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Investing in Alternative investment Funds (AIF) BY CA.S.KRISHNASWAMY Alternative investment funds as the name itself suggests are alternate to traditional form of investments. The AIF regulations is an attempt to extend the perimeter of regulation to hitherto unregulated funds, so as to ensure systemic stability ,increase market efficiency, encourage formation of new capital and provide […]

Equalisation Levy and Compliance By CA Prakash Hegde and CA Raghavendra N. In the last month’s bulletin, we discussed the meaning of BEPS, the final Action Plans and India’s initiatives in relation to these Action Plans.  Now, let us discuss Action Plan 1 of BEPS Action Plans relating to Digital Economy and India’s action in […]

A much awaited relief to non-residents on non-furnishing of PAN By CA Prakash Hegde and CA Raghavendra N. The provisions of Section 206AA of the Income Tax Act (‘Act’) require that when a person (recipient/deductee) is entitled to receive any amount from another person (payer/ deductor) and if that amount is subject to Tax Deduction […]

BEPS and India’s Actions By CA Prakash Hegde and CA Raghavendra N. What is BEPS ? Base Erosion and Profit Shifting (‘BEPS’) refers to tax planning strategies adopted by Multi-National Companies (‘MNCs’) that exploit gaps and mismatches in tax rules, to make profit ‘disappear’ for tax purpose or shift profits to jurisdictions, where there is […]

Stay of disputed demand of income-tax while the first appeal is pending CA Prakash Hegde and CA Raghavendra N. It is common to see Assessing Officers (‘AO’s) making adjustments by way of addition to income or disallowance of expenses, resulting in income-tax demands beyond the paying capacities of the taxpayers.  Under the provisions of the […]

Important Transfer Pricing Proposals in the Finance Bill 2017 By CA Prakash Hegde and CA Raghavendra N. In order to get a fair share out of the profits of Multinational Corporations (‘MNC’s), most of the countries across the world have introduced the transfer pricing regulations in their income-tax legislations.  As the business dynamics change and […]

Penalty for cash transactions of Rs 3 Lakh or more By CA Prakash Hegde and CA Raghavendra N. During 2011, acting on a petition, the Supreme Court of India (‘SCI’) had ordered the appointment of a Special Investigation Team (‘SIT’) headed by a former judge to handle the menace of black money.  Since then, the […]

Validity of notices under the Income Tax Act in certain circumstances By CA Prakash Hegde and CA Raghavendra N. In most of the proceedings under the Income Tax Act, 1961 (‘the Act’), issue and service of notices form a very important part. The initiation proceeding commences on issue of proper notice and proper service of […]

Foreign Tax Credit Rules – a welcome effort by CA Prakash Hegde and CA Raghavendra N. Double Taxation Avoidance Agreements (‘DTAA’s) try to resolve the conflict of double taxation by stipulating the right of each of the parties (countries) to the DTAA to tax a particular source of income of a tax payer in most […]

Cost indexation while computing capital gain from transfer of assets received as gift etc. By- CA Prakash Hegde and CA Raghavendra N. The Income Tax Act, 1961 (‘the Act’) contains elaborate provisions in relation to taxation of profits or gains arising from ‘transfer’ of a ‘capital asset’.  The relevant provisions for the purpose of our […]