TAXATION LAWS AMENDMENT, 2019
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved
the proposal for introducing the Taxation Laws (Amendment) Bill, 2019 in order
to replace the Ordinance.
Economic developments after the enactment of the Finance (No. 2) Act, 2019
(Finance Act) along with reduction of rate of corporate income tax by many
countries world over necessitated the provision of additional fiscal stimulus to
attract investment, generate employment and boost the economy. As these could
have been achieved through amendment to the Income-tax Act, 1961 (IT Act) or to
the Finance Act and the Parliament was not in session, it was done through
promulgation of The Taxation Laws (Amendment) Ordinance 2019 (the Ordinance) in
September, 2019. Salient features of the amendments made by the Ordinance are
provided in the following paras..................click
here to read further
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FAQ'S ON FILING OF MCA FORM DPT-3
Dy. Commissioner of Income Tax vs M/s. Manpreet Estates LLP 26th March,
2019 Appellate Tribunal Smt. P. Leelavathi (D) by LRS Vs V. Shankarnarayana
Rao (D) on 09 April, 2019 Supreme Court
.................click
here to read further
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With Companies (Acceptance of Deposits), Amendment Rules, 2019, MCA
introduced Form DPT-3 which mandates Filing of Details of Loan with ROC.
Language of Companies (Acceptance of Deposits) Amendment Rules, 2019: Sub
Rule 3 of Rule 16A : Every company other than Government company shall file
a onetime return of outstanding receipt of money or loan by a company but
not considered as deposits, in terms of clause (c) of sub-rule 1 of rule 2
from the 01st April, 2014 to the date of publication of this notification in
the Official Gazette, as specified in Form DPT-3 within ninety days from the
date of said publication of this notification along with fee as provided in
the Companies (Registration Offices and Fees) Rules, 2014.”. .................click
here to read further
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(Trademark / Patent / Copyright)
Software Patent Registration
Creators and inventors of software products have always strived to protect
their intellectual property rights and obtain patent registration for software
products. The rapid growth of the internet and fast increasing competition has
further increased the demand for software patents in India. However, patenting
of software was not allowed for a long time in India, due to restrictions in
the patent laws of India. But to cope up with the demand, boost innovation and
safeguard the rights of inventors, the Indian Patent Office has evolved
detailed guidelines for patenting Computer Related Inventions (CRIs). In this
article, we look at patentability of software and Computer Related Inventions
in detail.................click
here to read further
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BUYING A PROPERTY IN BANK AUCTION
The traditional channels of searching real estate listings and working with
real estate agents aren't the only ways to acquire a property. Experienced
real estate investors often purchase properties at auctions. But auctions
aren't limited to professionals; novices have purchased their homes at
auctions, too.
How Do Properties End Up at Auction?
The two main types of property auctions are foreclosure auctions and tax lien
auctions. Before a property reaches this stage, several things have to happen.
First, the homeowner has to have not paid the mortgage for several months.
Then, the bank files a notice of default with the county recorder. If the
homeowner doesn't pay the balance owed or renegotiate the mortgage with the
lender, the home can be put up for auction. The amount of time it takes from
when the homeowner stops paying the mortgage to when the home ends up at
auction varies, but can be anywhere from a few months to a year or
more...................click
here to read further
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DOUBLE TAXATION AVOIDANCE PACT WITH HONG KONG
AGREEMENT BETWEEN THE GOVERNMENT OF THE HONG KONG SPECIAL ADMINISTRATIVE
REGION OF THE PEOPLE’S REPUBLIC OF CHINA AND THE GOVERNMENT OF THE REPUBLIC OF
INDIA
FOR THE AVOIDANCE OF DOUBLE TAXATION AND THE PREVENTION OF FISCAL EVASION WITH
RESPECT TO TAXES ON INCOME
The Government of the Hong Kong Special Administrative Region of the People’s
Republic of China and the Government of the Republic of India, desiring to
conclude an Agreement for the avoidance of double taxation and the prevention
of fiscal evasion with respect to taxes on income, have agreed as follows:..............click
here to read further
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SALARY TO NON RESIDENT DIRECTOR
TAXABILITY OF SALARY PAID TO NON RESIDENT
Scope of Total Income - Section 5(2) of Income Tax Act
Subject to the provisions of this Act, the total income of any previous year
of a person who is a non-resident includes all income from whatever source
derived which—
(a) is received or is deemed to be received in India in such year by or on
behalf of such person ; or
(b) accrues or arises or is deemed to accrue or arise to him in India during
such year.
Explanation 1.— Income accruing or arising outside India shall not be deemed
to be received in India within the meaning of this section by reason only of
the fact that it is taken into account in a balance sheet prepared in India..............click
here to read further
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AUDIT UNDER CGST ACT, 2017
According to Section 2(13) of the CGST Act, 2017 “Audit” means the examination
of records, returns and other documents maintained or furnished by the
registered person under the GST Acts or the rules made there under or under
any other law for the time being in force to verify the correctness of
turnover declared, taxes paid, refund claimed and input tax credit availed,
and to assess his compliance with the provisions of the GST Acts or the rules
made thereunder..............click
here to read further
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SETTLEMENT COMMISSION
Income Tax Settlement Commission is a premier Alternative Dispute Resolution (ADR) body in India. Its mandate is to resolve tax disputes in respect of Indian Income Tax & Wealth Tax Laws between the two disputing parties, Income Tax Department on one side and litigating tax payer on the other.
This institution was set up in 1976 by the Central Government on the
recommendations of the Direct Taxes Enquiry Committee (1971) set up under the
Chairmanship of Justice K.N. Wanchoo, the retired Chief Justice of the Supreme
Court of India. The Wanchoo Committee had conceived of the Settlement
Commission as a mechanism to allow a one-time tax evader or an unintending
defaulter to make clean breast of his affairs. At present, there are Seven
benches of the Commission located at New Delhi, Mumbai, Kolkata and Chennai............click
here to read further
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PAKISTAN PM ANNOUNCES TAX AMNESTY SCHEME
Prime Minister Shahid Khaqan Abbasi, after a meeting of the Economic Advisory
Council, announced tax reforms aimed at clamping down on tax evaders. Building
his case for the government's new package, the prime minister noted that only
1.2 million Pakistanis file income tax returns. He further noted that of the
1.2m filers, only 700,000 actually paid tax, while others filed returns but paid
no income tax. Presenting his package as an incentive for more people to enter
the tax net, PM Abbasi stressed that he felt this to be the most optimum way to
maximise the government's revenues keeping in mind the significant challenges it
faces..........click
here to read further
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SAMOSA IS COOKED FOOD
JUDGMENT ( 09.03.2018 ) BY UTTARAKHAND HIGH COURT
The Uttarakhand High Court has ruled that samosa is considered to be cooked
food, hence it would attract higher tax rate. In the instant case Assessee is
running shop and engaged in the activity of selling sweets, namkeen, samosa,
milk and curd etc. and he has filed his return of income for the relevant
assessment year and declared his taxable income at Rs.50,720 on the basis of the
total turnover of Rs.11,55,900. During the course of assessment proceedings, the
Assessing Officer (AO) recomputed the income of the Assessee and declared his
total income at Rs.13,66,400 while completing the assessment..........click
here to read further
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HON’BLE F. M. ARUN JAITLEY – BUDGET 2018
CA Anil Kumar Jain
Once again the Finance Minister of India has gone through the ritualistic
Annual Budget exercise on 1st of February, 2018. As, this is the last
functional financial budget in the present tenure of this BJP Government,
Economic and Financial wizards around the world were holding their breath in
the expectation of some far-fetched fiscal announcements on this day.
There was also a feeling that, the budget documents will be election driven.
So far, international investors and Indian industry has shown its stout
confidence, conviction and admiration in the leadership of this regime.
Pragmatic decisiveness on demonetarization and tax reforms also raised
optimism for incredible proclamations through budget documents 2018.
Although, it will be hasty and unreasonable to judge and conclude the far
reaching implications and affects of this presentation, but apparently it
appears that, a lot is missing …………….. an opportunity is lost……… fiscal issues
are inadequately balanced………common person is somewhat confused on his choice
of …………!!!
In the juggleries of financial politics and democratic limitations, we as a
nation are the worst victim of appeasement practices and policies. It is
distressing to say that, “the illiterate farming community and allied classes
of Indian Diaspora, which supersede in electoral numbers have restrained our
finest leadership from dynamic fiscal decisions in the interest of nation as a
whole”.
If India has to stand in the frontline, we have to compulsorily grow
consistently at least 12% plus rate for next three to five years.
Revenue from direct and indirect taxes can by no means fulfill the necessities
of the nation. Steel, Power, Transport, Industries are the backbone of growth
cycle. Massive capital investment is required in Infrastructure, education and
health sector. There is no answer for all this in budget documents.
On multiple occasions it is governmentally acknowledged that, abundant
financial resources are held / parked by our own fellow Indians outside India.
In the interest of the Nation, the Hon’ble Finance Minster should not be shy
in acknowledging this reality of the economics. The issue is, “why can’t, we
find a respectable mutually acceptable solution so that, these staggering
funds can voluntarily flow back to country and contribute in our economic
growth”. I once again accentuate that, tax revenue can, on no account meet the
resource needs of India.
Besides, it is also noteworthy that, good intent, announcements and
allocations of Finance Minster are not getting to the last point. The
administrative machinery is extremely enervated and inefficient. Historically,
there appears to be lack of synchronisation and harmonisation amongst Ministry
of Finance, Commerce, Law, Reserve bank of India, Judiciary etc. The Hon’ble
Prime Minister must find a way out so that, there is conceptual
understanding of action from conceivement to execution.
In his budget documents, additional tax collection provisions through
increase in direct taxes may not be purposeful. Capital gain tax may
negatively impact the sentiments of capital market. In nutshell, economic
sentiments can be better managed through greater dependence on indirect taxes
rather than direct taxes. Some of the penal provisions introduced in Direct
Taxes appear to be too harsh and impractical. Being our representative on
national mission, we expect our Finance Minister to be a friend and a
philosopher in his approach while drafting his budget proposals. We are sure
he will have a relook at some of the penal provisions in Budget Documents.
Besides, it is worth mentioning that, the present rates of individual and
corporate taxes are still very high as compared to other progressive nations.
Higher rates can definitely be justified only in the circumstances where
social security scheme and other welfare programmes are effectively serving
every citizen of the country.........click
here to read further------------------------------------------------------------
SHELL, DORMANT & DEFUNCT COMPANIES
SHELL COMPANIES
What are shell companies?
Is there a law governing shell companies?
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KEY FEATURES OF BUDGET 2017 - 18
INTRODUCTION
1. In the last two and half years administration has moved from discretionary,
favouritism based to system and transparency based.
2. Inflation brought under control. CPI-based inflation declined from 6% in
July 2016 to 3.4% in December, 2016.
3. Economy has moved on a high growth path. India’s Current Account Deficit
declined from about 1% of GDP last year to 0.3% of GDP in the first half of
2016-17. FDI grew 36% in H1 2016-17 over H1 2015-16, despite 5% reduction in
global FDI inflows. Foreign exchange reserves have reached 361 billion US
Dollars as on 20th January, 2017.
4. War against black money launched.
5. Government continued on path of fiscal consolidation, without
compromising on........click
here to read further
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PLACE OF EFFECTIVE MANAGEMENT
CLARIFICATORY CIRCULAR BY GOVERNMENT OF INDIA
Circular No. 06 of 2017 / F. No. 142/11/2015-TPL / Government of India /
Ministry of Finance / Department of Revenue / Central Board of Direct Taxes /
Dated: 24th January, 2017
Section 6(3) of the Income-tax Act, 1961 (the
Act), prior to its amendment by the Finance Act, 2015, provided that a company
is said to be resident in India in any previous year, if it is an Indian
company or if during that year, the control and management of its affairs is
situated wholly in India. This allowed tax avoidance opportunities for
companies to artificially escape the residential status under these provisions
by shifting insignificant or isolated events related with control and
management outside India. To address these concerns, the existing provisions
of section 6(3) of the Act were amended vide Finance Act, 2015, with effect
from 1st April,2016 to provide that........click
here to read further
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What are shell companies?
The Companies Act, 2013 has not defined what a ‘shell company’ is and as to
what kind of activities would lead to a company being termed a ‘shell’.
Shell companies are typically corporate entities which do not have any
active business operations or significant assets in their possession. The
government views them with suspicion as some of them could be used for money
laundering, tax evasion and other illegal activities.
Is there a law governing shell companies?
In India, there is no specific law relating to “shell companies.” However,
some laws help, to an extent, in curbing illegal activities such as money
laundering and can indirectly be used to target shell companies — Benami
Transaction (Prohibition) Amendment Act 2016; The Prevention of Money
Laundering Act 2002 and The Companies Act, 2013........click
here to read further
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KEY FEATURES OF BUDGET 2017 - 18
INTRODUCTION
1. In the last two and half years administration has moved from discretionary,
favouritism based to system and transparency based.
2. Inflation brought under control. CPI-based inflation declined from 6% in July 2016 to 3.4% in December, 2016.
2. Inflation brought under control. CPI-based inflation declined from 6% in July 2016 to 3.4% in December, 2016.
3. Economy has moved on a high growth path. India’s Current Account Deficit
declined from about 1% of GDP last year to 0.3% of GDP in the first half of
2016-17. FDI grew 36% in H1 2016-17 over H1 2015-16, despite 5% reduction in
global FDI inflows. Foreign exchange reserves have reached 361 billion US
Dollars as on 20th January, 2017.
4. War against black money launched.
5. Government continued on path of fiscal consolidation, without
compromising on........click
here to read further
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PLACE OF EFFECTIVE MANAGEMENT
CLARIFICATORY CIRCULAR BY GOVERNMENT OF INDIA
Circular No. 06 of 2017 / F. No. 142/11/2015-TPL / Government of India / Ministry of Finance / Department of Revenue / Central Board of Direct Taxes / Dated: 24th January, 2017
Section 6(3) of the Income-tax Act, 1961 (the
Act), prior to its amendment by the Finance Act, 2015, provided that a company
is said to be resident in India in any previous year, if it is an Indian
company or if during that year, the control and management of its affairs is
situated wholly in India. This allowed tax avoidance opportunities for
companies to artificially escape the residential status under these provisions
by shifting insignificant or isolated events related with control and
management outside India. To address these concerns, the existing provisions
of section 6(3) of the Act were amended vide Finance Act, 2015, with effect
from 1st April,2016 to provide that........click
here to read further
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FUTURE CURRENCY : DIGITALISED BITCOIN
Bitcoin is a form of digital currency, created and held electronically. No one
controls it. Bitcoins aren’t printed, like dollars or euros they’re produced
by running computers using software. It is a crypto-currency. Bitcoin is
designed around the idea of using cryptography to control the creation and
transfer of money, rather than relying on central authorities. The first
Bitcoin concept was published in 2009 by Satoshi Nakamoto. However, Satoshi
left the project in late 2010 without revealing much about himself. The
community has since grown manifolds........click
here to read further
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ASSET DISPOSAL - GOVERNMENT E-COMMERCE PLATFORM CAN SAVE BILLIONS
NEED FOR E- COMMERCE PLATFORM
General lack of transparency and
inefficiencies in the handling and disposal of the seized, confiscated,
obsolete, surplus, unused assets has time and again created embarrassing
situation for the government’s functionaries. Non - standardized assets
disposal policies have also resulted into enormous financial losses,
bribery, bungling, corruption and crime in this sector.
1. GENERATION OF DISPOSABLE ASSETS
High value disposable assets in considerable
quantum are regularly generated by all Government departments, financial
institution, banks, public sector organization, local bodies etc. Besides,
revenue departments like Income Tax, Customs, VAT, Excise regularly seize /
confiscate valuable assets in course of raids or at the time of recovering
their dues. NPA accounts are also generating disposal assets in the hands of
government ........click
here to read further
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REVIEW AND HIGHLIGHTS - BUDGET 2016
ANALYSIS: The 2016 Budget of the Narendra Modi Government, which was
delivered on 29th February, was eagerly awaited. With increasing criticism
of the perceived gap between promises made and action taken on the ground,
this Budget was the key opportunity to regain lost ground and accelerate the
process of converting the ‘Make in India’ dream into a reality. Indeed,
there was little in the run-up to the Budget that generated cheer or
optimism. The data from the manufacturing, banking, and real estate sectors
were depressing. The ill-timed notice from the Indian tax department of over
Rs. 14,000 crore to Vodafone two weeks ago seriously cast doubts on whether
the Prime Minister’s Office and the Finance Ministry were pursuing a common
agenda of making India an investment-friendly destination. The only large
silver lining on the dark economic cloud was the drastic fall in oil prices.............click
here to read further
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"STARTUP INDIA" A STEP FORWARD IN RIGHT DIRECTION
STARTUP INDIA is a flagship initiative of the
Government of India, intended to build a strong eco-system for nurturing
innovation and Startups in the country that will drive sustainable economic
growth and generate large scale employment opportunities. The Government
through this initiative aims to empower Startups to grow through innovation
and design. In order to meet the objectives of the initiative, Government of
India is announcing this Action Plan that addresses all aspects of the
Startup ecosystem.........click
here to read further
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INDIAN GOVERNMENT OPENS COMPLIANCE WINDOW FOR BLACK MONEY DISCLOSURE
SCHEME OPEN UPTO SEPT. 30, 2015
Those assessee with any undeclared overseas
income or assets will have a 3 month window to come clean beginning on July
1, 2015 and a further 3 months to deposit the appropriate tax and penalty
till Dec 31, 2015. Ministry of Finance, Government of India has announced
details of a compliance window to curb black money. Central government has
notified on 30th September,
2015, as the date on or before which a person can make a declaration in
respect of an undisclosed asset located outside India. The last date for
depositing tax is December 31, 2015........click
here to read further
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HIGHLIGHTS UNDISCLOSED FOREIGN INCOME & ASSETS BILL, 2015 INTRODUCED IN
LOK SABHA ON 20TH, MARCH 2015
The Finance Minister, in his budget speech, while acknowledging the
limitations under the existing law, had conveyed the considered decision
of the Government to enact a comprehensive new law on black money to
specifically deal with black money stashed away abroad. He also promised
to introduce the new Bill in the current Session of the Parliament.
In order to fulfil the commitment made by the
Government to the people of India through the Parliament, the Undisclosed
Foreign Income and Assets (Imposition of Tax) Bill, 2015 has been introduced
in the Parliament on 20.03.2015. The Bill provides for separate taxation of
any undisclosed income in relation to foreign income and assets. Such income
will henceforth not be taxed under the Income-tax Act but under the
stringent provisions of the proposed........click
here to read further
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A few years back, when the world was looking
at us with high expectation of growth and stability, the apathetic fiscal
management severely dented the Indian economic system. The erstwhile Indian
Government failed to appreciate the ground rules and requirements of a
growing Indian economy. When Indian corporate was looking at world map for
their next destination, some over-enthusiastic Economists did everything
possible to rattle the aspiration, ambition and dignity of the entrepreneurs
and their enterprise. Why did they do it? This is a question for everyone.
Anyway, that is past. India has to come
back and cover the losses of sixty seven years. In 1947, one rupee was
giving us one dollar and today we have to pay almost sixty rupees for a
dollar. As a person of basic virtues, I am more than confident that, an
emotional connect to country and little financial sensibilities in economic
policy framing can progressively take us back to 1917. I am sure, our new PM
will show us again, those respectable days.
Although, Mr. Modi has the best of the
technology and talent around him to coordinate his plans and proposal,
with all the humbleness, I would like to mention some suggestive ideas for
the desired upgradation of Indian Fiscal System.
www.youtube.com/watch?v=v-jQnv8rL2w
It is foremost important that the fiscal system
should not be draconian, excruciating and compelling. It should be appeasable
and amenable. Present Indian fiscal system is not only perplexing but also
mystifying for a common person. In existing format, Government is collecting
revenue through multiple and multilevel tax legislation. The basic concept of
Indian tax laws is centuries old and had its origin somewhere in Egypt. It is
written in thousands of pages and most seasoned tax professional are often
found totally befuddled in their interpretation and application. That is why
the end result is recent cases of Nokia and Vodaphone. These two cases have
disgraced and embarrassed the country around the world. We need to have
fundamentally something very different from the present........click
here to read further
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INTRODUCTION
Railway Minister Shri D. V. Sadananda Gowda, in his 2014 Budget Speech has
mentioned, “in the last 10 years, 99 New Line projects worth` 60,000 crore
were sanctioned out of which only one project is complete till date. In
fact, there are 4 projects that are as old as 30 years, but are still not
complete.” The principal reason attributed by the Hon’ble Minister for the
dismal performance is lack of availability of adequate financial
resources. The Hon’ble Minister has further announced some new projects.
But the big question is how the Railways will fund these schemes.
Traditional funding sources have already been
exploited to their optimum level. Now the Railway Board has to look for some
unconventional sources to fund the operational and developmental projects.…..
including Prime Minister, Narendra Modi’s Bullet Train. If, the authorities
involved in the process look beyond their centuries old rule book…….solutions
are not far from reach. To be more precise, the freely available Railway Real
Estate assets have the required potential to generate enormous surplus to meet
its financial needs and also to strengthen the Railways Balance Sheet to the
envy of any successful corporate in the world. India has at least 500 - 700
major Railway Stations Real Estates assets, which can be developed for
augmenting Railway revenue. Each of the Railway Station occupies sizable land.
This station land over the platforms and adjoining Railway lines can be easily
monetized. A multi-story multipurpose complex can be constructed without
disturbing the regular functioning and movement, over the Railway platforms.
This real estate can be easily marketed to generate capital and revenue
profits. The monetary valuations of these properties can run into astronomical
figures. Keeping in view the size of the city, a multistory complex can be
erected over any railway stations. The construction can be done on BOT basis
or contract basis etc. depending on various factors. The research data
suggests, the space available can be easily marketed as the railway stations
are always city centers and enjoy tremendous locational advantages.........click
here to read further
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The final Budget for the year is on the floor
and will be shortly enacted to rule the country. This time, the expectations
from Budget were extremely high but for the reasons best known to the Budget
Makers, much has been left to be addressed in future. Whatever may be the
reasons for going cautious, if India has to progress and survive in this
competitive world and amongst aggressively progressing neighbouring countries,
then some out of the box thinking, dynamic decision making and fearless
actions are the only choices. We hope to look forward an aggressive Indian
regime determined to put India on self sustaining growth course of over 10%.
May be by 15th August our Hon’ble Prime Minister Mr. Narendra Modi will chalk
out his new economic and development programme and unfurl the same with the
flag of the nation.
Various Budget provisions have been comprehensively summarized herein below.
We note from the detailed budget document that, with regards to Income Tax
budget proposals several changes have been proposed which will have far
reaching impact on the economy and business. These subtle changes although
very important have not become the headlines of any media. Particularly
changes about advance against assets, survey / search rules, charitable
institutions, long term capital gains, dividend distribution tax, debt based
mutual funds, investment allowance, institutions governed by section 35,
overseas borrowing and divided, transfer pricing, FII income clarifications,
MAT, TDS, anonymous donation, presumptive taxation u/s 44AE, commodity
transaction tax, compulsory acquisitions, speculative gains, asset valuations,
loan transactions u/s 269SS, attachment of property etc. must be studied
meticulously.
The Current Economic Situation And The
Challenges
-
Decisive vote for change represents the desire of the people to grow, free
themselves from the curse of poverty and use the opportunity provided by the
society. Country in no mood to suffer unemployment, inadequate basic
amenities, lack of infrastructure and apathetic governance .........click
here to read further
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A few years back, when
the world was looking at us with high expectation of growth and stability,
the apathetic fiscal management severely dented the Indian economic
system. Anyway, that is past. Let’s look forward to a brighter future in
the hands of indomitable team of Governors. In 1947, one rupee used to
fetch one dollar and let’s hope the time returns. I am confident that, an
emotional connects to nation and financial sensibilities in economic
policy framing can show us again those respectable days.
Present Indian fiscal
system is perplexing to all concerned. Government is collecting revenue
through multiple tax legislations. The basic tax concept is centuries
old and had its origin somewhere in Egypt and travelled through Greece
U. K. to India with British. Revenue laws are written in thousands of
pages and most seasoned tax professional are often found totally
befuddled in their interpretation and application. That is why the end
result is recent cases of Nokia and Vodaphone. These two cases have
disgraced the country
around the world. We need to have fundamentally something very different
from the present and aptitude to accept out of box thinking.
With complete new mindset,
the entire revenue collection law can be framed in less than hundred
pages. A suggestive scheme which will be manageable without the fleet of
tax collecting agencies can be drafted on following lines. The simplicity
itself will boost revenue collection by manifolds. The scheme may be
referred as “Consolidated Revenue Act of India.”.........click
here to read further
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DOUBLE TAXATION AVOIDANCE AGREEMENTS
To finance the welfare and
the administrative expenditure, governments around the world impose certain
taxes on their subjects. The taxation system helps in collecting revenue
besides it also provides direction to the economic growth and also brings
economic equilibrium amongst various classes. In any taxation system, the
residential status of the taxpayer is of crucial significance. Residential
status confirms the jurisdiction and the application of taxation account
abilities.
However, in cases, where cross country economic activity is carried out, it
is a tricky affair to identify and justify the appropriate jurisdiction of
tax authorities. In order to mitigate the hardships of multiple
jurisdictions, the Governments enter into bilateral arrangements, which are
commonly denoted as “Double Taxation Avoidance Agreements” (DTAA). DTAA
refers to an accord between two countries, aiming at elimination of double
taxation. These are bilateral economic agreements wherein the countries
concerned assess the sacrifices and advantages which the treaty brings for
each contracting nation. It would promote exchange of goods, persons,
services and investment of capital among such countries.
Indian Government is
actively pushing DTAA negotiations with several countries to help its
residents in understanding their tax jurisdictions and accountability
towards the appropriate authorities. So far India has signed DTAA with 81
countries and discussion is on with many others. The natures of DTAA’s
entered by India are greatly diverse in their nature and contents.
OECD and DTAAs
The first international
initiative regarding DTAA was taken by the Organization for Economic
Co-operation and Development. OECD presented the first draft of DTAA in
‘Model Tax Convention on Income and on Capital’. DTAA was proposed as a tool
of standardization and common solutions for cases of double taxation to the
taxpayers who are engaged in industrial, financial or other activities in
other countries. The double tax treaties are negotiated under international
law and governed by the principles laid down under the Vienna Convention on
the Law of Treaties.........click
here to read further
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The next General Elections are due in 2014. All political aspirants have
already started working out policies and strategies to approach public for
support and vote. However, it is no longer an easy mission to convince
Indian voters to vote for any party or individual. Television programmes and
print media have turned Indians into a conscious and informed class. Now,
people are looking forward towards strong programmes and policies rather
than traditional individuals and parties. It will be now be very tricky to
play sentimental issues for electoral success.
In this note, we are providing a evocative programme for effectively setting
forth election strategy to the aspiring national players. We are confident,
if an organization adopts policies and programme on the lines suggested
herein below and delivers on promises, nothing can restrain them from
winning and ruling this country for next several decades.
The suggestive programme is
outlined herein below.......click
here to read further
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Rajkot Bench of ITAT in the case of Vineetkumar Raghavjibhai Bhalodia v.
Income tax Officer, Rajkot has discussed the controversial issue of tax
ability of gifts from HUF to its members. The issues taken up were.
1. Whether a gift received from 'relative', irrespective of whether it is
from an individual relative or from a group of relatives is exempt from tax
under provisions of section 56(2)(vi)?
Answer: Held, yes.
2. Whether HUF is a group of relatives and therefore, gift received from
HUF would be exempt from tax under section 56(2)(vi)?
Answer: Held, yes
3. Whether for getting
exemption under section 10(2) two conditions are to be satisfied,
firstly, a person must be a member of HUF and secondly he should receive
sum out of income of such HUF, may it be income of earlier year? Answer:
Held, yes.........click
here to read further
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INTRODUCTION
Copyright is a legal
term refers to protecting a creator’s work. It is a type of intellectual
property that provides exclusive publication, distribution, and usage
rights for the creator. This means whatever content is created cannot be
used or published by anyone else without the consent of the creator. The
length of copyright protection may differ from country to country, but
it usually lasts for the life of the author plus 50 to 100 years.
Copyright is generally given by the law to creators of literary,
dramatic, musical and artistic works and producers of cinematograph
films and sound recordings. It is a pack of rights including, inter alia,
rights of reproduction, communication to the public, adaptation and
translation of the work. In modern times, copyright protection has been
extended to websites and other online content. This is important in the
digital age, since large amounts of content can be easily copied..........click
here to read further
------------------------------------------------------------
With the development of Net Based Technologies along with availability
of advanced software and hardware systems, it has become feasible to
systematize and present the most complex data system in simple
formats. This facilitates the quality of data storage system and also
improves the retrieval of the information efficiently and accurately.
Through the application of software based technologies it has become
possible to design and maintain large database structures and provide
user friendly application. These databases can be used for criteria
based queries and also can be supplemented with other technologies
like Biometric Solution etc.
Delhi Police is handling extremely complex and multi dimensional
activities. The operations of Delhi Police are spread over very large
area which needs to be constantly monitored and controlled. In fact, the
operation of Delhi Police is as complex and multifaceted as any top
corporate house. The operations just do not end with crime recording /
investigation but also involve the application of finest management
techniques, personal management skills, financial management acumen,
deep knowledge of engineering and medicine sciences .The application of
Information Technology can make many complex and strenuous tasks of
Delhi Police Executives effortless and error free.........click
here to read further
------------------------------------------------------------
The term “Raid in Indian Income Tax Law” is incredulous and any
unexpected encounter with IT sleuths generally leads to chaos and
vacuity. If you are likely to experience such action it is better to
familiarise with the subject, so that, the situation can be faced with
confidence and serenity. Income Tax Raid is conducted with the sole
objective to unearth tax avoidance. It is the process which authorizes
IT department to search any residential / business premises, vehicles
and bank lockers etc. and seize the accounts, stocks and valuables.
To face the situation efficiently, it is extremely important to
understand some nitty-gritty of I.T. law on the subject. Lack of
knowledge leads to panic and all the discomfort. The knowledge of your
legal rights and responsibilities always protects you.........click
here to read further
------------------------------------------------------------
Survey has not been defined in the Income Tax Act. According to
Concise Oxford Dictionary, The expression "survey" means general view,
casting of eyes or mind over somethings, inspection or investigation
of the condition, amount, etc. of something, account given of result
of this etc.
According to Chambers 20th Century Dictionary, the
meaning of the word 'survey' is to view comprehensively and
extensively, to examine in detail, to examine the structure of a
building, to obtain by measurements data for mapping, to perceive,
collection of data, an organisation or body of men for that purpose.
In short the term 'survey' in context of the Income Tax Act means
collection of data or information for the purposes of the Act.
Objects of Survey
Survey is an
important weapon in the armoury of the Income Tax Department to call
for information of various kinds as may be found necessary for
making proper assessments. Survey is mainly conducted with the
object of broadening the tax base by discovering new assessees,to
gather information about possible tax evasions by assessees, spot
checking of available cash and stock and to verify in a surprise and
systematic manner, whether or not accounts are maintained properly
and on day to day basis etc.........click
here to read further
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Bitcoin is a form of digital currency, created and held electronically. No one
controls it. Bitcoins aren’t printed, like dollars or euros they’re produced
by running computers using software. It is a crypto-currency. Bitcoin is
designed around the idea of using cryptography to control the creation and
transfer of money, rather than relying on central authorities. The first
Bitcoin concept was published in 2009 by Satoshi Nakamoto. However, Satoshi
left the project in late 2010 without revealing much about himself. The
community has since grown manifolds........click
here to read further
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ASSET DISPOSAL - GOVERNMENT E-COMMERCE PLATFORM CAN SAVE BILLIONS
NEED FOR E- COMMERCE PLATFORM
General lack of transparency and
inefficiencies in the handling and disposal of the seized, confiscated,
obsolete, surplus, unused assets has time and again created embarrassing
situation for the government’s functionaries. Non - standardized assets
disposal policies have also resulted into enormous financial losses,
bribery, bungling, corruption and crime in this sector.
1. GENERATION OF DISPOSABLE ASSETS
High value disposable assets in considerable
quantum are regularly generated by all Government departments, financial
institution, banks, public sector organization, local bodies etc. Besides,
revenue departments like Income Tax, Customs, VAT, Excise regularly seize /
confiscate valuable assets in course of raids or at the time of recovering
their dues. NPA accounts are also generating disposal assets in the hands of
government ........click
here to read further
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REVIEW AND HIGHLIGHTS - BUDGET 2016
ANALYSIS: The 2016 Budget of the Narendra Modi Government, which was
delivered on 29th February, was eagerly awaited. With increasing criticism
of the perceived gap between promises made and action taken on the ground,
this Budget was the key opportunity to regain lost ground and accelerate the
process of converting the ‘Make in India’ dream into a reality. Indeed,
there was little in the run-up to the Budget that generated cheer or
optimism. The data from the manufacturing, banking, and real estate sectors
were depressing. The ill-timed notice from the Indian tax department of over
Rs. 14,000 crore to Vodafone two weeks ago seriously cast doubts on whether
the Prime Minister’s Office and the Finance Ministry were pursuing a common
agenda of making India an investment-friendly destination. The only large
silver lining on the dark economic cloud was the drastic fall in oil prices.............click
here to read further
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"STARTUP INDIA" A STEP FORWARD IN RIGHT DIRECTION
STARTUP INDIA is a flagship initiative of the
Government of India, intended to build a strong eco-system for nurturing
innovation and Startups in the country that will drive sustainable economic
growth and generate large scale employment opportunities. The Government
through this initiative aims to empower Startups to grow through innovation
and design. In order to meet the objectives of the initiative, Government of
India is announcing this Action Plan that addresses all aspects of the
Startup ecosystem.........click
here to read further
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SCHEME OPEN UPTO SEPT. 30, 2015
Those assessee with any undeclared overseas
income or assets will have a 3 month window to come clean beginning on July
1, 2015 and a further 3 months to deposit the appropriate tax and penalty
till Dec 31, 2015. Ministry of Finance, Government of India has announced
details of a compliance window to curb black money. Central government has
notified on 30th September,
2015, as the date on or before which a person can make a declaration in
respect of an undisclosed asset located outside India. The last date for
depositing tax is December 31, 2015........click
here to read further
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HIGHLIGHTS UNDISCLOSED FOREIGN INCOME & ASSETS BILL, 2015 INTRODUCED IN LOK SABHA ON 20TH, MARCH 2015
The Finance Minister, in his budget speech, while acknowledging the
limitations under the existing law, had conveyed the considered decision
of the Government to enact a comprehensive new law on black money to
specifically deal with black money stashed away abroad. He also promised
to introduce the new Bill in the current Session of the Parliament.
In order to fulfil the commitment made by the
Government to the people of India through the Parliament, the Undisclosed
Foreign Income and Assets (Imposition of Tax) Bill, 2015 has been introduced
in the Parliament on 20.03.2015. The Bill provides for separate taxation of
any undisclosed income in relation to foreign income and assets. Such income
will henceforth not be taxed under the Income-tax Act but under the
stringent provisions of the proposed........click
here to read further
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A few years back, when the world was looking
at us with high expectation of growth and stability, the apathetic fiscal
management severely dented the Indian economic system. The erstwhile Indian
Government failed to appreciate the ground rules and requirements of a
growing Indian economy. When Indian corporate was looking at world map for
their next destination, some over-enthusiastic Economists did everything
possible to rattle the aspiration, ambition and dignity of the entrepreneurs
and their enterprise. Why did they do it? This is a question for everyone.
Anyway, that is past. India has to come back and cover the losses of sixty seven years. In 1947, one rupee was giving us one dollar and today we have to pay almost sixty rupees for a dollar. As a person of basic virtues, I am more than confident that, an emotional connect to country and little financial sensibilities in economic policy framing can progressively take us back to 1917. I am sure, our new PM will show us again, those respectable days.
Anyway, that is past. India has to come back and cover the losses of sixty seven years. In 1947, one rupee was giving us one dollar and today we have to pay almost sixty rupees for a dollar. As a person of basic virtues, I am more than confident that, an emotional connect to country and little financial sensibilities in economic policy framing can progressively take us back to 1917. I am sure, our new PM will show us again, those respectable days.
Although, Mr. Modi has the best of the technology and talent around him to coordinate his plans and proposal, with all the humbleness, I would like to mention some suggestive ideas for the desired upgradation of Indian Fiscal System.
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| www.youtube.com/watch?v=v-jQnv8rL2w |
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INTRODUCTION
Railway Minister Shri D. V. Sadananda Gowda, in his 2014 Budget Speech has mentioned, “in the last 10 years, 99 New Line projects worth` 60,000 crore were sanctioned out of which only one project is complete till date. In fact, there are 4 projects that are as old as 30 years, but are still not complete.” The principal reason attributed by the Hon’ble Minister for the dismal performance is lack of availability of adequate financial resources. The Hon’ble Minister has further announced some new projects. But the big question is how the Railways will fund these schemes.
Traditional funding sources have already been
exploited to their optimum level. Now the Railway Board has to look for some
unconventional sources to fund the operational and developmental projects.…..
including Prime Minister, Narendra Modi’s Bullet Train. If, the authorities
involved in the process look beyond their centuries old rule book…….solutions
are not far from reach. To be more precise, the freely available Railway Real
Estate assets have the required potential to generate enormous surplus to meet
its financial needs and also to strengthen the Railways Balance Sheet to the
envy of any successful corporate in the world. India has at least 500 - 700
major Railway Stations Real Estates assets, which can be developed for
augmenting Railway revenue. Each of the Railway Station occupies sizable land.
This station land over the platforms and adjoining Railway lines can be easily
monetized. A multi-story multipurpose complex can be constructed without
disturbing the regular functioning and movement, over the Railway platforms.
This real estate can be easily marketed to generate capital and revenue
profits. The monetary valuations of these properties can run into astronomical
figures. Keeping in view the size of the city, a multistory complex can be
erected over any railway stations. The construction can be done on BOT basis
or contract basis etc. depending on various factors. The research data
suggests, the space available can be easily marketed as the railway stations
are always city centers and enjoy tremendous locational advantages.........click
here to read further
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The final Budget for the year is on the floor
and will be shortly enacted to rule the country. This time, the expectations
from Budget were extremely high but for the reasons best known to the Budget
Makers, much has been left to be addressed in future. Whatever may be the
reasons for going cautious, if India has to progress and survive in this
competitive world and amongst aggressively progressing neighbouring countries,
then some out of the box thinking, dynamic decision making and fearless
actions are the only choices. We hope to look forward an aggressive Indian
regime determined to put India on self sustaining growth course of over 10%.
May be by 15th August our Hon’ble Prime Minister Mr. Narendra Modi will chalk
out his new economic and development programme and unfurl the same with the
flag of the nation.
Various Budget provisions have been comprehensively summarized herein below. We note from the detailed budget document that, with regards to Income Tax budget proposals several changes have been proposed which will have far reaching impact on the economy and business. These subtle changes although very important have not become the headlines of any media. Particularly changes about advance against assets, survey / search rules, charitable institutions, long term capital gains, dividend distribution tax, debt based mutual funds, investment allowance, institutions governed by section 35, overseas borrowing and divided, transfer pricing, FII income clarifications, MAT, TDS, anonymous donation, presumptive taxation u/s 44AE, commodity transaction tax, compulsory acquisitions, speculative gains, asset valuations, loan transactions u/s 269SS, attachment of property etc. must be studied meticulously.
The Current Economic Situation And The Challenges
- Decisive vote for change represents the desire of the people to grow, free themselves from the curse of poverty and use the opportunity provided by the society. Country in no mood to suffer unemployment, inadequate basic amenities, lack of infrastructure and apathetic governance .........click here to read further
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A few years back, when
the world was looking at us with high expectation of growth and stability,
the apathetic fiscal management severely dented the Indian economic
system. Anyway, that is past. Let’s look forward to a brighter future in
the hands of indomitable team of Governors. In 1947, one rupee used to
fetch one dollar and let’s hope the time returns. I am confident that, an
emotional connects to nation and financial sensibilities in economic
policy framing can show us again those respectable days.
Present Indian fiscal
system is perplexing to all concerned. Government is collecting revenue
through multiple tax legislations. The basic tax concept is centuries
old and had its origin somewhere in Egypt and travelled through Greece
U. K. to India with British. Revenue laws are written in thousands of
pages and most seasoned tax professional are often found totally
befuddled in their interpretation and application. That is why the end
result is recent cases of Nokia and Vodaphone. These two cases have
disgraced the country
around the world. We need to have fundamentally something very different
from the present and aptitude to accept out of box thinking.
With complete new mindset,
the entire revenue collection law can be framed in less than hundred
pages. A suggestive scheme which will be manageable without the fleet of
tax collecting agencies can be drafted on following lines. The simplicity
itself will boost revenue collection by manifolds. The scheme may be
referred as “Consolidated Revenue Act of India.”.........click
here to read further
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DOUBLE TAXATION AVOIDANCE AGREEMENTS
To finance the welfare and
the administrative expenditure, governments around the world impose certain
taxes on their subjects. The taxation system helps in collecting revenue
besides it also provides direction to the economic growth and also brings
economic equilibrium amongst various classes. In any taxation system, the
residential status of the taxpayer is of crucial significance. Residential
status confirms the jurisdiction and the application of taxation account
abilities.
However, in cases, where cross country economic activity is carried out, it
is a tricky affair to identify and justify the appropriate jurisdiction of
tax authorities. In order to mitigate the hardships of multiple
jurisdictions, the Governments enter into bilateral arrangements, which are
commonly denoted as “Double Taxation Avoidance Agreements” (DTAA). DTAA
refers to an accord between two countries, aiming at elimination of double
taxation. These are bilateral economic agreements wherein the countries
concerned assess the sacrifices and advantages which the treaty brings for
each contracting nation. It would promote exchange of goods, persons,
services and investment of capital among such countries.
Indian Government is actively pushing DTAA negotiations with several countries to help its residents in understanding their tax jurisdictions and accountability towards the appropriate authorities. So far India has signed DTAA with 81 countries and discussion is on with many others. The natures of DTAA’s entered by India are greatly diverse in their nature and contents.
OECD and DTAAs
The first international initiative regarding DTAA was taken by the Organization for Economic Co-operation and Development. OECD presented the first draft of DTAA in ‘Model Tax Convention on Income and on Capital’. DTAA was proposed as a tool of standardization and common solutions for cases of double taxation to the taxpayers who are engaged in industrial, financial or other activities in other countries. The double tax treaties are negotiated under international law and governed by the principles laid down under the Vienna Convention on the Law of Treaties.........click here to read further
Indian Government is actively pushing DTAA negotiations with several countries to help its residents in understanding their tax jurisdictions and accountability towards the appropriate authorities. So far India has signed DTAA with 81 countries and discussion is on with many others. The natures of DTAA’s entered by India are greatly diverse in their nature and contents.
OECD and DTAAs
The first international initiative regarding DTAA was taken by the Organization for Economic Co-operation and Development. OECD presented the first draft of DTAA in ‘Model Tax Convention on Income and on Capital’. DTAA was proposed as a tool of standardization and common solutions for cases of double taxation to the taxpayers who are engaged in industrial, financial or other activities in other countries. The double tax treaties are negotiated under international law and governed by the principles laid down under the Vienna Convention on the Law of Treaties.........click here to read further
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The next General Elections are due in 2014. All political aspirants have
already started working out policies and strategies to approach public for
support and vote. However, it is no longer an easy mission to convince
Indian voters to vote for any party or individual. Television programmes and
print media have turned Indians into a conscious and informed class. Now,
people are looking forward towards strong programmes and policies rather
than traditional individuals and parties. It will be now be very tricky to
play sentimental issues for electoral success.
In this note, we are providing a evocative programme for effectively setting
forth election strategy to the aspiring national players. We are confident,
if an organization adopts policies and programme on the lines suggested
herein below and delivers on promises, nothing can restrain them from
winning and ruling this country for next several decades.
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Rajkot Bench of ITAT in the case of Vineetkumar Raghavjibhai Bhalodia v.
Income tax Officer, Rajkot has discussed the controversial issue of tax
ability of gifts from HUF to its members. The issues taken up were.
1. Whether a gift received from 'relative', irrespective of whether it is
from an individual relative or from a group of relatives is exempt from tax
under provisions of section 56(2)(vi)?
Answer: Held, yes.
Answer: Held, yes.
2. Whether HUF is a group of relatives and therefore, gift received from
HUF would be exempt from tax under section 56(2)(vi)?
Answer: Held, yes
Answer: Held, yes
3. Whether for getting
exemption under section 10(2) two conditions are to be satisfied,
firstly, a person must be a member of HUF and secondly he should receive
sum out of income of such HUF, may it be income of earlier year? Answer:
Held, yes.........click
here to read further
INTRODUCTION
Copyright is a legal term refers to protecting a creator’s work. It is a type of intellectual property that provides exclusive publication, distribution, and usage rights for the creator. This means whatever content is created cannot be used or published by anyone else without the consent of the creator. The length of copyright protection may differ from country to country, but it usually lasts for the life of the author plus 50 to 100 years.
------------------------------------------------------------
INTRODUCTION
Copyright is a legal term refers to protecting a creator’s work. It is a type of intellectual property that provides exclusive publication, distribution, and usage rights for the creator. This means whatever content is created cannot be used or published by anyone else without the consent of the creator. The length of copyright protection may differ from country to country, but it usually lasts for the life of the author plus 50 to 100 years.
Copyright is generally given by the law to creators of literary,
dramatic, musical and artistic works and producers of cinematograph
films and sound recordings. It is a pack of rights including, inter alia,
rights of reproduction, communication to the public, adaptation and
translation of the work. In modern times, copyright protection has been
extended to websites and other online content. This is important in the
digital age, since large amounts of content can be easily copied..........click
here to read further
------------------------------------------------------------
With the development of Net Based Technologies along with availability
of advanced software and hardware systems, it has become feasible to
systematize and present the most complex data system in simple
formats. This facilitates the quality of data storage system and also
improves the retrieval of the information efficiently and accurately.
Through the application of software based technologies it has become
possible to design and maintain large database structures and provide
user friendly application. These databases can be used for criteria
based queries and also can be supplemented with other technologies
like Biometric Solution etc.
Delhi Police is handling extremely complex and multi dimensional
activities. The operations of Delhi Police are spread over very large
area which needs to be constantly monitored and controlled. In fact, the
operation of Delhi Police is as complex and multifaceted as any top
corporate house. The operations just do not end with crime recording /
investigation but also involve the application of finest management
techniques, personal management skills, financial management acumen,
deep knowledge of engineering and medicine sciences .The application of
Information Technology can make many complex and strenuous tasks of
Delhi Police Executives effortless and error free.........click
here to read further
------------------------------------------------------------
The term “Raid in Indian Income Tax Law” is incredulous and any
unexpected encounter with IT sleuths generally leads to chaos and
vacuity. If you are likely to experience such action it is better to
familiarise with the subject, so that, the situation can be faced with
confidence and serenity. Income Tax Raid is conducted with the sole
objective to unearth tax avoidance. It is the process which authorizes
IT department to search any residential / business premises, vehicles
and bank lockers etc. and seize the accounts, stocks and valuables.
To face the situation efficiently, it is extremely important to
understand some nitty-gritty of I.T. law on the subject. Lack of
knowledge leads to panic and all the discomfort. The knowledge of your
legal rights and responsibilities always protects you.........click
here to read further
Survey has not been defined in the Income Tax Act. According to Concise Oxford Dictionary, The expression "survey" means general view, casting of eyes or mind over somethings, inspection or investigation of the condition, amount, etc. of something, account given of result of this etc.
According to Chambers 20th Century Dictionary, the meaning of the word 'survey' is to view comprehensively and extensively, to examine in detail, to examine the structure of a building, to obtain by measurements data for mapping, to perceive, collection of data, an organisation or body of men for that purpose.
In short the term 'survey' in context of the Income Tax Act means collection of data or information for the purposes of the Act.
Survey is an important weapon in the armoury of the Income Tax Department to call for information of various kinds as may be found necessary for making proper assessments. Survey is mainly conducted with the object of broadening the tax base by discovering new assessees,to gather information about possible tax evasions by assessees, spot checking of available cash and stock and to verify in a surprise and systematic manner, whether or not accounts are maintained properly and on day to day basis etc.........click here to read further
------------------------------------------------------------
Survey has not been defined in the Income Tax Act. According to Concise Oxford Dictionary, The expression "survey" means general view, casting of eyes or mind over somethings, inspection or investigation of the condition, amount, etc. of something, account given of result of this etc.
According to Chambers 20th Century Dictionary, the meaning of the word 'survey' is to view comprehensively and extensively, to examine in detail, to examine the structure of a building, to obtain by measurements data for mapping, to perceive, collection of data, an organisation or body of men for that purpose.
In short the term 'survey' in context of the Income Tax Act means collection of data or information for the purposes of the Act.
Objects of Survey
Survey is an important weapon in the armoury of the Income Tax Department to call for information of various kinds as may be found necessary for making proper assessments. Survey is mainly conducted with the object of broadening the tax base by discovering new assessees,to gather information about possible tax evasions by assessees, spot checking of available cash and stock and to verify in a surprise and systematic manner, whether or not accounts are maintained properly and on day to day basis etc.........click here to read further
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