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Guj. High Court held that “Provisions of section 179 can only be invoked when any tax due from private company cannot be recovered from such company and, therefore, till then question of inquiring with petitioner as a director of company to pay up said amount does not arise. It further applicability of section 179 cannot be ruled out merely on ground that director was a technical director of company having no involvement in day to day affairs of company.” [Suresh Narain Bhatnagar V. ITO]
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Delhi High Court held that “The 36 months period for deciding whether booking rights are short-term capital asset or long-term capital asset should be counted from date of buyer's agreement and not from the date of booking/date of allotment application/ confirmation letter. [Gulshan Malik v. CIT].
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RBI has allowed all Indian LLPs to accept FDI subject to certain conditions.
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RBI revises condition for realization and repatriation to India, of the amount representing the full  value of goods or software for units located in SEZs to 12 months from the date of export.
Any extension of time beyond the above stipulated period may be granted by Reserve Bank of India, on case to case basis.
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RBI enhances the value of transaction under  Processing and Settlement of Export related receipts facilitated by Online Payment Gateways  to USD 10,000 with immediate effect.
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RBI’s clarification on prohibition of NBFCs from joining as partners in Partnership Firms
a.    Partnership firms to also include Limited Liability Partnerships (LLPs).
b.    The prohibition also to be applicable to Association of persons.
Non-Banking Financial Companies which had already contributed to the capital of a LLP/Association of persons or was a partner of a LLP/Association of persons are advised to seek early retirement from the LLP/Association of persons.
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Overseas entity having equity participation directly/indirectly not to offer financial products linked to Indian Rupee.
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Capital gains on transfer of Indian company shares by Dutch company to Singapore company are not taxable in India, but in the Netherlands.  [Vanenburg Facilities B.  V. ACIT (ITAT – Hyderabad)]
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Debit or credit balance in Foreign Currency Monetary Item Translation Difference Account (FCMITDA) should be shown on the "Equity and Liabilities" side of the balance sheet under the head 'Reserves and Surplus' as a separate line item. ....ICAI
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In  Tarsem Kumar v. Income-tax Officer*, [2013] 32 taxmann.com 83  ,HIGH COURT OF PUNJAB AND HARYANA held that “Revised return can be filed after receiving intimation under section 143(1)(a) but before expiry of one year from end of assessment year as such intimation does not constitute assessment.”
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ICAI revises criteria for classifying Level II non-corporate entities w.e.f. April 1, 2012
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Union Budget 2013
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MCA extends time limit for filing of Balance Sheet & Profit & Loss Account in Extensible Business Reporting Language mode for the financial year commencing on or after 01.04.2011 till 28th February 2013 or 30 days from the due date of AGM whichever is later.
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MCA extends time limit for filing of Cost Audit Report and Compliance Report in the eXtensible Business Reporting Language (XBRL) mode for the financial year 2011-12 [including the overdue reports relating to any previous year(s)] till 28th February 2013 or within 180 days from the closure of financial year to which the report relates, whichever is later.
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TDS u/s 194H is attracted so long as payment is in the nature of brokerage or commission; it does not require that relationship between the payer and the payee be necessarily of a principal and agent [SKOL Breweries Ltd. V. ACIT [ITAT Mumbai])
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Consideration received for collation of data could not be taxed either as ‘royalty’ under article 12 or as ‘other income’ under article 22, if the same constitutes business income but was exempt due to non-existence of PE. [ P.T. McKinsey Indonesia V. DDIT (ITAT Mumbai)]
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Limited Liability partnership is entitled to claim the benefit of DTAA
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RBI includes Indian companies in the hotel sector (with a total project cost of INR 250 crore or more), irrespective of geographical location as eligible borrowers of ECB for repayment of outstanding rupee loan(s) availed from the domestic banking system and / or fresh rupee capital expenditure
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SC - Income is “undisclosed” if ROI not filed by the due date (ACIT Vs. M/s. A.R. Enterprises)
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CBDT has formulated the “Centralised Processing of Statements of Tax Deducted at Source Scheme, 2013″.
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In Bangalore Club v. Commissioner of Income-tax , Supreme Court held that Interest from FDs placed by club with banks who are its corporate members is not tax-exempt on grounds of doctrine of 'mutuality' as the conditions for such exemption not satisfied.
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SEBI has clarified that all the events or material information which will have a bearing on the performance / operations of the company as well as price sensitive information shall be first disseminated to the stock exchanges as required under Clause 36 of the Listing Agreement before providing the same to their respective trade bodies/industry associations.
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The provisions of General Anti Avoidance Rules (GAAR) will come into force with effect from April 1, 2016.
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Form 68 can be filed for rectification of mistakes in Form 1, Form 1A and Form 44 by the companies incorporated prior to 2009 till 20th June 2013.
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RBI enhances ECB limit under automatic route for NBFCs engaged in infrastructure financing
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Export incentive cannot be reduced from cost of goods sold for computing gross profit margin for determining the arm’s length price.  [ITAT Delhi in case of Goodyear India Limited]
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RBI permits repo in CPs, CDs, NCDs
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No deduction of tax is to be made on certain payments like bank guarantee commission, cash management service charges, depository charges on maintenance of DEMAT accounts, charges for warehousing services for commodities, underwriting service charges, clearing charges, credit card commission w.e.f. 1st January 2013.
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RBI implements revised software procedure for all SEZs/EPZs/100%EOU/DTA w.e.f. January 1st, 2013.
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RBI allows ECB for low cost affordable housing projects
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e-challan for payment of ITAT fees needs to be counter  signed by the concerned bank manager or attested by the authorized representatives/assessee.
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“Services rendered outside India by overseas service providers in connection with making logistic arrangement are commercial services and not FTS” (ITAT Mumbai in Yash Raj Films (P) Ltd.)
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PF commissioner has launched the facility for online access for EPF members to their PF accounts.
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"Reduction in Commission of PPF agents to make the schemes more Investor Centric than Agent Centric"
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“Where assessee continued his employment with the firm, and was also given commission under Non-Compete Agreement (‘NCA’) for doing what he was normally expected to do (i.e. work for the said firm in his area of expertise), the commission amount clearly was part of salary” – Delhi High Court CIT Vs. Kanwaljit Singh (2012)
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“If a particular term has been specifically defined in the Treaty, the retrospective amendment to the definition of such term under the Act would have no bearing on the interpretation of such term in the context of the Convention”  ITAT Mumbai – WNS North America Inc. Vs. ADIT (International Taxation) (2012)
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RBI allows FIIs to approach any AD Category I bank for hedging their currency risk on the market value of entire investment in equity and/or debt in India.
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Request of director for postponement of board meeting must be treated as leave of absence & not vacation of office, CLB Mumbai.
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As per Circular No. 09/2012 dt. 17th October, 2012, TDS provisions are not applicable on the component of Gas Transportation charges paid by the purchaser to the Owner/Seller of the gas.
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Arm’s length royalty allowable even in respect of upaid sales (CIT vs. CA Computer Associates India Pvt. Ltd. (Bombay High Court)
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ISO Certification is not a ‘technical’, ‘managerial’ or ‘consultancy’ service, hence, not taxable under DTAA TUV Bayren (India) Ltd. Vs. DCTI (ITAT-Mumbai)
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FTS will not automatically become business income only because Mauritius DTAA silent on FTS (DCIT v. TVS Electronics Ltd., ITAT Chennai).
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Fact that third party invoices are paid does not necessarily show “reimbursement”
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RBI announces further liberalization measures for Capital Account Transactions
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RBI Relaxes – Export Credit Refinance Facility (ECR) w.e.f. 30.06.12
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MCA Imposes fees on certain e-forms filed with ROC, RD or MCA (HQ) underMCA-21 w.e.f. 22nd July,  2012 where at present no fee is prescribed.
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RBI revises the format of Annual return on Foreign Liabilities and Assets Reporting by Indian Companies
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People with below Taxable Limit need not furnish PAN : Karnataka HC
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DCIT v. Spark Hotels (P.) Ltd. ITAT Delhi. Where  the director of a company is being paid remuneration which is excessive or unreasonable in the opinion of the AO, he has to first record his findings in support of his opinion to justify the disallowance of the remuneration incurred by the assessee company.  The onus lies on the department to invoke the provisions of section 40a(2)(b).
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Merely charging higher prices to related parties would not trigger off sec. 80IA(10) unless it is proved that transactions are so arranged to produce to the assessee 'more than ordinary profits', that can be derived from normal business transactions in such eligible business [OPG Energy (P.) Ltd. Vs DCIT, ITAT (Chennai)]
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No tax to be deducted on purchase of software if tax was deducted by earlier purchaser.
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Central Government notifies the Foreign Trade Policy, 2009-2014 as updated upto 5th June 2012 and incorporating the Annual Supplement.
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Service Tax (Settlement of cases) Rules, 2012 and Service tax (Compounding of Offences) Rules, 2012 notified.
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Genom Biotech (P) Ltd. Vs ACIT, ITAT (Mumbai)
Transfer Pricing adjustments cannot be deleted on the grounds that
(i) payment was made with RBI approval;
(ii) expenses were audited;
(iii) payments were made through banking channels
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No fore-closure charges / pre payment penalty to be imposed on Floating interest rates Home Loan.
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The CBDT has directed that in case where assessment proceedings have been completed u/s 143(3) of the Act, before the first day of April, 2012, and no notice for reassessment has been issued prior to that date; then such cases shall not be reopened u/s 147/148 of the Act on account of the clarificatory amendments u/s 2(14), 2(47), 9 and 195 retrospectively.
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Registration of trust not to be denied merely because settler is one of the beneficiaries but not the only one. (Manockjee Cowasjee Petit Charities v. DIT(E), ITAT Mumbai)
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“Satellite payments not taxable as royalty u/s 9(1)(vi) despite retrospective amendments by the Finance Act, 2012 to section 9(1)(vi) in view of DTAA between US & India. (B4U International Holdings Ltd. v. DCIT, ITAT Mumbai)
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Number of foreign remittances increased from 12 to 30, to be received by a single individual beneficiary in a calendar year.  
Now, no need to submit copy of Bank Realisation Certificate (BRC) to claim benefit of Foreign Trade Policy.
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The limit for foreign exchange remittance for miscellaneous purposes without documentation formalities, has been raised from USD 5000 to USD 25000.
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ACIT vs. SIL Investment Ltd. (ITAT Delhi)
 
Onus is on AO to show nexus of expenditure incurred on funds borrowed to earn tax-free income, else disallowance u/s 14A is not permissible.
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Govt. notifies other method of determination of Arm’s length price for A.Y. 12-13 and onwards.
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Employees of a liquidated company can file their claim for provident fund, duly attested by any of the authorized persons specified for the purpose.
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Govt. Hikes GPF Interest Rate to 8.8% for 2012-13
ENABLING LLP FORM OF PROFESSIONAL ORGANISATION
The MCA has issued Notification No. S.O.190 (E) dated 30.01.2012 in relation to conversion of existing firms of chartered accountants into an LLP.
This is apart from enabling multi-disciplinary partnership with members of any other professional body having prescribed qualifications.
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All Cargo Global Logistics Ltd vs DCIT (ITAT Mumbai – Special Bench)
 
Since section 253(1) uses the word 'aggrieved', a grievance can arise only if any matter has been taken up before any of the lower authorities on which decision has been rendered or not.
 
Questions neither raised before AO nor before CIT(A) and obviously not decided by them cannot be validly taken as a ground of appeal. However, ITAT can admit such question as additional ground of appeal in its discretion where assessee could not raise them before lower authorities for non-availability of legal advice.
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In Farida Holdings (P) Ltd. Vs. DCIT (ITAT Chennai)
Where for purpose of meeting financial requirements of subsidiary companies, holding company availed loans from some subsidiaries and advanced same to other subsidiaries, such loan transactions would not partake character of deemed dividend.  Since assessee was transacting loans as a treasury manager for its fully owned subsidiaries and it had not availed any benefit out of those loans.
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Investment advisory services should not be compared with Merchant banking business and comparable selected by taxpayer cannot be rejected by tax authorities without providing cogent reasons. - Carlyle India Advisors Pvt. Ltd., ITAT Mumbai.
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Religious and charitable institution running guest houses by whatever name called whether it is a shelter for pilgrims or any other name and even without any profit motive shall be subject to service tax under Short Term Accommodation Service. – Tirumala Tirupati Devasthanams, Tirupati, Andhra Pradesh, High Court.
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Providing of space for advertising by way of billboard or on the buses comes under the purview of service tax with effect from 1.5.2006 after introduction of a separate entry. – Grey Worldwide (India) Pvt. Ltd., CESTAT, Mumbai
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MCA revises guidelines for declaring a Financial Institution as Public Financial Institution under section 4A of the Companies Act, 1956)
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Ericsson India Pvt. Ltd. Vs DCIT, ITAT (Delhi)
It is the prerogative of the assessee to decide the business expediency.  Rule 10B(1)(a) does not authorize disallowance of any expenditure on the ground that it was not necessary or prudent for the assessee to have incurred the same or that in view of the expenditure was unremunerative or that in view of the continued losses suffered by the assessee in his business, he could have fared better had he not incurred such expenditure.
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Cabinet clears Micro Finance Bill; RBI to regulate MFIs (It would be mandatory for micro finance institutions (MFI) to be registered with the Reserve Bank and have a minimum net-owned fund of Rs. 5 lakh.
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ICAI Presents Report on Accounting Standards to HRD Minister; Recommends accrual basis of accounting, common format for general purpose financial statements, Accounting Standards issued by ICAI be made Mandatory to Educational Institutions.
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Transfer Charges collected by Developers for transfer of rights of purchasing a flat are outside the ambit of service tax and not taxable under Real Estate Agent Service. (M/s Ansal Housing & Construction Vs Commissioner of Service Tax)
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Foreign investment in NBFC Sector under 100% Foreign Direct
Investment (FDI) route does cover operating leases.
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DCIT Vs. Mastek Limited (ITAT Ahemdabad)
Whether foreign income-tax is deductible u/s 37(1). Bar in s. 40(a)(ii) does not apply to foreign taxes
The assessee paid Rs.42.57 lakhs in Belgium as income-tax and claimed that as deduction u/s 37(1). The AO rejected the claim by relying on s, 40(a)(ii) which provides that any sum paid on account of tax levied on profits or gains of business shall not be allowable as a deduction, though the CIT (A) allowed the claim on the ground that the bar in s. 40(a)(ii) did not apply to foreign taxes. On appeal by the department, HELD dismissing the appeal
Held
the term “tax” is defined in s. 2(43) to mean income-tax chargeable under the provisions of this Act. S. 37(1) allows a deduction of all taxes and rates. Taxes levied in foreign countries whether on profits or gains or otherwise are deductible u/s 37(1) not hit by s. 40(a)(ii). It is also not application of income. The same view has been taken by ITAT Mumbai in South East Asia Shipping Co & Tata Sons Ltd.
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Amendment in Accounting Standard 11 of the Companies (Accounting Standards) Rules, 2006 by MCA
In respect of accounting periods commencing on or after the 1st April, 2011, for an enterprise which had earlier exercised the option under paragraph 46 the exchange differences arising on reporting of long-term foreign currency monetary items, in so far as they relate to the acquisition of a depreciable capital assets, can be added to or deducted from the cost of the assets and shall be depreciated over the balance life of the assets, and in other cases, can be accumulated in a "Foreign Currency Monetary Item Translation Difference Account" in the enterprise's financial statements and amortized over the balance period of such long term assets or liability, by recognition as income or expense in each of such periods, with the exception of exchange differences dealt with in accordance with the provisions of paragraph 15 of the said rules.
 
Provided that the option exercised by the enterprise shall disclose the fact of such option and of the amount remaining to be amortized in the financial statements of the period in which such option is exercised and in every subsequent period so long as any exchange difference remains unamortized."
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“As per the recent Notification, EPFO(PF Department) is introducing Electronic Challan cum Return (ECR) from April, 2012 for remittance of contributions by all employers...., Employers/Authorized Signatory are required to file the ECR for wage month of March 2012 (payable in April 2012) onwards....”
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Breeze Constructions (P.) Ltd. Versus Income-tax Officer, Ward 3(1)
 
Disallowance interest expenses holding that the assessee has not commenced its business
 
Held that:- As per provision of section 36(1)(iii) interest paid, in respect  of capital borrowed for acquisition of an asset for extension of existing  business or profession; for any period beginning from the date on which the  capital was borrowed for acquisition of the asset till the date on which  such asset was first put to use, shall not be allowed as deduction. By  implication this proviso is also applicable when assets are acquired for new  business - against assessee.
 
Disallowance administrative and other expense by holding that the assessee has not commenced its business
 
Held that:- Merely taking land on lease, by any stretch of imagination cannot be treated as the commencement / setting up of it's hotel business - against assessee.
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Tata Autocomp Systems Ltd. Vs ACIT [ITAT (Mumbai)]
 
- Lending or borrowing money between two associated enterprises comes within the ambit of international transaction and whether the same is at arm's length price has to be considered. The question of rate of interest on the borrowings is an integral part of arm's length price determination in this context
 
- Once the transaction between the assessee and the Associated Enterprises is in foreign currency and the transaction is an international transaction, then the transaction would have to be looked upon by applying the commercial principles in regard to international transaction. If this is so, then the domestic prime lending rate would have no applicability and the international rate fixed being LIBOR would come into play.
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TDS on interest payable to foreign company on external commercial borrowings
The newly introduced Section 194LC of the Income-tax Act, 1961 (the Act) prescribes a specified Indian company to deduct tax on interest payable to a foreign company at the rate of 5 per cent.  The Amended Bill has widened the meaning of term “monies borrowed” to include monies borrowed by the Indian company at any time between 1 July 2012 to 1 July 2015, in foreign currency from a source outside India even by way of issue of long term infrastructure bonds.  Further, the Amended Bill has extended these provisions to all Indian companies rather than restricting it to only specified 8 companies under the Bill.
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In order to arrest declining value of rupee, RBI has issued a circular for an immediate implementation as follows: -
-  For all forex earnings eligibility towards retaining foreign currency to EEFC accounts has been reduced to a maximum permissible limit of 50%.  The balance 50% shall have to be converted to Rupee accounts maintained by the clients.
- Existing balances held in EEFC accounts should be converted forthwith into rupee balances and credited to rupee accounts within next 15 days.
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Genom Biotech (P) Ltd. Vs ACIT, ITAT (Mumbai)
Transfer Pricing adjustments cannot be deleted on the grounds that
(i) payment was made with RBI approval;
(ii) expenses were audited;
(iii) payments were made through banking channels
----------------------------------------
No fore-closure charges / pre payment penalty to be imposed on Floating interest rates Home Loan.
----------------------------------------
The CBDT has directed that in case where assessment proceedings have been completed u/s 143(3) of the Act, before the first day of April, 2012, and no notice for reassessment has been issued prior to that date; then such cases shall not be reopened u/s 147/148 of the Act on account of the clarificatory amendments u/s 2(14), 2(47), 9 and 195 retrospectively.

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Inauguration of Pratyaksh Kar Bhawan, Civic Centre Delhi.
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Registration of trust not to be denied merely because settler is one of the beneficiaries but not the only one. (Manockjee Cowasjee Petit Charities v. DIT(E), ITAT Mumbai)
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“Satellite payments not taxable as royalty u/s 9(1)(vi) despite retrospective amendments by the Finance Act, 2012 to section 9(1)(vi) in view of DTAA between US & India. (B4U International Holdings Ltd. v. DCIT, ITAT Mumbai)
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Number of foreign remittances increased from 12 to 30, to be received by a single individual beneficiary in a calendar year.   
Now, no need to submit copy of Bank Realisation Certificate (BRC) to claim benefit of Foreign Trade Policy.
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MCA extends time for filing of Annual Return by LLP till 90 days w.e.f 31st May 2012
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The limit for foreign exchange remittance for miscellaneous purposes without documentation formalities, has been raised from USD 5000 to USD 25000.
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w.e.f. 1st July, 2012 service tax would apply on all services except those mentioned in either Negative List or is exempted by way of Notification No. 12/2012-ST dt. 17.03.2012
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ACIT vs. SIL Investment Ltd. (ITAT Delhi)
 
Onus is on AO to show nexus of expenditure incurred on funds borrowed to earn tax-free income, else disallowance u/s 14A is not permissible.
----------------------------------------
Govt. notifies other method of determination of Arm’s length price for A.Y. 12-13 and onwards.
----------------------------------------
Employees of a liquidated company can file their claim for provident fund, duly attested by any of the authorized persons specified for the purpose.
----------------------------------------
Govt. Hikes GPF Interest Rate to 8.8% for 2012-13
----------------------------------------
ENABLING LLP FORM OF PROFESSIONAL ORGANISATION
The MCA has issued Notification No. S.O.190 (E) dated 30.01.2012 in relation to conversion of existing firms of chartered accountants into an LLP.
This is apart from enabling multi-disciplinary partnership with members of any other professional body having prescribed qualifications.
----------------------------------------
All Cargo Global Logistics Ltd vs DCIT (ITAT Mumbai – Special Bench)
 
Since section 253(1) uses the word 'aggrieved', a grievance can arise only if any matter has been taken up before any of the lower authorities on which decision has been rendered or not.
 
Questions neither raised before AO nor before CIT(A) and obviously not decided by them cannot be validly taken as a ground of appeal. However, ITAT can admit such question as additional ground of appeal in its discretion where assessee could not raise them before lower authorities for non-availability of legal advice.
----------------------------------------
In Farida Holdings (P) Ltd. Vs. DCIT (ITAT Chennai)
Where for purpose of meeting financial requirements of subsidiary companies, holding company availed loans from some subsidiaries and advanced same to other subsidiaries, such loan transactions would not partake character of deemed dividend.  Since assessee was transacting loans as a treasury manager for its fully owned subsidiaries and it had not availed any benefit out of those loans.
----------------------------------------
Investment advisory services should not be compared with Merchant banking business and comparable selected by taxpayer cannot be rejected by tax authorities without providing cogent reasons. - Carlyle India Advisors Pvt. Ltd., ITAT Mumbai.
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Religious and charitable institution running guest houses by whatever name called whether it is a shelter for pilgrims or any other name and even without any profit motive shall be subject to service tax under Short Term Accommodation Service. – Tirumala Tirupati Devasthanams, Tirupati, Andhra Pradesh, High Court.
----------------------------------------
Providing of space for advertising by way of billboard or on the buses comes under the purview of service tax with effect from 1.5.2006 after introduction of a separate entry. – Grey Worldwide (India) Pvt. Ltd., CESTAT, Mumbai
----------------------------------------
MCA revises guidelines for declaring a Financial Institution as Public Financial Institution under section 4A of the Companies Act, 1956)
----------------------------------------
Ericsson India Pvt. Ltd. Vs DCIT, ITAT (Delhi)
It is the prerogative of the assessee to decide the business expediency.  Rule 10B(1)(a) does not authorize disallowance of any expenditure on the ground that it was not necessary or prudent for the assessee to have incurred the same or that in view of the expenditure was unremunerative or that in view of the continued losses suffered by the assessee in his business, he could have fared better had he not incurred such expenditure.
----------------------------------------
Cabinet clears Micro Finance Bill; RBI to regulate MFIs (It would be mandatory for micro finance institutions (MFI) to be registered with the Reserve Bank and have a minimum net-owned fund of Rs. 5 lakh.
----------------------------------------
ICAI Presents Report on Accounting Standards to HRD Minister; Recommends accrual basis of accounting, common format for general purpose financial statements, Accounting Standards issued by ICAI be made Mandatory to Educational Institutions.
----------------------------------------
Transfer Charges collected by Developers for transfer of rights of purchasing a flat are outside the ambit of service tax and not taxable under Real Estate Agent Service. (M/s Ansal Housing & Construction Vs Commissioner of Service Tax)
----------------------------------------
Foreign investment in NBFC Sector under 100% Foreign Direct
Investment (FDI) route does cover operating leases.
----------------------------------------
MCA has requested the suggestion/comments to devlop roadmap for future implementation of XBRL. Committee has been formed for this purpose to identify the class of companies and various reports to be filed in XBRL in Phase-wise manner, development of Taxonomies to be used by Corporates for their regulatory filings to government agencies, extensions in Taxonomies and XBRL Assurance framework, training, awareness and capacity building of stakeholders.
 
Suggestions/comments may be sent on xbrl.suggestion@mca.gov.in. Or write to Director (e-Governance), Room No. 536, A Wing, Shastri Bhawan, New Delhi 110001
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DCIT Vs. Mastek Limited (ITAT Ahemdabad)
Whether foreign income-tax is deductible u/s 37(1). Bar in s. 40(a)(ii) does not apply to foreign taxes
The assessee paid Rs.42.57 lakhs in Belgium as income-tax and claimed that as deduction u/s 37(1). The AO rejected the claim by relying on s, 40(a)(ii) which provides that any sum paid on account of tax levied on profits or gains of business shall not be allowable as a deduction, though the CIT (A) allowed the claim on the ground that the bar in s. 40(a)(ii) did not apply to foreign taxes. On appeal by the department, HELD dismissing the appeal
Held
the term “tax” is defined in s. 2(43) to mean income-tax chargeable under the provisions of this Act. S. 37(1) allows a deduction of all taxes and rates. Taxes levied in foreign countries whether on profits or gains or otherwise are deductible u/s 37(1) not hit by s. 40(a)(ii). It is also not application of income. The same view has been taken by ITAT Mumbai in South East Asia Shipping Co & Tata Sons Ltd.
----------------------------------------
Amendment in Accounting Standard 11 of the Companies (Accounting Standards) Rules, 2006 by MCA
In respect of accounting periods commencing on or after the 1st April, 2011, for an enterprise which had earlier exercised the option under paragraph 46 the exchange differences arising on reporting of long-term foreign currency monetary items, in so far as they relate to the acquisition of a depreciable capital assets, can be added to or deducted from the cost of the assets and shall be depreciated over the balance life of the assets, and in other cases, can be accumulated in a "Foreign Currency Monetary Item Translation Difference Account" in the enterprise's financial statements and amortized over the balance period of such long term assets or liability, by recognition as income or expense in each of such periods, with the exception of exchange differences dealt with in accordance with the provisions of paragraph 15 of the said rules.
 
Provided that the option exercised by the enterprise shall disclose the fact of such option and of the amount remaining to be amortized in the financial statements of the period in which such option is exercised and in every subsequent period so long as any exchange difference remains unamortized."
---------------------------------------
“As per the recent Notification, EPFO(PF Department) is introducing Electronic Challan cum Return (ECR) from April, 2012 for remittance of contributions by all employers...., Employers/Authorized Signatory are required to file the ECR for wage month of March 2012 (payable in April 2012) onwards....”
----------------------------------------
Breeze Constructions (P.) Ltd. Versus Income-tax Officer, Ward 3(1)
 
Disallowance interest expenses holding that the assessee has not commenced its business
 
Held that:- As per provision of section 36(1)(iii) interest paid, in respect  of capital borrowed for acquisition of an asset for extension of existing  business or profession; for any period beginning from the date on which the  capital was borrowed for acquisition of the asset till the date on which  such asset was first put to use, shall not be allowed as deduction. By  implication this proviso is also applicable when assets are acquired for new  business - against assessee.
 
Disallowance administrative and other expense by holding that the assessee has not commenced its business
 
Held that:- Merely taking land on lease, by any stretch of imagination cannot be treated as the commencement / setting up of it's hotel business - against assessee.
----------------------------------------
Tata Autocomp Systems Ltd. Vs ACIT [ITAT (Mumbai)]
 
- Lending or borrowing money between two associated enterprises comes within the ambit of international transaction and whether the same is at arm's length price has to be considered. The question of rate of interest on the borrowings is an integral part of arm's length price determination in this context
 
- Once the transaction between the assessee and the Associated Enterprises is in foreign currency and the transaction is an international transaction, then the transaction would have to be looked upon by applying the commercial principles in regard to international transaction. If this is so, then the domestic prime lending rate would have no applicability and the international rate fixed being LIBOR would come into play.
----------------------------------------
TDS on interest payable to foreign company on external commercial borrowings
The newly introduced Section 194LC of the Income-tax Act, 1961 (the Act) prescribes a specified Indian company to deduct tax on interest payable to a foreign company at the rate of 5 per cent.  The Amended Bill has widened the meaning of term “monies borrowed” to include monies borrowed by the Indian company at any time between 1 July 2012 to 1 July 2015, in foreign currency from a source outside India even by way of issue of long term infrastructure bonds.  Further, the Amended Bill has extended these provisions to all Indian companies rather than restricting it to only specified 8 companies under the Bill.
----------------------------------------
In order to arrest declining value of rupee, RBI has issued a circular for an immediate implementation as follows: -
-  For all forex earnings eligibility towards retaining foreign currency to EEFC accounts has been reduced to a maximum permissible limit of 50%.  The balance 50% shall have to be converted to Rupee accounts maintained by the clients.
- Existing balances held in EEFC accounts should be converted forthwith into rupee balances and credited to rupee accounts within next 15 days.

----------------------------------------
Genom Biotech (P) Ltd. Vs ACIT, ITAT (Mumbai)
Transfer Pricing adjustments cannot be deleted on the grounds that
(i) payment was made with RBI approval;
(ii) expenses were audited;
(iii) payments were made through banking channels
----------------------------------------
No fore-closure charges / pre payment penalty to be imposed on Floating interest rates Home Loan.
----------------------------------------
The CBDT has directed that in case where assessment proceedings have been completed u/s 143(3) of the Act, before the first day of April, 2012, and no notice for reassessment has been issued prior to that date; then such cases shall not be reopened u/s 147/148 of the Act on account of the clarificatory amendments u/s 2(14), 2(47), 9 and 195 retrospectively.

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Notification No. 31/2012 dt. 04.06.12 – Anti Dumping Duty on Offset Printing Plates levied if imported from Peoples Republic of China and Japan.
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Inauguration of Pratyaksh Kar Bhawan, Civic Centre Delhi.
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Registration of trust not to be denied merely because settler is one of the beneficiaries but not the only one. (Manockjee Cowasjee Petit Charities v. DIT(E), ITAT Mumbai)
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“Satellite payments not taxable as royalty u/s 9(1)(vi) despite retrospective amendments by the Finance Act, 2012 to section 9(1)(vi) in view of DTAA between US & India. (B4U International Holdings Ltd. v. DCIT, ITAT Mumbai)
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Number of foreign remittances increased from 12 to 30, to be received by a single individual beneficiary in a calendar year.   
Now, no need to submit copy of Bank Realisation Certificate (BRC) to claim benefit of Foreign Trade Policy.
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Minimum wage rate per day in Rajasthan:
Unskilled skilled - 147, Semi Skilled 157, Skilled - 167, Highly Skilled 217
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The limit for foreign exchange remittance for miscellaneous purposes without documentation formalities, has been raised from USD 5000 to USD 25000.
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w.e.f. 1st July, 2012 service tax would apply on all services except those mentioned in either Negative List or is exempted by way of Notification No. 12/2012-ST dt. 17.03.2012
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MCA has amended Companies (DIN) Rules w.e.f. 29th May, 2012
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ACIT vs. SIL Investment Ltd. (ITAT Delhi)
 
Onus is on AO to show nexus of expenditure incurred on funds borrowed to earn tax-free income, else disallowance u/s 14A is not permissible.
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Govt. notifies other method of determination of Arm’s length price for A.Y. 12-13 and onwards.
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Employees of a liquidated company can file their claim for provident fund, duly attested by any of the authorized persons specified for the purpose.
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Govt. Hikes GPF Interest Rate to 8.8% for 2012-13
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ENABLING LLP FORM OF PROFESSIONAL ORGANISATION
The MCA has issued Notification No. S.O.190 (E) dated 30.01.2012 in relation to conversion of existing firms of chartered accountants into an LLP.
This is apart from enabling multi-disciplinary partnership with members of any other professional body having prescribed qualifications.
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All Cargo Global Logistics Ltd vs DCIT (ITAT Mumbai – Special Bench)
 
Since section 253(1) uses the word 'aggrieved', a grievance can arise only if any matter has been taken up before any of the lower authorities on which decision has been rendered or not.
 
Questions neither raised before AO nor before CIT(A) and obviously not decided by them cannot be validly taken as a ground of appeal. However, ITAT can admit such question as additional ground of appeal in its discretion where assessee could not raise them before lower authorities for non-availability of legal advice.
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In Farida Holdings (P) Ltd. Vs. DCIT (ITAT Chennai)
Where for purpose of meeting financial requirements of subsidiary companies, holding company availed loans from some subsidiaries and advanced same to other subsidiaries, such loan transactions would not partake character of deemed dividend.  Since assessee was transacting loans as a treasury manager for its fully owned subsidiaries and it had not availed any benefit out of those loans.
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Investment advisory services should not be compared with Merchant banking business and comparable selected by taxpayer cannot be rejected by tax authorities without providing cogent reasons. - Carlyle India Advisors Pvt. Ltd., ITAT Mumbai.
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Religious and charitable institution running guest houses by whatever name called whether it is a shelter for pilgrims or any other name and even without any profit motive shall be subject to service tax under Short Term Accommodation Service. – Tirumala Tirupati Devasthanams, Tirupati, Andhra Pradesh, High Court.
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Providing of space for advertising by way of billboard or on the buses comes under the purview of service tax with effect from 1.5.2006 after introduction of a separate entry. – Grey Worldwide (India) Pvt. Ltd., CESTAT, Mumbai
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MCA revises guidelines for declaring a Financial Institution as Public Financial Institution under section 4A of the Companies Act, 1956)
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Ericsson India Pvt. Ltd. Vs DCIT, ITAT (Delhi)
It is the prerogative of the assessee to decide the business expediency.  Rule 10B(1)(a) does not authorize disallowance of any expenditure on the ground that it was not necessary or prudent for the assessee to have incurred the same or that in view of the expenditure was unremunerative or that in view of the continued losses suffered by the assessee in his business, he could have fared better had he not incurred such expenditure.
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Cabinet clears Micro Finance Bill; RBI to regulate MFIs (It would be mandatory for micro finance institutions (MFI) to be registered with the Reserve Bank and have a minimum net-owned fund of Rs. 5 lakh.
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ICAI Presents Report on Accounting Standards to HRD Minister; Recommends accrual basis of accounting, common format for general purpose financial statements, Accounting Standards issued by ICAI be made Mandatory to Educational Institutions.
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Transfer Charges collected by Developers for transfer of rights of purchasing a flat are outside the ambit of service tax and not taxable under Real Estate Agent Service. (M/s Ansal Housing & Construction Vs Commissioner of Service Tax)
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Foreign investment in NBFC Sector under 100% Foreign Direct
Investment (FDI) route does cover operating leases.
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MCA has requested the suggestion/comments to devlop roadmap for future implementation of XBRL. Committee has been formed for this purpose to identify the class of companies and various reports to be filed in XBRL in Phase-wise manner, development of Taxonomies to be used by Corporates for their regulatory filings to government agencies, extensions in Taxonomies and XBRL Assurance framework, training, awareness and capacity building of stakeholders.
 
Suggestions/comments may be sent on xbrl.suggestion@mca.gov.in. Or write to Director (e-Governance), Room No. 536, A Wing, Shastri Bhawan, New Delhi 110001
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DCIT Vs. Mastek Limited (ITAT Ahemdabad)
Whether foreign income-tax is deductible u/s 37(1). Bar in s. 40(a)(ii) does not apply to foreign taxes
The assessee paid Rs.42.57 lakhs in Belgium as income-tax and claimed that as deduction u/s 37(1). The AO rejected the claim by relying on s, 40(a)(ii) which provides that any sum paid on account of tax levied on profits or gains of business shall not be allowable as a deduction, though the CIT (A) allowed the claim on the ground that the bar in s. 40(a)(ii) did not apply to foreign taxes. On appeal by the department, HELD dismissing the appeal
Held
the term “tax” is defined in s. 2(43) to mean income-tax chargeable under the provisions of this Act. S. 37(1) allows a deduction of all taxes and rates. Taxes levied in foreign countries whether on profits or gains or otherwise are deductible u/s 37(1) not hit by s. 40(a)(ii). It is also not application of income. The same view has been taken by ITAT Mumbai in South East Asia Shipping Co & Tata Sons Ltd.
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Amendment in Accounting Standard 11 of the Companies (Accounting Standards) Rules, 2006 by MCA
In respect of accounting periods commencing on or after the 1st April, 2011, for an enterprise which had earlier exercised the option under paragraph 46 the exchange differences arising on reporting of long-term foreign currency monetary items, in so far as they relate to the acquisition of a depreciable capital assets, can be added to or deducted from the cost of the assets and shall be depreciated over the balance life of the assets, and in other cases, can be accumulated in a "Foreign Currency Monetary Item Translation Difference Account" in the enterprise's financial statements and amortized over the balance period of such long term assets or liability, by recognition as income or expense in each of such periods, with the exception of exchange differences dealt with in accordance with the provisions of paragraph 15 of the said rules.
 
Provided that the option exercised by the enterprise shall disclose the fact of such option and of the amount remaining to be amortized in the financial statements of the period in which such option is exercised and in every subsequent period so long as any exchange difference remains unamortized."
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Breeze Constructions (P.) Ltd. Versus Income-tax Officer, Ward 3(1)
 
Disallowance interest expenses holding that the assessee has not commenced its business
 
Held that:- As per provision of section 36(1)(iii) interest paid, in respect  of capital borrowed for acquisition of an asset for extension of existing  business or profession; for any period beginning from the date on which the  capital was borrowed for acquisition of the asset till the date on which  such asset was first put to use, shall not be allowed as deduction. By  implication this proviso is also applicable when assets are acquired for new  business - against assessee.
 
Disallowance administrative and other expense by holding that the assessee has not commenced its business
 
Held that:- Merely taking land on lease, by any stretch of imagination cannot be treated as the commencement / setting up of it's hotel business - against assessee.
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Tata Autocomp Systems Ltd. Vs ACIT [ITAT (Mumbai)]
 
- Lending or borrowing money between two associated enterprises comes within the ambit of international transaction and whether the same is at arm's length price has to be considered. The question of rate of interest on the borrowings is an integral part of arm's length price determination in this context
 
- Once the transaction between the assessee and the Associated Enterprises is in foreign currency and the transaction is an international transaction, then the transaction would have to be looked upon by applying the commercial principles in regard to international transaction. If this is so, then the domestic prime lending rate would have no applicability and the international rate fixed being LIBOR would come into play.
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TDS on interest payable to foreign company on external commercial borrowings
The newly introduced Section 194LC of the Income-tax Act, 1961 (the Act) prescribes a specified Indian company to deduct tax on interest payable to a foreign company at the rate of 5 per cent.  The Amended Bill has widened the meaning of term “monies borrowed” to include monies borrowed by the Indian company at any time between 1 July 2012 to 1 July 2015, in foreign currency from a source outside India even by way of issue of long term infrastructure bonds.  Further, the Amended Bill has extended these provisions to all Indian companies rather than restricting it to only specified 8 companies under the Bill.
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In order to arrest declining value of rupee, RBI has issued a circular for an immediate implementation as follows: -
-  For all forex earnings eligibility towards retaining foreign currency to EEFC accounts has been reduced to a maximum permissible limit of 50%.  The balance 50% shall have to be converted to Rupee accounts maintained by the clients.
- Existing balances held in EEFC accounts should be converted forthwith into rupee balances and credited to rupee accounts within next 15 days.
Treatment of capital expenditure on assets not owned by the company
Under the Opinion by the Expert Advisory Committee (EAC) of the Institute of Chartered Accountants of India (ICAI) clarified that costs associated with enabling assets, such as construction of connecting roads, electricity transmission lines, etc., the ownership of which does not pass to the company, do not qualify for being capitalised as Capital Work in Progress even during the construction period. Instead, the EAC opined that the amount spent on enabling assets should be expensed off in the period when these are incurred.
 
The EAC explained, since the control does not pass to the company such enabling assets do not meet the definition of ‘asset’ as defined in the Framework for the Preparation and Presentation of Financial Statements as issued by the ICAI. Thus these cannot be capitalised even though such enabling assets will provide future economic benefits to the company. The EAC also relied on the guidance provided in AS 26, Intangible Assets, which mentions that where an expenditure is incurred to provide future economic benefits but no asset, intangible or otherwise can be created, such expenditure needs to be expensed off when incurred.
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Living allowance exempt from tax, if paid to employees of Indian company who are temporarily deployed in US to work for Indian Company


The Kolkata Income-tax Appellate Tribunal has held that, living allowance paid in addition to the regular salaries and benefits in India to the employees of Indian Company who are temporarily deployed in US will be exempt from tax.  Thus the living allowance would not be covered by section 17(2) of the Act.  Exemption under section 10(14)(i) of the Act would be available.
 
This is an important ruling by the Honourable ITAT, which highlights the principle that duration of posting is a relevant consideration in deciding whether the person has been sent on tour or transfer, but it cannot be considered as a conclusive factor.  Further, the factors such as transfer of payroll, nature of service provided, relation with the entity transferred to, visa travelled on, location of family, etc also needs to be analysed in detail.  Further, it is also important for the taxpayer to justify its claim of living allowance under Section 10(14) of the Act read with Rule 2BB of the Rules by proper documentation of the amount spent towards ordinarily daily living charges on account of absence from normal place of duty.
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Clarification on rate of service tax (Circular No. 158/9/ 2012 – ST dated 08-05-2012)
In respect of 8 specified services provided by individual, proprietorship or partnership concern on which service tax liability was payable on payment basis upto 31-03-2012 and services on which tax is paid under reverse charge -  Invoice raised before 01-04-2012 and payment received / made on or after 01-04-2012
- Rate of Service tax shall be 12.36%.
- Supplementary invoice to be issued reflecting new rate of tax & recover differential amount.
- In case of reverse charge, CENVAT  Credit can be availed on the basis of such supplementary invoice & tax payment challans
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Commissioner of Income Tax Vs Central Warehousing Corporation Income Tax Appeal (999/2011 & 1091/2011) High Court of Delhi Dated 30th April 2012
Issue
Whether Penalty can be imposed on the assessee where additions are made under the normal provisions of the Act but actually the taxable income of the assessee is assessed not under the normal provisions but under Section 115JB and there is no addition as far as book profits is concerned.
Held
No doubt, there was concealment but that had its repercussions only when the assessment was done under the normal procedure. The assessment as per the normal procedure was, however, not acted upon. On the contrary, it is the deemed income assessed under section 115JB of the Act which has become the basis of assessment as it was higher of the two. Tax is thus paid on the income assessed under section 115JB of the Act. Hence, when the computation was made under section 115JB of the Act, the aforesaid concealment had no role to play and was totally irrelevant. Therefore, the concealment did not lead to tax evasion at all.
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Transfer of Funds allowed from Non-Resident Ordinary (NRO) Account to Non-Resident External (NRE) Account within the overall ceiling of USD one million per financial year by NRI
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Big relief to PPP companies
Ministry of Corporate affairs (MCA) has issued notification to clarify the long debatable issue in relation to amortization of the Intangible asset created under BOT (Build, Operate & Transfer), BOOT (Build, Own, Operate & Transfer) or any other form of PPP (Public Private Partnership).
New heading inserted in schedule XIV of the Companies Act, 1956 clarifies that amortization of Intangible asset recognized pursuant to above agreements will be proportionate (actual revenue for the year/total projected revenue from the Intangible asset) of the cost. This method of amortization will further strengthen matching concept of accounting. Amortization formula as well as example has been given by the Ministry to avoid confusions.
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One time relaxation in timeline for submission of Annual Audited Financial Results for listed entities
Considering difficulties faced in submission of annual financial results along with Q4 results and first time adoption of the revised Schedule VI to the Companies Act 1956, SEBI has given relaxation in timeline for submission of annual audited financial results in respect of the last quarter of FY 2011-12 and annual audited results for FY 2011-12.  Listed entities will have an option to either:
- Submit limited reviewed results for the last quarter (Q4) within 45 days from end of the quarter followed by submission of annual audited results as soon as they are approved by the Board of Directors  or
- Submit annual audited results within 60 days from the end of 4th quarter along with results for the last quarter (Q4) which would be a balancing figure.
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Amendment to clause 41 of the equity listing agreement
Formats for financial results has been amended to be in line with format under revised Schedule VI of the Companies Act, 1956
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Borrower to provide bifurcation of utilisation of the ECB proceeds towards foreign currency and Rupee expenditure at the time of availing Loan Registration Number (LRN) from the Reserve Bank of India.
 
Further borrower should ensure that ECB proceeds meant for rupee expenditure in India are repatriated to India for credit to Rupee account only.
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[2012] 21 taxmann.com 129 (AAR - New Delhi)
 
IT/ILT : Subscription fee received from customers for providing social media monitoring services through website is taxable as 'royalty' u/s 9(1)(vi) and Indo-Singapore DTAC
 
AAR held that the applicant is in the business of gathering, collating and making available or imparting information concerning industrial and commercial knowledge, experience and skill and consequently the payment received from the subscriber would be royalty in terms of clause (iv) of Explanation 2 to section 9(1)(vi) of the Act and is liable to be taxed as such under the Act.
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“Mandi Shulk” received by Agricultural Produce Marketing Committee (APMC) exempt from service tax in light of NN 14/2004 (Circular No. 157/8/2012 dated 27.04.2012).
 
“Mandi shulk” collected from the licensees do not fall under the category of BSS as it is not in nature of outsourced service.
 
However, if APMC provides any other service for a separate charge (other than ‘market fee’) to either  the licensees or farmers or any other person the same would be liable to tax under the respective taxable heads.
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MCA allows approval of name on certification from practicing professionals w.e.f. 20.05.2012
Ministry of Corporate Affairs has allowed approval of name of proposed Companies without backend process by the Registrar of Companies (ROC) on certification given by practicing professionals (CA/CS/CWA), subject to certain conditions.
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Withholding of tax under Section 195 of the Act is not required on salary of seconded employee reimbursed to a foreign company since such payment is not for rendering technical services (Ariba Technolgies India Pvt. Ltd. – ITAT Bangalore)
Whether the taxpayer is required to withhold tax under Section 195 of the Act while making payment to a foreign company, for the services rendered by seconded employee in India in terms of the secondment agreement, when the taxpayer has already withheld the tax under Section 192 of the Act while making this payment?  Held No.

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Transfer Pricing updates
Johnson Matthey India (P.) Ltd. Vs DCIT
ITAT (New Delhi)
 
-  Profit Level Indicators (PLIs) are ratios that measure relationship between profits and costs or resources.
-  PLI represents a logical financial relationship between two components/variables.
-  Use of a particular PLI depends on a number of factors including, nature of activities of tested party, reliability of available data with respect to uncontrolled comparables and extent of which PLI is likely to produce available measure of income.
-  PLI is selected with its appropriateness for transaction under view.
 
DCIT Vs  Roche Diagnostics India (P.) Ltd.
ITAT (Mumbai)
 
While determining arm's length price, benefit of plus minus 5 per cent as mentioned in proviso to section 92C(2), is required to be given on sale value or purchase price of international transactions and not on profit element embedded in such transactions.
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DELHI HC Explains the term “Make Availlable” used in Article – Royalties and Fees for Technical Services under various Double Taxation Avoidance Agreements.
Delhi HC is the first HC in India to issue the verdict clarifying the term “make available” under Royalties & Fees for Technical Services in various Double Taxation Avoidance Agreements between India and Various Other Countries.
Honorable HC by affirming the order of Honorable ITAT in recent case of DIT Vs. Guy Carpenter & Co. Ltd which relied on Mumbai ITAT’s decision in the case of Raymond Vs. DCIT 86 ITD 791, term make available is explained as follows :-
“mere provision of technical services is not enough but the technical knowledge must remain with the payer, and he must be equipped to independently perform the technical function himself without the help of the service provider“
Revised format proposed for Excise and Service Tax Return (Circular No. F No 201/05/2011-CX.6 dated 13-04-2012)
Service Tax and Central Excise Department has proposed to harmonize Excise Return (i.e. ER-1 & ER-2) and service tax return (i.e. ST-3) in a single common return (i.e. EST-Return) instead of these three returns as measure of simplification. It is proposed to align the payment cycle and the return cycle by making following amendments in the Service Tax Rules, 1994:
Quarterly payment and quarterly return:
For assesses who had paid Service Tax of Rs. 25 lakhs or less including utilization of CENVAT credit, during the preceding financial year.
For all new assesses.
Monthly payment and monthly return:  For all other old assesses.
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Transfer Pricing:
Budget updates
From Assessment Year 2013-14 Transfer pricing regulations (including procedural and penalty provisions) will also apply to certain transactions entered into by domestic related parties, for the purpose of computation of income, disallowance of expenditure, etc, if aggregate amount of all such domestic transactions exceeds Rs. 5 crore in a year. It is further proposed to amend the meaning of related persons as provided in section 40A to include companies having the same holding company.
 
From Assessment Year 2012-13, Due date for filling the Income tax return u/s 139 is 30th November of the assessment year, for Corporate/non corporate taxpayers who are required to file form 3CEB i.e. transfer pricing certificate.
 
W.e.f. 1st July 2012 Section 271AA provides penalty at the rate of 2% of the value of the international transaction, if the taxpayer.-
Fails to maintain prescribed documents or information or;
Fails to report any international transaction which is required to be reported, or;
Maintains or furnishes any incorrect information or documents.
 
This penalty would be in addition to penalties in section 271BA and 271G.
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Budget 2012 India : Highlights

No tax on an income of Rs.2,50,000/- for Senior Citizen (60 – 80 years) and Rs.5,00,000/- for Senior Citizens more than 80 Years.
 
A deduction of up to Rs.10,000/- is allowed in respect of savings bank interest.
 
Expenditure on preventive health check-up up to Rs.5,000/- will be qualified for deduction under section 80D.
 
Senior citizen not having income from business are exempted from payment of advance tax.
 
Deduction u/s 80CCF is not allowed from F.Y.  2012-13.
 
For the purpose of section 80D, 80DDB and 197A, age of senior citizen reduced from 65 years to 60 years...
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Last Updated on: Friday, May 04, 2013