Payment under inter-linked con-tracts for manufacturing attracts TDS u/s 194C

Date of filing of the return is relevant date to consider the applicability of the proviso to section 245R(2) of the Act Posted: 19 Feb 2012 07:11 PM PST In Re- Red Hat India Private Limited- Date of filing of the return is the relevant date to consider the applicability of the proviso to section 245R(2) of the Act, and that the filing of the return of income generates questions including the ones... [[ This is a content summary only. Visit www.taxguru.in for full article.]] ICAI Requests Members to Share Hardship Being Faced with Regard to TDS Returns Posted: 19 Feb 2012 06:09 PM PST The Direct Taxes Committee of ICAI makes suitable representations to the Central Board of Direct Taxes or other appropriate bodies on various issues arising out of direct tax laws from time to time which are brought to the notice of the Committee by... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Empanelment with New India Assurance Company Limited for concurrent audit Posted: 19 Feb 2012 06:02 PM PST The company is engaged in General Insurance Business with its operations spreading all over India and abroad. The company is on look-out to appoint a firm of Chartered Accountants as concurrent auditor to carry-out the concurrent audit of investment... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Interest payable U/s. 220(2) to be computed from the date of fresh assessment order if original been set aside Posted: 19 Feb 2012 03:29 AM PST in case the assessment is set aside by the CIT(A) and setting aside become final, interest u/s. 220(2) has to be charged only after the expiry of 35 days from the date of service of demand notice pursuant to the fresh assessment order. In the case... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Payment under inter-linked con-tracts for manufacturing attracts TDS u/s 194C Posted: 19 Feb 2012 03:14 AM PST The assessee, Nova Nordisk Pharma India Ltd, an Indian Company was engaged in marketing of pharmaceutical products. It was a subsidiary company of NOVA Nordisk, Singapore. One of the products (insulin in medically presentable form), was manufactured... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Section 50C – Fair market value determined by DVO cannot be replaced for full value of consideration Posted: 19 Feb 2012 02:59 AM PST The language in section 55A does not refer the 'value of consideration' but only uses the term 'Fair Market value'. So the scope of the section gets con-fined to determine the fair market value of a capital asset only. Thus, considering the language... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Authority for Advance Rulings (Income-tax) – Frequently Asked Questions Posted: 19 Feb 2012 02:32 AM PST The Advance rulings can be sought on any question of law or fact specified in the application in relation to a transaction which has been undertaken, or is proposed to be undertaken, by the non¬resident applicant. Even a resident applicant may seek... [[ This is a content summary only. Visit www.taxguru.in for full article.]] TP Adjustments to be restricted to international transactions and cannot form the basis for rejecting books of accounts Posted: 19 Feb 2012 02:10 AM PST Whether adjustment should be restricted only to the international transactions or can be extended to the entire turnover of the taxpayer? 2. Are the books of accounts liable to be rejected if there is a transfer pricing adjustment? 3. Prior to... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Interest on Income tax refund received by foreign company taxable as interest income and not as business income Posted: 19 Feb 2012 01:57 AM PST Whether the interest on income-tax refund is to be considered as interest income falling within Article 11(2) of the tax treaty or as interest income attributable to permanent establishment or fixed base in India falling under Article 11(5) read... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Trading by way of re-export of imported goods from SEZ eligible for tax deduction under section 10AA Posted: 19 Feb 2012 01:12 AM PST Though vide Instruction no. 1/2006 dated 24-03-2006, it was clarified that trading units can be set up in the SEZ. However, the modification was made on 24-05-2006 in which it was made clear that the deduction u/s 10AA will be available in respect... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Section 80IA- Industrial Parks becoming operational and applying for registration after 31 March 2006 not eligible for tax holiday under erstwhile Industrial Park Scheme, 2002 Posted: 19 Feb 2012 12:51 AM PST Petitioner had filed the application for registration on 23rd September, 2006 after the 2002, Scheme had come to an end, as the scheme was applicable only upto 31 st March, 2006. The industrial park set up by them was not operational/functional by... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Without reference assumption of jurisdiction by Transfer Pricing Officer in working out arm's length price not justified Posted: 19 Feb 2012 12:31 AM PST Without adjudicating on the issue whether the Advertisement, Marketing and Sales Promotion expenditure incurred by the taxpayer can be characterised as an international transaction as per Section 92B of the Act, the Tribunal held that the assumption... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Section 50C not applicable tenancy rights and unregistered document Posted: 19 Feb 2012 12:15 AM PST On applicability of Section 50C of the Act in absence of registered document -Capital gain has to be computed on the basis of sale consideration received or accruing to the taxpayer. Even if the document was not registered, the capital gain has to... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Payment of commission to Indian agent at arm's length price does not relieve non-resident from further attribution of profits to PE in India Posted: 19 Feb 2012 12:01 AM PST MTV Asia LDC Vs. DCIT ITAT Held that The taxpayer did not provide any documentary evidence to substantiate various expenses incurred as well as no separate books of accounts were maintained for Indian operations. Therefore, application of Rule 10... [[ This is a content summary only. Visit www.taxguru.in for full article.]] In Re NetApp B.V. – Filing of the return is the relevant date to consider the applicability of the proviso to s. 245R(2) Posted: 18 Feb 2012 07:16 PM PST In our order in AAR No.1009 of 2010 (SEPCO III Electric Power Corporation), we had taken the view that if the applicant before this Authority had already filed a return of income involving the amount arising out of the identical transaction on which... [[ This is a content summary only. Visit www.taxguru.in for full article.]]