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POEM – Guiding Principles and Safeguards

Place of Effective Management (POEM) Under Income Tax Act (ITA) ‘Place of Effective Management’ (‘POEM’) is an internationally recognised test for determination of residence of a company incorporated...

Specifications pertaining to direct plan for schemes of AIFs and trail model for distribution commission in AIFs

Securities Exchange Board of India (“SEBI”) vide its Circular No.: SEBI/HO/AFD/POD/CIR/2023/054 dated Apr 10, 2023 has put forth certain specifications pertaining to the direct plan for schemes of Alternative Investment...

Assessee entitled to avail benefits of section 23(1)(c)

1. The assessee offered income from house property from various properties in different years, however in some of the years, income from some of the properties were not shown or...

Excess Provisions Disallowance

Provision made based on historical trend would be entitled to deduction from the gross receipts under section 37 of the Income-tax Act,1961 ("l.T. Act") 1. During the AY 2007-08,...

Assessing Officer (AO) to consider financial difficulties before directing the deposit of 20% of demand for granting stay

1. The assessee is an individual and derived income under the head salary and interest income. The assessee did not file his return of income for the AY 2011-12 under...

Update on 47A of Indian Stamp Act

As per section 47A of the Indian Stamp Act (West BengaL Amendment Act), if the market value of any property which is the subject of transfer, on which duty is...

Budget 2023-24: The Key Highlights of Proposed Amendment in GST Law

Budget day creates an expectancy of relief and concerns about the additional burden of taxes. The indirect tax budget announcements for 2023, however, neither provided much relief not added a...

Supreme Court Judgement on Assets Revaluation by Partnership Firm: A long lasting impact

1. The assessee was a partnership firm originally constituted with four partners. The assessee had reconstituted the partnership firm and new partners were added. Then assessee after the reconstitution of...

Summary update on 48th GST council meeting held on 17.12.2022

The 48th Meeting of the GST Council was held on 17th December 2022 through Video Conference, under the chairpersonship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman....

Reassessment invalid where there is “Change of Opinion

1. The assessee is a private limited company engaged in the business of selling hair care products, providing consultancy services and treatment in the hair care and beauty sector. It...

Non-filing of Form 10-IC will attract higher tax rate of 30 per cent as against 22 per cent under section 115BAA

1. The assessee is a Domestic Company. For the AY 2020-21, the assessee filed its return of income on 15-01-2021 declaring a total income of INR 20,71 ,870. The assessee...

New Amalgamated Company can set off Long-Term Capital Loss

1. The assessee is a Company IGate Computer Systems Limited (ICSL) engaged in business of Software Development services and IT enabled services (hereinafter called as "Amalgamating Company") amalgamated with the...

How to open National Pension Scheme (NPS) Account ?

An individual is eligible to claim deduction of Rs. 50,000 under Section 80CCD(1B) of the Income-tax Act, 1961 ("the Act"). This is over and above the Rs 1.5 lakh deduction...

ITR Filing: CBDT proposes one common ITR form for most of the taxpayers

1. On 01st November 2022, CBDT Propose a Draft Common Income Tax Return ("ITR") in places of present ITR I to ITR -7 which are generally filed by all the...

Foreign Travel Expenses incurred by directors of a company for promoting business activities to be allowed as deduction

Foreign travel expenses incurred by directors of a company for promoting business activities to be allowed as deduction. 1. The assessee is a private Limited company engage in the...

Denial of exemption under section 54 of I.T. act Not warranted

1. Assessee sold 1/4th share in residential house for INR 8,75,00,000. The assessee has earned long term capital gain of INR 6,20,94,441 as computed in assessment order. The assessee claimed...

Gujarat Aatmanirbhar Scheme 2022 for Industries

DEFINITIONS • PLI SCHEMES – “With the objective to boost domestic manufacturing, investments and export in the telecom and networking products Department of Telecommunications (DoT) notified the “Production Linked...

Amendments to Overseas Investment Regime in India

The new Overseas Investment ('OI') regime notified by the Government of India and Reserve Bank of India dramatically changes the overseas investment landscape from India. We discussed the below pointers...

Saidarshan Bang

Chartered Accountant, Bachelor at Commerce. ♦ Saidarshan is heading the Pune operations of the firm. ♦ He has been pre-dominantly engaged in Transactions, Due Diligence, Structuring Advisory assignments. ♦ Saidarshan...

GIFT City at a Glance

1. Introduction of GIFT and its concept The High-Powered Expert Committee submitted a report on ‘Making Mumbai an International Financial Services Centre’ to the Ministry of Finance in 2007,...

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