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Opinion - Page 4

Understanding The Benami Law In India: FAQs

March 11, 2018

[Source: www.mondaq.com; Article by Bharat Chugh and Kushank Sindhu, Luthra & Luthra Law Offices] In the last few months we have seen a major crackdown on Benami properties and their owners by the Government. Specialised Anti-Benami units have been set up by the Income Tax department across the country and in almost every state and thousands of properties already stand

GST

Constitution Of The GST Appellate Tribunal – Need For Speedy Judicial Remedy

[Source: www.mondaq.com; Author: Smita Singh, Singh & Associates] Ambiguity and delay in any dispute resolution mechanism is undesirable for any system including taxation. Ever since the introduction of GST more than four years ago, we have seen a steep rise in litigation mainly due to the reason of ambiguous legal

TDS & TCS on purchase & sale above Rs.50 Lacs

[By Shaleen Shah (Partner), VNCA] A new section 194Q for Tax Deduction

Can contract for services be bifurcated to decide tax jurisdiction?

The issue of taxability of offshore services was settled by the Supreme

The Entire Law On Taxation of Undisclosed Foreign Income and Assets

May 4, 2015

Featured·Income Tax

[Author: CA. P.N. Shah, Past President ICAI; Source: www.itatonline.org] 1 Background The Finance Minister, while presenting his Budget on 28th February, 2015, has divided his tax proposals under six heads. One of this relates to “Measures to Curb Black Money

Gujarat VAT Amnesty Scheme for builders & developers

November 10, 2014

Gujarat VAT & CST

[By Shaleen Shah (Partner), VNCA] This article was published in the Gujarati Newspaper, `Jaihind Daily’ on 6-Nov-2014 The States derive the power to levy salestax or VAT on indivisible works contract through Article 366(29A)(b) added by the 46th Amendment to the Constitution to cover ‘transfer of property in goods (whether

Withhold TDS when purchasing property from builder

December 23, 2013

Income Tax

When I met my friend Ameya Joshi last weekend over coffee, he excitedly informed me that he had recently booked a four-bedroom apartment in an upcoming scheme of a reputed builder. He went on to explain how good a deal he had bagged, both from the builder and the bank

Retrospective breather needed for EOUs in Gujarat

November 26, 2013

Gujarat VAT & CST

Export-oriented units (EOUs) in Gujarat have a new problem. The development commissioner (DC), Kandla, has asked the units to return the Central Sales Tax (CST) refunded to them, on the basis of objections raised by the Central Revenue Audit (CRA) team from Ahmedabad. According to para 6.11 (c) (i) of

L&T judgment opens a Pandora’s box

November 11, 2013

Gujarat VAT & CST·Service Tax & CBEC

Recently, the larger Bench of the apex court in the case of L&T vs state of Karnataka, held that any agreement to sell immovable property entered into prior to construction would fall within the purview of the term ‘works contract’, allowing state governments the power to levy value-added tax (VAT)

The tax implications for NRIs buying property in India

August 10, 2013

Income Tax·RBI & FEMA

The falling rupee and the lull in the property market in many cities are attracting Indians settled abroad to consider property investments in India. Non-resident Indians are allowed to purchase residential or commercial property in India but not agricultural land / plantation property / farm house, says Amarpal S. Chadha,

Service tax: Restaurants & Hotels see a ray of hope

July 23, 2013

Service Tax & CBEC

[By Shaleen Shah (Partner), VNCA] The Kerala High Court recently declared the imposition of service tax by the Centre on supply of food and beverages by restaurants and services of lodging provided by hotels as "unconstitutional". A single bench of Justice AM Shafique passed the order while allowing a batch

Revised Circular–Determination of Transfer Pricing for Development Centres

July 9, 2013

Income Tax

The move reflects willingness of the finance minister and the CBDT to remain flexible to emerging needs of the new business models Circular Nos.05/2013 & 06/2013 dtd. 29-6-2013 The revised circulars issued by the government, last week, on the determination of transfer pricing (TP) for development centres (DCs) are truly

Business Email Etiquette Crash Course – 5 Basic Rules

March 11, 2013

Featured·Miscellanea

Don’t let the speed and ease of sending e-mail blind you. Try & cultivate the following 5 basic email etiquettes: 1. Clear, concise, to the point & meaningful Subject-Line: Respect the recipient’s time. Don’t expect him/her to work to figure out why you’re writing. Unclear e-mails risk being ignored. 2.

Service Tax Chart – Reverse Charge Mechanism

December 5, 2012