Articles

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 […]

 Additional deduction for interest on housing loan By CA. Prakash Hegde & CA Raghavendra N. Under the provisions of section 24 of the Income Tax Act, 1961 (‘the Act’) a deduction is available for interest payable on the capital borrowed for acquisition or construction or repair or renewal or reconstruction of a house property.  In the […]

INPUT TAX DEDUCTION UNDER KARNATAKA VALUE ADDED TAX ACT 2003 – JUDICIAL CONUNDRUM BY  S. RAMASUBRAMANIAN, FCA &  PRATEEK MARLECHA, ACA. 1.0       Introduction 1.1       Most of the States in India moved over to value added tax in 2005.  The legislative frame work for levying of VAT was introduced in 2003 and it was implemented from […]

Buy-back of shares – Key income-tax implications By Anand R Bhat, Chartered Accountant  Introduction  Companies having surplus reserves and economic resources often resort to buy-back shares to reward its shareholders when no visible investment plan exists in future and perceived internal rate of return on investment of such economic resources is not so attractive. Often, […]