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Tax Flash News

Tax Flash News

Tax laws in India are subject to interpretation by judicial authorities, and changes by way of amendments to the statute.

Flash News enables you to stay abreast of the latest developments.

Date Title Citations
6/25/2019 Non-compete fees are eligible for depreciation under the Income-tax Act  1 PCIT v. Piramal Glass Limited (ITA No. 556 of 2017) – Taxsutra.com (PDF, 605 KB)
6/22/2019 GST Council Update – Annual Return filing date extended (PDF, 564 KB)
6/21/2019 CBDT issues revised guidelines for compounding of offences under the Income-tax Act 1 CBDT letter, (F.No.285/08/2014-IT(Inv.V)147, dated 14 June 2019). (PDF, 775 KB )
6/18/2019 Fees for executive search are not taxable as FTS or royalty under the India-Netherlands tax treaty   1 Spencer Stuart International BV v. DCIT (ITA No. 6666/Mum/2017) - Taxsutra.com (PDF, 736 KB)
6/13/2019 The Union Cabinet approves ratification of MLI  1 PIB release, dated 12 June 2019 (PDF, 630 KB)
6/12/2019 Section 56(2)(viib) of the Income-tax Act is not applicable to a step-down subsidiary of a listed company  1 Apollo Sugar Clinics Ltd. v. DCIT [2019] 105 taxman.com 254 (Hyd) (PDF, 815 KB)
6/12/2019 Press release – Transition plan to the new simplified GST returns 1 Press release dated 11 June 2019  (PDF, 740 KB)
6/8/2019 Income from testing and other services is taxable as FTS under the India-Finland tax treaty  (PDF, 685 KB)
6/6/2019 OECD – Programme of work to develop a consensus based solution to  the tax challenges arising from the digitalisation of the economy 1 Tax Challenges Arising from Digitalisation – Interim Report 2018. For the detailed Flash News click on the following link:
http://www.in.kpmg.com/TaxFlashNews-INT/KPMG-Flash-News-OECD-interim-report-on-the-Tax-Challenges-Arising-from-Digitalisation-1.pdf  (PDF, 947 KB)
6/6/2019 Payments for availing bandwidth services are not taxable as royalty under the India-Singapore tax treaty  1 DCIT v. Reliance Jio Infocomm Ltd (ITA No.936/Mum/2017) – Taxsutra.com - (PDF, 686 KB)
6/5/2019 Prosecution proceedings can be initiated for failure to deposit the TDS amount with the Government within the stipulated time 1 ITO v. Firoz Abdul Gafar Nadiadwala (Court Case No. 95/SW/2014) – Taxsutra.com  (PDF, 814 KB)
5/28/2019 Proposed amendments in the Income-tax Rules and form with respect to the audit of the accounts of a trust or institution 1 Section 12A read with Sections 11 and 12 of the Act  (PDF, 815 KB)
5/27/2019 Kerala flood cess effective from 1 June 2019  (PDF, 752 KB)
5/22/2019 Speculative business loss from trading in shares cannot be set-off against profits from the business of futures and options prior to amendment in Section 73 of the Act – Supreme Court  1 Snowtex Investment Ltd v. PCIT [2019] 105 taxman.com 282 (SC)  (PDF, 811 KB)
5/21/2019 ITC on construction services available against tax payable on lease income from such constructed property – Orissa High Court  1 Safari Retreats Pvt. Ltd. [TS-350-HC-2019(ORI)-NT] (PDF, 675 KB)
5/17/2019 Scientific research expenditure for the period prior to the approval under Section 35(2AB) of the Income-tax Act is eligible for weighted deduction 1 CIT v. TVS Electronics Ltd [2019] 105 taxmann.com 36 (Mad)  (PDF, 723 KB)
5/17/2019 FAQs part II on the real estate sector    1 F. No. 354/32/2019-TRU, dated 14 May 2019  (PDF, 614 KB)
5/16/2019 The Supreme Court decision on the allowability of interest on capital borrowed 1 CIT v. Reliance Industries Ltd (Civil Appeal No. 10 of 2019) (PDF, 735 KB)
5/15/2019 Expenditure on acquisition of set-top boxes are capital in nature and eligible for depreciation at 15 per cent 1 ACIT v. Kerala Communicators Cable Ltd (ITA No. 271/Coch/2018) – Taxsutra.com (PDF, 806 KB)
5/14/2019 Updates for the real estate sector 1 Notification no. 10/2019 – Central Tax (Rate) dated 10 May 2019 (PDF, 845)
5/10/2019 Reduction in book debt is a valid consideration Senco Gold Ltd [2019-VIL-133-AAR] - (PDF 795 KB)
5/10/2019 Part B of Form No.16 can now be generated and downloaded through TRACES portal Notification No. 09/2019 dated 06 May, 2019 - (PDF 729 KB)
5/7/2019 The Bombay High Court quashes tax officer’s order denying nil withholding tax certificate in respect of capital gains under the India-Mauritius tax treaty 1 Indostar Capital v. ACIT (Writ Petition No. 3296 of 2018) – Taxsutra.com - (PDF 729 KB)
5/4/2019 Distribution charges received for telecasting of TV channels in India are not taxable as ‘royalty’ under the Income-tax Act as well as under the India-Singapore tax treaty CIT v. MSM Satellite (Singapore) Pte Ltd (ITA No. 103 of 2017) – Taxsutra.com - (PDF 819 KB)
5/2/2019 Income earned by a foreign company as a member of consortium/projects for providing technical assistance is taxable as business income under the India-Russia tax treaty PJSC Stroytransgaz v. DDIT (ITA No. 2942/Del/2010) – Taxsutra.com - (PDF 814 KB)
4/26/2019 GST notifications and circular updates (PDF 821 KB)
4/26/2019 Multiple counting and period of leave is to be excluded from the period of stay of an employee to determine Service PE threshold 1Linklaters v. DDIT (ITA no.3250/Mum./2006 Assessment Year - 2002–03) - taxsutra.com - (PDF 809 KB)
4/25/2019 Report on proposed amendments of rules for profit attribution to permanent establishment in India open for public consultation 2DIT v. Morgan Stanley [2007] 292 ITR 416 (SC) - (PDF 826 KB)
4/25/2019 The CBDT policy providing incentive for disposal of an appeal by the CIT(A) in a particular manner is impermissible 1The Chamber of Tax Consultants v. CBDT (Writ Petition No. 3343 of 2018 – Taxsutra.com - (PDF 618 KB)
4/25/2019 Supreme Court ruling on higher pension benefit to employees under the Employees’ Pension Scheme, 1995 1Notification G.S.R. 609(E) dated 22 August 2014 - (PDF 865 KB)
4/25/2019 Maharashtra New Industrial Policy, 2019 1Maharashtra New Industrial Policy 2019 dated 7 March 2019 - (PDF 733 KB)
4/24/2019 Tax is not required to be deducted under Section 195 of the Income-tax Act on salary paid by an Indian entity to an overseas deputed employee 1CIT v. Supriya Suhas Joshi (ITA No. 382 of 2017) (Bom) – Taxsutra.com - (PDF 747 KB)
4/24/2019 CBDT notifies changes in Form 16 and Form 24Q 1Notification No. 36/2019 dated 12 April 2019 - (PDF 652 KB)
4/23/2019 Interest is payable on the gross GST liability – High Court, Telangana 1Megha Engineering & Infrastructures Ltd [Writ Petition number 44517 of 2018 - (PDF 691 KB)
4/18/2019 Provisions relating to unexplained cash credit do not apply to transactions where no cash is involved 1Abhijeet Enterprise Ltd v. ITO (ITA No. 308/Kol/2017) – Taxsutra.com - (PDF 821 KB)
4/12/2019 Service Tax – Payment towards the salary of employee deputed from parent company not liable to service tax – Supreme Court 1Nissin Brake India Pvt. Ltd [TS-230-SC-2019-ST] - (PDF 811 KB)
4/11/2019 Tax department issues income-tax notices to multinational companies 1www.economictimes.com - (PDF 562 KB)
4/10/2019 CBDT notifies Income-tax Return forms for the Assessment Year 2019-20 1Notification No. 32/2019, dated 1 April 2019 – Taxsutra.com - (PDF 640 KB)
4/5/2019 Notification update – Order of utilisation of input tax credit 1Notification 16/2019-Central Tax dated 29 March 2019 - (PDF 574 KB)
4/5/2019 Notification update – GST amendments to the real estate sector (PDF 606 KB)
4/5/2019 Kerala Amnesty scheme to settle pre-GST regime disputes Circular no. 3/2019 dated 1 April 2019 - (PDF 633 KB)
4/2/2019 KPMG Tax Assemblage – January to March 2019 (PDF 630 KB)
3/27/2019 Compensation paid to the property buyers for surrender of their rights is allowed as business expenditure 1Gopal Das Estates & Housing Pvt Ltd v. CIT (ITA No. 210/2003) – Taxsutra.com - (PDF 736 KB)
3/20/2019 Agency commission earned outside India is not taxable in the absence of territorial nexus with India 1Fox International Channel Asia Pacific Ltd v. DCIT (ITA No. 1947/Mum/2015) – Taxsutra.com - (PDF 615 KB)
3/20/2019 GST Council meeting update – Transition plan approved for a residential segment of the real estate sector (PDF 584 KB)
3/19/2019 Input tax credit on post-supply discounts cannot be availed – AAR, Tamil Nadu MRF Ltd. [2019-TIOL-AAR-GST] - (PDF 544 KB)
3/18/2019 KPMG Customs Update: US to end preferential treatment to Indian origin goods Notification No. 48 and 49/ 2018 (Customs) dated 20 June 2018 and read with Notification No 50/2017 dated 30 June 2017 - (PDF 476 KB)
3/14/2019 Companies for which data is not available in the public domain can be selected by the Transfer Pricing Officer as comparables by using their power to call for information under Section 133(6) of the Income-tax Act Philips Medical Systems (P.) Ltd. v. ITO [2019] 102 taxmann.com 441 (Kol) - (PDF 562 KB)
3/12/2019 National Policy on Software Products, 2019 (PDF 484 KB)
3/8/2019 Amount raised by way of issue of shares at a premium is chargeable to tax as per the provisions of Section 68 of the Income-tax Act – Supreme Court 1Pr.CIT v. NRA Iron & Steel Pvt Ltd [Civil Appeal arising out of SLP (Civil) No. 29855 of 2018] – Taxsutra.com - (PDF 683 KB)
3/8/2019 GST circular update – clarification on treatment for various sales promotion schemes 1Circular No. 92/11/2019-GST dated 7 March 2019 - (PDF 692 KB)
3/7/2019 Ordinance for amnesty scheme to settle pre-GST regime disputes Maharashtra - 1 Maharashtra Ordinance No. V of 2019 dated 6 March 2019 - (PDF 722 KB)
3/5/2019 India’s e-Visa regime gets more liberalised (PDF 826 KB)
3/4/2019 ‘Pre-import condition’ to avail IGST exemption on imports under advance authorisation of FTP is ultra vires – Gujarat High Court Maxim Tubes Company Pvt. Ltd. [TS-79-HC-2019(GUJ)-NT] - (PDF 832 KB)
3/1/2019 Supreme Court ruling on the applicability of Provident Fund contributions on allowances Bridge and Roof Co. (India) Ltd. v. Union of India, (1963) 3 SCR 978 - (PDF 579 KB)
2/27/2019 Delhi Tribunal’s decision on taxability of composite scheme of arrangement which includes demerger and amalgamation Aamby Valley Ltd v. ACIT (ITA No. 1148/Del/2017) – Taxsutra.com - (PDF 826 KB)
2/27/2019 Supply of certain engineering technical design/drawings/plans is not taxable as FTS because it does not satisfy ‘make available’ test under the India–UK tax treaty 1 Buro Happold Limited v. DCIT (ITA No. 1296/Mum/2017) – Taxsutra.com - (PDF 823 KB)
2/27/2019 Deduction of interest payable is not allowed on conversion of such interest into a loan in view of specific provision under Section 43B of the Income-tax Act CIT v. Gujarat Cypromet Ltd. (Civil Appeal No. 5347/2010) (SC) – Taxsutra.com - (PDF 695 KB)
2/25/2019 100 per cent deduction under Section 80-IC of the Income-tax Act can be claimed on the substantial expansion for fresh five years subject to a total period of deduction not exceeding 10 years Pr.CIT v. Aarham Softronics (Civil Appeal No. 1784 of 2019, dated 20 February 2019) including various other taxpayers - (PDF 706 KB)
2/25/2019 Pre-fabricated warehouse structure is immovable property – AAR, West Bengal Tewari Warehousing Co. Pvt. Ltd [2019 – VIL-47-AAR-SGST] - (PDF 545 KB)
2/25/2019 Amnesty Scheme to settle pre-GST regime disputes – Maharashtra (PDF 699 KB)
2/22/2019 Prosecution proceedings under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, regarding undisclosed inherited foreign bank accounts upheld 1W.P. No. 568 of 2018 in the High Court at Calcutta Shrivardhan Mohta vs Union of India & Ors. Dated 14 February 2019 - (PDF 733 KB)
2/20/2019 Ministry of Commerce and Industry clears proposal to encourage investments into startups (Angel Tax Notification) 1Archaeological collections, drawings, paintings, sculptures, any work of art, bullion (whether or not capital asset) - (PDF 631 KB)
2/19/2019 Maharashtra State Circular update – Inter-State purchases against C Form for period starting from 1 July 2017 Trade Circular No. 07T of 2019 dated 14 February 2019 - (PDF 827 KB)
2/18/2019 Property held by a Not Ordinarily Resident outside India not to be included for determining the eligibility for deduction under Section 54F of the Income-tax Act 1 Dev Kumar Roy vs ITO (ITA No.2350/Bang/2018 dated 08 February 2019) - Taxsutra.com - (PDF 858 KB)
2/14/2019 Sales Tax – Bond to bond sale does not qualify as High seas sale, hence liable to tax – Bombay High Court Radhasons International [2019-VIL-62-BOM] - (PDF 833 KB)
2/12/2019 Transfer of shares in a company having an undertaking does not result into slump-sale of an undertaking Pr.CIT v. UTV Software Communication Ltd (ITA No. 1475 of 2016) – Taxsutra.com - (PDF 745 KB)
2/11/2019 No reversal of CENVAT credit required for statutory investments mandated under IRDA – CESTAT, Hyderabad Shriram Life Insurance Company Limited order number A/30168 – 30169/2019 DATED 7 February 2019 - (PDF 691 KB)
2/8/2019 Multilateral Instrument Implementing the Treaty Related BEPS Provisions (Updates) (PDF 511 KB)
2/6/2019 OECD Policy Note on addressing the tax challenges of the digitalisation of the economy 1 Tax Challenges Arising from Digitalisation – Interim Report 2018. For the detailed Flash News click on the following link: http://www.in.kpmg.com/taxflashnews/KPMG-Flash-News-OECD-interim-report-on-the-Tax-Challenges-Arising-from-Digitalisation-2.pdf - (PDF 829 KB)
2/6/2019 Domino’s pizza case – Increase made over and above the denial of ITC amounts to profiteering - National Anti-Profiteering Authority 1 Jubilant Food Work Ltd. [2019-VIL-04-NAA] - (PDF 818 KB)
2/4/2019 Recovery of parent’s health insurance expenses from employee is not supply of services – AAR, Maharashtra Advance Ruling No. GST-ARA-36/2018-19/B-110 dated 7 September 2018 - (PDF 831 KB)
2/1/2019 India Interim Budget 2019 (PDF 748 KB)
1/31/2019 Kerala budget – Calamity cess Kerala Finance Budget speech 19-20 - (PDF 831 KB)
1/31/2019 GST notification updates Notification no. 2/2019 – Central Tax dated 29 January 2019 and Notification no. 1/2019 – Integrated Tax dated 29 January 2019 - (PDF 749 KB)
1/30/2019 Tax sparing credit is allowed under the India-Thailand tax treaty with respect to ‘dividend’ income Polyplex Corporation Ltd v. DCIT (ITA Nos. 4347 to 4350/Del/2016) – Taxsutra.com - (PDF 892 KB)
1/23/2019 Service tax audit under GST is permissible – High Court, Calcutta Gitanjali Vacationville Pvt. Ltd [2019-VIL-17-CAL dated 15 January 2019] - (PDF 714 KB)
1/22/2019 CBDT issues Circular clarifying its position on the applicability of Section 56(2)(viia) of the Income-tax Act to fresh issuance of shares by a company Company in which public are not substantially interested - (PDF 777 KB)
1/22/2019 Survey on Indian market trends are not intermediary services – AAR, Maharashtra Asahi Kasei India Pvt. Ltd [2019-VIL-10-AAR] - (PDF 873 KB)
1/21/2019 External Commercial Borrowings (ECB) – Revised Regulations and Framework (PDF 664 KB)
1/18/2019 KPMG Tax Highlights - 2018 (PDF 953 KB)
1/11/2019 GST Council recommendation – 32nd Meeting (PDF 580 KB)
1/7/2019 Withdrawal of circular relating to applicability of Section 56(2)(viia) to fresh issuance of shares by a private company 1Company in which public are not substantially interested - (PDF 468 KB)
1/4/2019 Delhi NCLT approves Scheme involving merger of Promoter Holding Companies into Listed Company rejecting the tax evasion allegations raised by Income-tax Authorities 1Order of NCLT New Delhi Bench-III in the matter of Company Petition CAA-284/ND/2017 and Company Petition CAA-385/ND/2017 - (PDF 888 KB)
1/3/2019 KPMG Tax Assemblage - 2018 (PDF 1 MB)
1/2/2019 CBDT clarification regarding applicability of Section 56(2)(viia) of the Income-tax Act 1Company in which public are not substantially interested - (PDF 626 KB)
1/2/2019 Foreign Direct Investment in e-commerce activities – recent amendment Consolidated FDI Policy Circular of 2017 - (PDF 726 KB)

 

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