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Tax Updates - TMI Newsletters
Home Newsletters Index Year 2018 February Day 10 - Saturday
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TMI Updates - Newsletter dated: February 10, 2018

TMI SMS


Highlights

  1. Income Tax : Accrual of income - Taxability in India of the salary of its employees sent abroad for rendering services to a foreign company - As the assignees are not liable to be taxed in India in respect of their income during the financial year 2011-12, the Applicant is not obliged to withhold taxes on the salary paid to them in India for such period. - AAR

  2. Income Tax : Taxability in India of the salary of its employee, sent abroad for rendering services to a foreign company - Accrual of income - assessment of income for period of deputation - once the income is taxable in the USA as per DTAA, it is not taxable in India - No withholding tax (TDS) liability - AAR

  3. Income Tax : Revision u/s 264 in favor of assessee - period of limitation - the petitioner cannot be shut out from placing facts before the Commissioner and Section 264 empowers the Commissioner to cause enquiry and verify the facts. Secondly, if there has been a genuine mistake committed by the assessee, Statute does not bar the assessee from rectifying his mistake - HC

  4. Income Tax : Disallowance of the expenses of damage - CIT-A restricted addition to 10% - the cost incurred for the damage of goods is directly connected with the business activities of the assessee and accordingly eligible for deduction u/s 37(1) - Tri

  5. Income Tax : Non-deduction of TDS u/s 194H r.w.s. 40(a)(ia) - nature of discount - Some services should be provided by the person or any other services in the course of buying and selling of goods - since there was no relationship between the assessee and its customers as of principal and agents, the amount of discount cannot be termed as commission - No TDS liability - Tri

  6. Income Tax : Business expenditure - the service tax paid by the assessee is otherwise eligible for deduction. Hence the input tax credit relatable to exempted services is also eligible for deduction, since it cannot be availed as credit by the assessee. - Tri

  7. Income Tax : Penalty u/s 271C - assessee had failed to deduct TDS on interest paid on FDRs and to deposit the same - the assessee is found to have had reasonable cause for not deducting the tax at source. The penalty levied is, accordingly, deleted. - Tri

  8. Income Tax : Deduction as Municipal Taxes and other charges u/s 24 against rental income earned - The expenditure as claimed by the assessee was not covered by the statutory provisions and hence not allowable - Tri

  9. Companies Law : Condonation of delay of 9 days - applicability of Section 5 of the Limitation Act - application to the peremptory language of Section 421(3) of the companies act, 2013 - period of limitation - appeal against the order of NCLT - delay cannot be condoned - SC

  10. Insolvency and Bankruptcy : Approval of resolution plan. - Amendments in the Regulation no. 38 of the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017

  11. Insolvency and Bankruptcy : Resolution plan. - Amendments in the Regulation no. 36 of the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017

  12. Insolvency and Bankruptcy : Invitation of Resolution Plans. - New Regulation 35A added to the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017

  13. Insolvency and Bankruptcy : Information memorandum - Amendments in the Regulation no. 35 of the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017

  14. Insolvency and Bankruptcy : Fair value and Liquidation value. - Amendments in the Regulation no. 34 of the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017

  15. Insolvency and Bankruptcy : Appointment of registered valuers. - Amendments in the Regulation no. 26 of the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017

  16. Insolvency and Bankruptcy : Definitions - Amendments in the Regulation no. 2 of the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017

  17. Service Tax : Small Scale exemption upto ₹ 10 lacs for providing Business Auxiliary Services - the said services were rendered to the Financial Institutions and therefore, the question of use of brand of the Financial Institutions by the Service Provider did not arise - Tri

  18. Central Excise : Valuation - paper board - related party transaction - the sole attempt made by the de novo adjudicating authority was only to compare 2% of the transactions during the period which has also been done in a very flawed manner - No demand could be made - Tri

  19. Central Excise : CENVAT credit - Education Cess and Secondary Higher Education Cess paid under Section 94 of the Finance Act 2004 and Section 139 of the Finance Act, 2007, on the aggregate duty of customs levied under Sec.12 the Customs Act, 1962 can never be held to be admissible to credit which continued to be levied before and after 17.3.2012. - Tri


Articles


Notifications


Circulars / Instructions / Orders


News - Feeds


Case Laws:

More information of case laws are visible to the Subscriber of a package i.e:-
Party Name, Court Name, Date of Decision, Full Text of Headnote, Decision etc.


  1. 2018 (2) TMI 495

    In: Customs


  2. 2018 (2) TMI 494

    In: Customs


  3. 2018 (2) TMI 493

    In: Customs


  4. 2018 (2) TMI 492

    In: Customs


  5. 2018 (2) TMI 491

    In: Customs


  6. 2018 (2) TMI 490

    In: Customs


  7. 2018 (2) TMI 489

    In: Customs


  8. 2018 (2) TMI 488

    In: Customs


  9. 2018 (2) TMI 512

    In: Income Tax


  10. 2018 (2) TMI 511

    In: Income Tax


  11. 2018 (2) TMI 510

    In: Income Tax


  12. 2018 (2) TMI 509

    In: Income Tax


  13. 2018 (2) TMI 508

    In: Income Tax


  14. 2018 (2) TMI 507

    In: Income Tax


  15. 2018 (2) TMI 506

    In: Income Tax


  16. 2018 (2) TMI 505

    In: Income Tax


  17. 2018 (2) TMI 504

    In: Income Tax


  18. 2018 (2) TMI 503

    In: Income Tax


  19. 2018 (2) TMI 519

    In: Income Tax


  20. 2018 (2) TMI 518

    In: Income Tax


  21. 2018 (2) TMI 502

    In: Income Tax


  22. 2018 (2) TMI 501

    In: Income Tax


  23. 2018 (2) TMI 500

    In: Income Tax


  24. 2018 (2) TMI 499

    In: Income Tax


  25. 2018 (2) TMI 517

    In: Income Tax


  26. 2018 (2) TMI 521

    In: Income Tax


  27. 2018 (2) TMI 520

    In: Income Tax


  28. 2018 (2) TMI 498

    In: Income Tax


  29. 2018 (2) TMI 497

    In: Income Tax


  30. 2018 (2) TMI 516

    In: Income Tax


  31. 2018 (2) TMI 496

    In: Income Tax


  32. 2018 (2) TMI 515

    In: Income Tax


  33. 2018 (2) TMI 514

    In: Income Tax


  34. 2018 (2) TMI 513

    In: Income Tax


  35. 2018 (2) TMI 487

    In: Corporate Laws


  36. 2018 (2) TMI 448

    In: Insolvency & Bankruptcy


  37. 2018 (2) TMI 485

    In: Service Tax


  38. 2018 (2) TMI 484

    In: Service Tax


  39. 2018 (2) TMI 486

    In: Service Tax


  40. 2018 (2) TMI 467

    In: Service Tax


  41. 2018 (2) TMI 483

    In: Service Tax


  42. 2018 (2) TMI 482

    In: Service Tax


  43. 2018 (2) TMI 481

    In: Service Tax


  44. 2018 (2) TMI 480

    In: Service Tax


  45. 2018 (2) TMI 479

    In: Service Tax


  46. 2018 (2) TMI 478

    In: Central Excise


  47. 2018 (2) TMI 477

    In: Central Excise


  48. 2018 (2) TMI 476

    In: Central Excise


  49. 2018 (2) TMI 475

    In: Central Excise


  50. 2018 (2) TMI 474

    In: Central Excise


  51. 2018 (2) TMI 473

    In: Central Excise


  52. 2018 (2) TMI 472

    In: Central Excise


  53. 2018 (2) TMI 471

    In: Central Excise


  54. 2018 (2) TMI 470

    In: Central Excise


  55. 2018 (2) TMI 469

    In: Central Excise


  56. 2018 (2) TMI 468

    In: Central Excise


  57. 2018 (2) TMI 466

    In: Central Excise


  58. 2018 (2) TMI 465

    In: Central Excise


  59. 2018 (2) TMI 464

    In: Central Excise


  60. 2018 (2) TMI 463

    In: Central Excise


  61. 2018 (2) TMI 462

    In: Central Excise


  62. 2018 (2) TMI 461

    In: Central Excise


  63. 2018 (2) TMI 460

    In: Central Excise


  64. 2018 (2) TMI 459

    In: Central Excise


  65. 2018 (2) TMI 458

    In: Central Excise


  66. 2018 (2) TMI 457

    In: Central Excise


  67. 2018 (2) TMI 456

    In: Central Excise


  68. 2018 (2) TMI 455

    In: Central Excise


  69. 2018 (2) TMI 454

    In: Central Excise


  70. 2018 (2) TMI 453

    In: VAT and Sales Tax


  71. 2018 (2) TMI 452

    In: VAT and Sales Tax


  72. 2018 (2) TMI 451

    In: VAT and Sales Tax


  73. 2018 (2) TMI 450

    In: VAT and Sales Tax


  74. 2018 (2) TMI 449

    In: VAT and Sales Tax


 
 
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