Opinion
Controversy – Service Tax on Copyrights
[By Shaleen Shah (Partner), VNCA]
The Finance Act, 2010 has amongst other amendments, proposed following new service on Copyrights w.e.f. 1-Jul-2010:
The existing taxable service ‘Intellectual Property Right (IPR)’ excludes copyright from its scope. The service of transferring temporarily or permitting the use or enjoyment of Copyrights on (a) cinematographic films and (b) sound recording are now [...]
Investment in Art - the hidden cost that hurts
What pinches is the value you actually pay above the final price of a work of art.
Let us for the moment ignore whether these are good times or bad times for buying art. Instead, let’s ask: What is the art you buy really worth? Or, put another way — are you paying much more for [...]
Can contract for services be bifurcated to decide tax jurisdiction?
The issue of taxability of offshore services was settled by the Supreme Court in case of Ishikawa (288 ITR 408) wherein it was observed that there are two conditions which are required to be met in order to bring the income from services in the tax net in India. The two conditions both of which [...]
RECENT CHANGES IN THE PROVISIONS REGARDING TDS & TCS
This article examines the impact of the amendments made by the Income-tax (Sixth Amendment) Rules, 2009, Income-tax (Seventh Amendment) Rules, 2009 and Income-tax (Eighth Amendment) Rules, 2009 in respect of the provisions relating to tax deducted at source and tax collected at source.
INTRODUCTION
1. Various amendments have been made by Income-tax (Sixth Amendment) Rules, 2009 (hereinafter [...]
Where there is a Will there is a way to save tax
Where there is a will, there is tax saving. Many tax advantages are possible only through a will. For example, a separate income-tax file for a Hindu Undivided Family (HUF) can be established by transfer of property through a will.
Similarly, bequests can be made to minor children and minor grand children through a will in [...]
The right medicine?
The present crisis of confidence in the audit profession among users and stakeholders, arising from recent market events has to be addressed in a fair manner. The profession, regulators and all concerned have to determine – what is the right medicine?
A professional issue requires a professional response. Thus, the fundamental point is that the solution [...]
Disaster if VAT tariff is harmonised with HSN
It has come to be known from an official source during a recent seminar that the Empowered Committee of Finance Ministers of States has got the VAT tariff worked out and is on the way to finalising the details on the same pattern as in the Harmonized System of Nomenclature (HSN) also known as Brussels [...]
Personal Tax: 10 things to do before March 31
Indian financial year runs from 1 April to 31 March. Accordingly, the Income-Tax Return is to be prepared and filed for the relevant financial year.
31st March is an important date as it marks the end of a financial year. The last few weeks are when we rush for the documents/investment proofs, based on which [...]
Interim Budget 2009-2010 – the story of misses
The interim budget presented on Monday by the acting finance minister Mr. Pranab Mukherjee lived up to its billing as a poll-eve document listing UPA government’s track-record on the economic front in the last five years.
However, with propriety as his hackneyed watchword, the FM however, failed to address the people’s concerns on two critical areas [...]
The Value of ‘Other People’s Money’
SOME things never change. When President Obama spoke last week of “shameful” bonuses for bankers and the financial community’s “irresponsibility,” he echoed charges leveled nearly a century ago by Louis D. Brandeis. Brandeis, a commercial lawyer, leading reformer and future Supreme Court justice, described a dangerous combination of avarice, lack of accountability and poor oversight [...]
