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Mutual Agreement Procedure (MAP) - An alternative dispute resolution mechanism
Mutual Agreement Procedure (MAP) - An alternative dispute resolution mechanismThere has been a manifold increase in tax disputes in the past few decades, especially in cross-border taxation matters. It needs to be apprec...
TDS Survey and related issues – Best practices followed in Investigation/Identification of TDS Survey cases
TDS Survey and related issues – Best practices followed in Investigation/Identification of TDS Survey casesSpecial provisions for Conducting TDS/TCS Survey [Section 133A(2A)]§ There were no specific provisi...
Concept of ‘Make Available clause
Concept of ‘Make Available clause’Non-resident recipient is taxable in India only if satisfying the criteria of ‘made available’ under the Tax Treaty. Make available means any technical skill - know how know...
Understanding of Form 9A and Form 10
Understanding of Form 9A and Form 10The Finance Act, 2015 amended section 11 and section 13 of the Act with effect from 01.04.2016 (Assessment year 2016-17). Consequently, Income-tax Rules, 1962 (hereafter ‘Rules’) w...
Interest on excess refund granted to the assessee [Section 234D]
Interest on excess refund granted to the assessee [Section 234D]The provisions of section 234D in the Income-tax Act were intro-duced for the first time by the Finance Act, 2003, with effect from 1st June, 2003 (the date...
Taxation on Retirement of a Partner from a partnership firm
Taxation on Retirement of a Partner from a partnership firmWhen one or more partners leave the firm and the remaining partners continue to do the business of the firm, it is known as retirement of a partner. A partn...
Understanding of Audit report Form 10B and Form 10BB for Charitable trusts/institutions
Understanding of Audit report Form 10B and Form 10BB for Charitable trusts/institutionsWhy is Audit of Charitable & Religious Trusts or institutions RequiredThe principal aim of this audit is to enable the assessing ...
Understanding of Audit report Form 10B and Form 10BB for Charitable trusts/institutions
Understanding of Audit report Form 10B and Form 10BB for Charitable trusts/institutionsWhy is Audit of Charitable & Religious Trusts or institutions RequiredThe principal aim of this audit is to enable the assessing ...
Payments made to Non-Residents & requirement to furnish Form No. 15CA/ Form No. 15CB/ Form No. 15CC arises from section 195(6) of the Income Tax Act, 1961
Payments made to Non-Residents & requirement to furnish Form No. 15CA/ Form No. 15CB/ Form No. 15CC arises from section 195(6) of the Income Tax Act, 1961Requirement to furnish Form No. 15CA / Form No. 15CB...
Allowability of Litigation expenses under the provisions of Income Tax Act, 1961
Allowability of Litigation expenses under the provisions of Income Tax Act, 1961The income-tax laws in India contemplate deduction of expenses incurred in the carrying on of business. In running a business, which involve...