bonds etc., to make some additional income however, with time, this trend has seen a definite shift w...

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