Analysis of Domestic Transfer Pricing Provisions in India

Analysis of Domestic Transfer Pricing Provisions in India Posted: 16 Jun 2013 08:05 PM PDT After the grand success of International Transfer pricing, through which huge transfer pricing orders slapped on companies with cross-border operations in the financial year 2011-12, Hon'ble Finance Minister has cast his net wider and deeper for the next one by including Specified Domestic...

Soon, you may not have to post acknowledgement of ITR to Bangalore Posted: 16 Jun 2013 07:35 PM PDT Millions of taxpayers filing electronic I-T returns will soon get relief from sending by post the mandatory paper verification form (ITR V- Acknowledgement) as the CBDT has decided to soon stop this practice. The Central Board of Direct Taxes (CBDT), administrative authority of the Income Tax...

Service Tax on Builders – Tax Provisions in brief Posted: 16 Jun 2013 07:26 PM PDT The revenue and the builders have always been at dispute when comes to leviability of service tax on the consideration received in advance by the builders/developers from the prospective buyers of immovable property to be constructed. After the negative list regime the construction of a complex,...

Recent drop in Ruppee Value gives rise in tax depreciation [Relevant provisions of Section 43A] Posted: 16 Jun 2013 07:13 PM PDT On the question whether an Assessee is entitled to adjust the actual cost of imported assets acquired in foreign currency on account of fluctuation in the rate of exchange at the time of making PAYMENT towards the whole or part of cost of the asset or towards repayment of whole or a part of the...

Deduction U/s. 54/54F dallowable for purchase of multiple independent house units Posted: 16 Jun 2013 02:32 AM PDT As held in D. Ananda Basappa's case (1 supra) by the Karnataka High Court, the expression a residential house in Section 54 (1) of the Act has to be understood in a sense that the building should be of residential nature and a should not be understood to indicate a singular number and where...

Delay in filing appeal due to CA's fault is bona fide & must be condoned Posted: 16 Jun 2013 02:09 AM PDT After considering the rival submissions and carefully gone through the affidavit filed by the assessee as well as the affidavit of Shri Sunil Hirawat, CA of the assessee, we note that the facts of the case do not suggest that the assessee has acted in a malafide manner or the reasons explained is...

Whether liability outstanding for several years amounts to cessation of liabilities on account of efflux of time? Posted: 16 Jun 2013 02:01 AM PDT In order to attract the provisions of Section 41(1) of the Act, it is necessary that there should have been a cessation or remission of liability. As held by the Bombay High Court, in the case of J. K. Chemicals Ltd. (supra), cessation of liability may occur__ either by thereason of the liability...

Tax payer can manage his affairs to reduce tax liability within the frame work of law Posted: 16 Jun 2013 01:28 AM PDT The Tribunal found that a tax payer can manage his affairs to reduce tax liability within the frame work of law and that the sale of goods at a lesser price to the sister concerns than to the non-sister concerns, does not violate any provision of law.