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Welcome to the tax library. Here, you can browse through a selection of our newsletters -Tax Quarter and Tax Alerts- for topical tax and regulatory updates.

Tax Alerts  |  Tax Quarterly

Tax Quarter Tax Alerts
November CBDT issues a Press Release clarifying concessional tax rate of 5% on rupee denominated bonds for nonresidents (2 November 2015)
October CENVAT Credit Rules amended to provide for utilization of Education Cess and Secondary & Higher Education Cess against Service tax payment (30 October 2015)
  CBEC issues revised guidelines for prosecution and arrest under Central Excise, Service tax and Customs laws (28 October 2015)
  Insurance Regulatory and Development Authority of India (IRDA) issues guidelines on ‘Indian owned and controlled’ (27 October 2015)
  OECD issues final report on the tax challenges of the digital economy under Action 1 (27 October 2015)
  Karnataka High Court rules procurement activity carried out by a liaison office in India is not taxable (26 October 2015)
  SC decision regarding excise duty on freight charges incurred by the manufacturer for transportation of goods from factory gate to buyer’s premises (26 October 2015)
  Indian Tax Administration amends transfer pricing rules regarding use of multiple year data and arm’s length range (26 October 2015)
  OECD releases final report on transfer pricing documentation and Country-by-Country reporting under Action 13 (23 October 2015)
  Report of Joint Committee constituted by Empowered Committee of the State Finance Ministers on business processes for return under GST (21 October 2015)
  OECD releases final report under BEPS Action 6 on preventing treaty abuse (21 October 2015)
  Supreme Court rules on allowability of depreciation on trademarks, copyright and technical know-how considering the same as “plant” (Mangalore Ganesh Beedi) (20 October 2015)
  OECD releases final report on preventing the artificial avoidance of permanent establishment status under Action 7 (20 October 2015)
  Indian tax administration issues revised and updated guidance on transfer pricing audit procedures (20 October 2015)
  OECD releases final report on mandatory disclosure rules under Action 12 (16 October 2015)
  Rajkot Tribunal grants India-Singapore DTAA benefits to freight income received in the UK; on facts, limitation of relief article not applicable (Alabra) (15 October 2015)
  OECD releases final report on limitations on interest deductions under Action 4 (15 October 2015)
  EY Asia Pacific FS Tax Alert - Publication of OECD final reports - implications for banks in Asia Pacific (14 October 2015)
  OECD report on BEPS Actions -Indirect tax implications on OECD's recommendations (14 October 2015)
  OECD report on BEPS Actions- low value intra-group services (14 October 2015)
  OECD report on BEPS Actions - risk and recognition (14 October 2015)
  OECD report on BEPS Actions- intangibles and CCAs (14 October 2015)
  OECD report on BEPS Actions 8-10 on commodity transactions (14 October 2015)
  Regulatory Alert - External Commercial Borrowings Policy – Issuance of Rupee Denominated Bonds Overseas (14 October 2015)
  OECD releases final report on CFC rules under BEPS Action 3 (12 October 2015)
  OECD releases final report on Hybrid Mismatch Arrangements under Action 2 (12 October 2015)
  OECD releases final report on developing a multilateral instrument to modify bilateral tax treaties under BEPS Action 15 (12 October 2015)
  Tax Alert - Amendments proposed in Tamil Nadu VAT Act, 2006 (9 October 2015)
  OECD releases final reports under Action 14 (9 October 2015)
  OECD releases final reports under Action 5 (9 October 2015)
  SC rules that anti-dumping duty cannot be levied during the period between the expiry of a provisional duty notification and imposition of final duty (8 October 2015)
  GST News Alert on Joint Commitee Report (7 October 2015)
  High Court ruling on foreign tax credit relief (7 October 2015)
  OECD releases final reports on BEPS Action Plan (7 October 2015)
  CBEC issues clarification in respect of levy of Service tax on services provided by Goods Transport Agency (6 October 2015)
  CBDT simplifies procedure for furnishing NIL withholding declarations (1 October 2015)
September Ahmedabad Tribunal upholds salary taxation net of refund of excess salary of past years (28 September 2015)
  Government clarifies non-applicability of MAT to foreign companies in the absence of place of business in India (25 September 2015)
  High Court rules that “in-transit sale” in turnkey contracts not eligible for exemption under Section 6(2) of the Central Sales Tax Act (23 September 2015)
  EY Tax Alert : Clarification regarding determination of turnover for the purpose of Local Body Tax (LBT) in Maharashtra (17 September 2015)
  FDI Policy – Facility Sharing Arrangements between Group Companies/ Issuance of Partly Paid up shares and Warrants (17 September 2015)
  Karnataka High Court rules that implementation of customized software is a service and cannot be subject to VAT (14 September 2015)
  Bombay High Court rules that creation of an Indian brand necessary for availing benefits under “Served from India scheme”(10 September 2015)
  SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 notified on 2 September 2015 (M&A Perspective)(9 September 2015)
  Delhi HC rules no disallowance of interest expenditure absent exempt dividend income received during tax year(8 September 2015)
  Black Money : CBDT releases further set of clarifications by way of FAQs on disclosure of undisclosed overseas assets under one-time compliance window (4 September 2015)
  A.P. Shah Committee Report on non-applicability of MAT to FIIs/FPIs(2 September 2015)
August SC rules clubbing provisions inapplicable to income arising to trust created for benefit of minors which is deferred beyond period of minority (28 August 2015)
  CESTAT rules that licence fees shall be included in the assessable value of commercial import of packaged software under Customs Act, 1962 (27 August 2015)
  CBDT notifies Income-tax (11th Amendment) Rules, 2015 for furnishing statement of reportable accounts as per section 285BA of the Income-tax Act, 1961 (24 August 2015)
  Supreme Court rules that no Service tax shall be levied on the service element in composite works contracts prior to 1 June 2007 (21 August 2015)
  Tribunal on exempt capital gains not liable to MAT (21 August 2015)
  CBEC clarification on waiver of SCN, conclusion of ST/CE proceedings (21 August 2015)
  Delhi Tribunal (Larger Bench) rules that interchange fees and merchant establishment discounts earned in respect of credit card transactions not subject to Service tax prior to May 2006 (19 August 2015)
  Annual audit of Private Provident Fund Trusts (18 August 2015)
  SC confirms mutuality of interest as a pre-requisite to constitute a related party transaction for the purpose of CE Valuation (13 August 2015)
  Amendments to the Modified Special Incentive Package Scheme notified (8 August 2015)
  Supreme Court rules aircraft landing and parking charges are not “rent” for withholding tax purposes (7 August 2015)
  CBDT notifies ITR Forms for Company/ Firms/ LLP/ Trusts and others (5 August 2015)
  GoI issues Press note 8 (2015 series) introducing composite caps in FDI policy (1 August 2015)
July HC Alert - EY Alert: Social Security Agreement between India and Canada to come into force with effect from 1 August 2015 (30 July 2015)
  Chennai Tribunal rules on tax withholding obligation on provision for site restoration, year-end expense provisions and roaming charges (Dishnet Wireless)
  Karnataka High Court rules Tax Authority cannot disallow weighted deduction for R&D expenditure approved by DSIR (Tejas Networks) (24 July 2015)
  GST News Alert : Report of the Select Committee tabled in the Rajya Sabha (24 July 2015)
  Social Security Agreement between India and Austria to come into force with effect from 1 July 2015 (23 July 2015)
  Government issues Notifications to restrict benefit in respect of CVD exemption for certain goods under exemption notifications, to domestic manufacturers (23 July 2015)
  India signs the Inter-Governmental Agreement with the United States of America to implement Foreign Account Tax Compliance Act to promote transparency on tax matters (21 July 2015)
  CBDT notifies procedure for e-filing of income tax returns by generating EVC (16 July 2015)
  Non-Banking Financial Companies (Approval of Acquisition or Transfer of Control) Directions, 2015 (14 July 2015)
  Maharashtra Trade Circular re-emphasizes the levy of VAT on transfer of right to use intangibles in case of multiple users, based on the decision of the Bombay High Court (14 July 2015)
  India and Mauritius reach tentative understanding on revised tax treaty (9 July 2015)
  CBEC issues revised guidelines for detailed scrutiny of Service tax returns w.e.f 1 August 2015 (9 July 2015)
  Amendments to regulations relating to combinations introduced on 3 July 2015 by CCI (8 July 2015)
  Black money – CBDT releases FAQs on one-time compliance window (8 July 2015)
  Black Money – One-time Compliance window procedure and valuation mechanism for undisclosed overseas assets prescribed (4 July 2015)
  SEBI board approves the proposal for regulatory framework for for Re-classification of Promoters as Public (4 July 2015)
  SC rules on presumptive taxation; activities inextricably linked with prospecting, extraction or production of mineral oil eligible for presumptive taxation - (ONGC) (3 July 2015)
June Kolkata Tribunal rules on offshore supply of equipment, designs and drawings (Outotec) (30 June 2015)
 CBDT notifies ITR forms for Individuals and HUF Taxpayers (26 June 2015)
 SEBI notifies processes/disclosure requirements under the Share Based Employee Benefits regulations (25 June 2015)
 Mumbai Tribunal rules on set off of long-term capital loss on sale of STT paid equity shares (18 June 2015)
 GST News Alert (18 June 2015)
 Amnesty Scheme on LBT notified (06 June 2015)
 India joins the Multilateral Competent Authority Agreement to facilitate standardized Automatic Exchange of Information (05 June 2015)
 Chandigarh Tribunal denies fresh five year 100% profit-linked deduction to new units undertaking substantial expansion (03 June 2015)
MayCalcutta High Court rules on deduction of unpaid electricity duty collected as an agent of Government (CESC) (30 May 2015)
 SC thrusts full claim of depreciation allowance even though taxpayer did not opt for unabsorbed depreciation allowance (pre AY 2002-03) - Seshasayee (22 May 2015)
 SC approves the formation of National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) (21 May 2015)
 Annual Report by India’s Ministry of Finance on international tax and transfer pricing matters (21 May 2015)
  Central Government issues Notifications post enactment of the Finance Bill 2015 - New Service tax rate of 14% effective from 1 June 2015 (20 May 2015)
 SC rules restriction on extent of commercial area in housing project imposed w. e. f. 1 April 2005 in profit-linked incentive deduction would not apply to project approved and commenced before 1 April 2005 (20 May 2015)
 Bombay HC confirms powers of the legislature to determine measure of tax; upholds stage-wise taxability under Rule 58 of MVAT Rules(Confederation of Real Estates Developers) (19 May 2015)
 IRDA notifies regulations on transfer of equity shares of insurance companies (18 May 2015)
 Supreme Court rules on scope of statutory dues allowable as deduction on actual payment (Travancore Sugars) (15 May 2015)
 Consolidated FDI Policy Circular of 2015 (14 May 2015)
 GST News Alert (14 May 2015)
 Mumbai Tribunal rules on availability of tax holiday benefit on the amount of voluntary TP adjustment (Agilisys) (12 May 2015)
 Supreme Court rules on characterization of property rental income as Business Income (Chennai Properties) (07 May 2015)
 CBEC clarification on Rule 11(2) amendment (07 May 2015)
 GST News Alert (06 May 2015)
 Key amendments to the Finance Bill, 2015 that impact the Financial Services sector (04 May 2015)
 CENVAT Credit Rules amended to provide for the utilization of Education Cess and Secondary & Higher Education Cess against the Excise duty payment (04 May 2015)
 Highlights of further amendments under indirect taxes (01 May 2015)
 Key direct tax amendments to Finance Bill 2015 (01 May 2015)
AprilRegulatory Alert- The Government of India issues Press Note 4 (2015 Series) to increase foreign direct investment in the Pension Sector (29 April 2015)
  Delhi ITAT clarifies that BEPS is a tax policy consideration; law to be interpreted as it exists in the statute (29 April 2015 )
  GST News Alert (25 April 2015)
  GST Alert on the recent meeting of Union Finance Minister with the Empowered Committee (23 April 2015 )
  Supreme Court quashes 1% notional loading in Customs valuation when actual charges are ascertainable (23 April 2015 )
  Kerala High Court rules that VAT cannot be demanded on the profit element of the main contractor where entire contract is executed by sub-contractor (23 April 2015 )
  Delhi High Court declines to interfere with order of lower authorities rejecting Taxpayer’s tax holiday claim that units approved under a single license are distinct (22 April 2015 )
  The Insurance Regulatory and Development Authority of India issues draft regulations for registration and operations of branch offices of foreign reinsurers (excluding Lloyd’s) (21 April 2015 )
  CESTAT disallows CENVAT credit on telecommunication towers and pre-fabricated buildings/shelters to telecom service operators (21 April 2015 )
 SC rules that fees for technical services paid in connection with setting up of plant, not includible in the value of imported plant and machinery, for levy of Customs Duty (20 April 2015 )
 Supreme Court rules that benefit granted to excisable goods covered under exemption notification with a condition not to avail CENVAT credit, can also be extended to imports for payment of CVD (14 April 2015)
 CBDT circular clarifies that investors are not liable to capital gains tax on rollover of fixed maturity plan (10 April 2015)
 Securities and Exchange Board of India and the Reserve Bank of India issue guidelines for international financial services centres (08 April 2015)
 GST News Alert (07 April 2015)
 Pune Tribunal applies treaty rate over the higher tax rate under the ITL in the absence of a Permanent Account Number (07 April 2015)
 Foreign Trade Policy 2015-2020 (02 April 2015)
 Indian Government notifies 10 Income Computation and Disclosure Standards effective from tax year 2015-16 onwards (02 April 2015)
 India proposes new legislation to tax undisclosed overseas income and assets (02 April 2015)
  Amendments to Delisting, Takeover and Buy back of Shares Regulations by SEBI notified on 24 March 2015 (02 April 2015)
MarchEY Tax Alert - Service Tax cannot form a part of 'sale price' u/s 2(25) of the Maharashtra Value Added Tax Act, 2002 (28 March 2015)
 SC decision on inter state trade (27 March 2015)
 HC ruling on mandatory pre-deposit (27 March 2015)
 CBDT circular clarifies overseas dividend not covered by indirect transfer provisions of the ITL (26 March 2015)
 SC ruling: deductibility of debenture interest paid upfront (26 March 2015)
 HC ruling: mens rea not relevant for deciding penalty (26 March 2015)
 Delhi Tribunal Larger Bench decision on taxability of service element in works contract prior to 1.6.2007 (25 March 2015)
 Rules implementing roll-back of APAs (24 March 2015)
 Tribunal ruling on gift transactions by corporates (24 March 2015)
 India’s Delhi High Court rules on transfer pricing aspects relating to development & enhancement of marketing intangibles (24 March 2015)
 Indian Government proposes legislation to curb menace of undisclosed overseas income/assets (22 March 2015)
 HR and Tax Alert - Change in rates of administrative charges payable under the Indian social security schemes (18 March 2015)
 Delhi High Court upholds bundling approach for benchmarking AMP expenses in a landmark transfer pricing judgement (17 March 2015)
 Tax Alert on Audit norms to be followed by Audit Commissionerates in Central Excise/Service tax audits (13 March 2015)
FebruaryRegulatory alert - The Government of India notifies rules in respect of foreign investment in Indian insurance companies (24 February 2015)
 Tax Alert -SC rules that an “advice/opinion” constitutes “consultancy services” and is taxable as fees for technical services (20 February 2015)
 Budget Connect+ 2015: EY Tax Alert - Impact on Chemical Sector (28 February 2015)
 Budget Connect+ 2015: EY Tax Alert - Life Science sector (28 February 2015)
 Budget Connect+ 2015: EY Tax Alert - Media & Entertainment (28 February 2015)
 Budget Connect+ 2015: EY Tax Alert - Technology (28 February 2015)
 Budget Connect+ 2015: EY Tax Alert - Financial services (28 February 2015)
 Budget Connect+ 2015: EY Tax Alert - Real estate (28 February 2015)
 Budget Connect+ 2015: EY Tax Alert - Infrastructure (28 February 2015)
 Budget Connect+ 2015: EY Tax Alert - Impact of budget on Automotive Sector (28 February 2015)
 Budget Connect+ 2015: EY Tax Alert - Retail and Consumer Products Sector (28 February 2015)
 Budget Connect+ 2015: EY Tax Alert - International tax proposals of the FB 2015 (28 February 2015)
 EY Tax Alert - India’s 2015/16 Budget proposals increase the marginal rate of tax for high income earners to 34.608% (28 February 2015)
 Budget Connect+ 2015: Highlights and impact analysis (28 February 2015)
 Mumbai Tribunal rules Indian subsidiary carrying out outsourced functions of Swiss re-insurance company does not create a PE (17 February 2015)
 CBDT clarifies on the quantum of disallowance for failure to withhold taxes at source on payments to a non-resident (13 February 2015)
 CBDT clarifies no interest levy for delay in furnishing tax return if tax is paid before due date for filing tax return (11 February 2015)
 Mumbai ITAT explains distinction between “sale” and “right to use” capacity in telecom cable network (10 February 2015)
 Supreme Court validates the State Government’s right to levy sales tax on processing and supplying of photographs (5 February 2015)
  Delhi HC allows SFIS incentive to Indian subsidiaries of foreign companies; quashes DGFT/PIC interpretation (2 February 2015)
January EY Global Tax Alert - US and India Tax Authorities agree on framework for resolving certain double tax cases (29 January 2015)
EY HR and Tax Alert - Social Security Agreement between India and Norway enters into force on 1 January 2015 (29 January 2015)
CBDT releases revised draft of Income Computation and Disclosure Standards for public comments (16 January 2015)
Mumbai ITAT rules Service PE created by activities of employees deputed to India, not taxable as FIS (14 January 2015)
SEZ Rules amended to allow dual use of Non Processing Area by both SEZ entities and DTA entities (12 January 2015)
Central Government notifies the Depository Receipts Scheme 2014 for facilitating issue of Depository Receipts outside India (12 January 2015)
Jabalpur Tribunal rules on interplay between provisions of PE and FTS for taxing installation/commissioning activities in composite contract (9 January 2015)
Andhra Pradesh HC rules on no double taxation under MAT provisions (Nagarjuna Fertilizers ) (8 January 2015)
Social Security Agreement signed between India and Australia. (7 January 2015)
SEBI discussion paper on reclassification of promoters as public shareholders (6 January 2015)
Tax Quarter Tax Alerts
December Delhi Tribunal rules on carry forward of business loss in intra-group change in shareholding (20 December 2014)
Analysis of the Constitution Amendment Bill for introduction of Goods and Service Tax (20 December 2014)
GST News alert (17 December 2014)
Ruling of the Mumbai Tribunal on scope of international transaction and deemed international transaction for applicability of transfer pricing provisions (16 December 2014)
Tax Digest (11 December 2014)
Tribunal allows CENVAT credit on Outdoor Catering Services for employees (11 December 2014)
GST News alert (10 December 2014)
Karnataka HC rules discount allowed to distributors for prepaid SIM cards and recharge vouchers not liable for withholding as commission or brokerage (5 December 2014)
High Level Committee constituted to interact with trade and Industry and to bring in clarity on tax laws (5 December 2014)
Liberalization in construction development sector (4 December 2014)
Government of India notifies class of resident taxpayers eligible to seek Advance Ruling (1 December 2014)
Hyderabad Tribunal reaffirms the distinction between use of copyright right and copyrighted article (Bartronics) (1 December 2014)
Delhi HC rules payment towards live telecast is not royalty (Delhi Race Club) (1 December 2014)
November GST News Alert (29 November 2014)
On the key amendments approved by SEBI in its meeting based on the press release of 19 November 2014 (21 November 2014)
  On CBEC clarifies that time limit of six months applicable for CENVAT availment does not apply to re-credit of such CENVAT (20 November 2014)
  Revised regulatory Framework for Non-banking Finance Companies (19 November 2014)
  Maharashtra Sales Tax Tribunal rules BOT Project for road construction to be Works Contract (18 November 2014)
  Delhi High Court rules toll roads constructed under BOT arrangement as “building” (18 November 2014)
  Mumbai Tribunal regards installation and commissioning of supplied equipment as “assembly” services, not taxable as fees for technical services (17 November 2014)
  Karnataka HC judgment on VAT on sale of demo cars (13 November 2014)
  Delhi HC quashes CBDT Circular on withholding of tax on interest accruing on Court deposits with banks (13 November 2014)
  Bombay High Court denies depreciation on the road constructed under BOT arrangement (13 November 2014)
  GST News Alert (12 November 2014)
  Mumbai Tribunal rules on taxation of offshore unaccounted money (12 November 2014)
  CBDT issues internal guidelines towards achieving a non-adversarial tax regime (10 November 2014)
  Levy of Service tax on services provided by AC restaurants and hotels held to be unconstitutional by Kerala HC (07 November 2014)
  Payments of Indian social security benefits to International Workers (06 November 2014)
  Services of seconded employees not taxable under Manpower Recruitment or Supply Agency category - High Court upholds CESTAT’s decision (06 November 2014)
  Delhi Tribunal rules on deduction disallowance and deduction neutrality on application of non-discrimination article of tax treaties (03 November 2014)
  Hyderabad ITAT rules that payments to parent company for technical services and software procured from a third party is not reimbursement (03 November 2014)
October Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 notified on 28 October 2014 (31 October 14)
  Liberalization in construction development sector (31 October 14)
  Bangladesh Transfer Pricing Regulations – Finance Act, 2014 (31 October 14)
  ITAT explains tax aspects of private specific or discretionary trusts (27 October 14)
  CBDT Circular on automatic approval for foreign currency borrowings to avail lower withholding tax rate (22 October 14)
  CBEC circular clarifying services provided by Indian banks/entities acting as agents to off-shore Money Transfer Service Operators attracts Service tax (16 October 14)
  Bombay High Court rules on applicability of transfer pricing provisions to issue of shares to associated enterprises (16 October 14)
  GST News Alert (14 October 14)
  TP Breaking News - Bombay HC rules on the applicability of TP provisions to issue of shares to associated enterprises (10 October 14)
  Related party transactions (RPTs) – Kerala High Court grants injunction order on transfer of subsidiaries (10 October 14)
  Karnataka High Court rules no remission of liability on settlement of deferred sales tax liability at net present value (McDowell & Co) (10 October 14)
  CBDT Circular on threshold limit for transfer of technical manpower to new SEZ unit for availing profit-linked deduction (10 October 14)
  CESTAT order disposing stay application and holding that CENVAT reversal formula prescribed in Rule 6(3A) of CENVAT Credit Rules should be applied on total input services(Thyssenkrupp Industries) (8 October 14)
  Interest on bill discounting facility is exempt from Service tax and interest earned on overdraft and cash credit facility would attract CENVAT credit reversal (6 October 14)
  Amendments clause 49 of the listing agreement (1 October 14)
September 2014 Second report of Tax Administration Reform Commission, (29 September 14)
  EY Tax alert on CBEC circular on service tax applicability in case of Joint Venture (26 September 14)
  EY Tax Alert on Bangalore CESTAT decides on various issues relating to refund under Rule 5 of CENVAT Credit Rules, 2004 through common interim order in batch of appeals (24 September 14)
  EY Tax Alert on HC Ruling on retrospective application of amendment in CCR (23 September 14)
  EY Tax alert on onsite services provided by foreign subsidiaries prior to 27 February 2010 cannot be considered as export and refund of CENVAT credit not available in respect of the same (19 September 14)
  EY Tax alert on Tribunal ruling holding separate contracts for supply of goods and services as one single composite contract liable to service tax under works contract (Gupta Energy Pvt) (19 September 14)
  EY Transaction Tax Alert on Rajasthan Stamp Act (18 September 14)
  EY Tax Alert - CBEC's Clarificatory Circular on mandatory pre-deposit provisions (17 September 14)
  EY Regulatory Alert - Guidelines issued by Securities and Exchange Board of India for regulating Research Analysts (10 September 14)
  EY Global Tax Alert -India releases 2013-14 Annual Report covering transfer pricing and international tax developments (6 September 14)
  Delhi Tribunal rules secured lender taking possession of mortgaged assets under SARFAESI Act does not result in “transfer” (2 September 14)
  International Workers joining on or after 1 September 2014 not covered under the Pension Scheme (2 September 14)
  CBDT sets up a Committee to deal with retroactive “indirect transfer” taxation (1 September 14)
August 2014 Delhi High Court rules 50% as the benchmark to evaluate ‘substantial value’ on taxation of indirect transfers (28 August 14)
  Increase in statutory salary ceiling from INR 6,500 to INR 15,000 per month for coverage and contributions for local employees under the Indian social security schemes (28 August 14)
  India’s Delhi Tribunal rules on TP issues regarding AMP expenses, software support services and CAPM risk adjustments (27 August 14)
  Karnataka HC rules that sourcing support activities carried on by a foreign company is entitled to “purchase exclusion” provision (26 August 14)
  Bombay HC Ruling in case of Exide Industries Limited on exemption under Section 5(3) of CST Act for penultimate sale of goods for export. (14 August 14)
  Delhi HC rules sale of CCDs is capital gains and exempt under India-Mauritius DTAA (6 August 14)
  Delhi High Court quashes Rule 5A(2) of the Service Tax Rules and the Instructions issued by CBEC which prescribes manner of an audit and the records that can be called for by the authorities. (6 August 14)
July 2014 CBDT provides clarification on taxability of AIFs having status of non-charitable trusts (30 July 14)
  CBDT clarifies allowability of profit-linked deduction to new SEZ unit upon transfer of technical manpower up to 20% (29 July 14)
  Finance Bill passed by Lok Sabha – Proposed Indirect tax amendments (28 July 14)
  Mumbai Tribunal rules charterer includes slot charter arrangement for availing treaty benefit under Article 8 of India–Malaysia DTAA(MISC Berhad) (22 July 14)
  EY Regulatory Alert - Draft Guidelines for licensing of 'Small Banks' and 'Payments Banks' in the private sector (22 July 14)
  EY Tax Alert - Chennai Tribunal rules incubation of start-ups by a private trust is not a business activity (IMFR) (22 July 14)
  EY Tax Alert - Chennai ITAT rules that gift by corporates is valid in law and exempt from capital gain tax (Redington) (18 July 14)
  EY Tax Alert - Bombay HC rules on time limit for withholding tax proceedings - Mahindra & Mahindra (17 July 14)
  EY Regulatory Alert - FEMA Amendments on share warrants and partly paid equity shares (16 July 14)
  EY Tax Alert on Draft Rules under Haryana VAT for composition scheme (9 July 14)
  EY Tax Alert - Delhi ITAT rules on DTAA benefit to recipient of income who is not a beneficial owner (JC Bamford) (9 July 14)
  EY Tax Alert - Draft Rules on establishment of Maharashtra check posts and generation of electronic waybills (9 July 14)
  EY Tax Alert - Tribunal admits contents of LinkedIn profiles of employees as additional evidence for PE determination of employer (GE ) (8 July 14)
  EY Regulatory Alert - Overseas Direct Investment (4 July 14)
  EY Tax Alert - Delhi Tribunal rules on inapplicability of disallowance for procedural breach - (Jai Surgicals) (3 July 14)
  EY Tax Alert - Kolkata Tribunal denies capital gains exemption on conversion of a private limited company into an LLP for violation of exemption condition (Aravali Polymers LLP) (2 July 14)
June 2014 EY Tax Alert -Hyderabad ITAT rules no supervisory PE in the absence of construction or building site under India-Germany DTAA (GFA Anlagenbau) (30 June 14)
  Concessional Excise duty rates for automobiles, consumer goods and capital goods extended till 31 December 2014 (26 June 14)
  First report by the Tax Administration Reform Commission, a comprehensive coverage (18 June 14)
  Delhi Tribunal rules on existence of PE and on profit attribution to the PE (Nortel Networks) (18 June 14)
  Cochin Tribunal rules no disallowance of expense for not withholding taxes as payment became taxable on account of amendments made subsequently with retrospective effect (Keral Vision Ltd.) (12 June 14)
  Delhi High Court upholds deductibility of guarantee commission to directors ( Controls & Switchgear)(6 June 14)
  Key highlights of the Maharashtra State budget for 2014-15 (6 June 14)
  Pune Tribunal rules on eligibility of one-member shipping company to claim benefits under Cyprus DTAA(Shaan Marine Services) (6 June 14)
  Mumbai Tribunal confirms levy of penalty in case of a transfer pricing adjustment (Deloitte Consulting) (5 June 14)
  CESTAT rules non-compete fee and trademarks licence fee shall be included while determining the assessable value of the goods, under Central Excise (Godrej Consumer Products) (3 June 14)
May 2014 Global Tax Alert - Delhi HC rules on TP aspects of intra-group service transactions (Cushman & Wakefield) (31 May 14)
  Clarifications from Indian Provident Fund Office on limiting contributions on INR 6,500 per month (29 May 14)
  Karnataka High Court rules payments for customer database and trained personnel as revenue expenditure(IBM Global) (19 May 14)
  AAR rules MFN clause cannot be used to import ”make available” clause (Steria) (19 May 14)
  Mumbai Tribunal holds existence of fixed place PE on account of protracted presence of employees executing a consultancy project in India(Renoir Consulting Ltd) (13 May 14)
  SC on characterization of transaction of supply and installation of lifts by elevator companies (Kone Elevator) (12 May 14)
  Soft loan given by the State Government based on VAT/CST collected for the purpose of promoting industrial growth of the State, does not amount to “refund of tax” (May 14)
  Reorganisation of Andhra Pradesh w.e.f 2 June 2014 – Key implications from AP Value Added (May 14)
  Delhi High Court rules income from sale of shares through Portfolio Manager is capital gains income(Radials) (May 14)
  Delhi HC upholds AAR ruling; rules seconded employees create Service PE in India (Centrica India) (May 14)
  Supreme Court rules on carry forward and set off of losses in cases of amalgamation of cooperative societies-Rajasthan R.S.S (May 14)
April 2014 VAT not leviable on 40% of the restaurant bill, which is subject to service tax (29 Apr 14)
  Delhi HC rules on AOP constitution and taxability of offshore supply and services (Linde AG) (28 Apr 14)
  CBDT clarifies on tax treatment of expenditure for developing infrastructure facility under BOT arrangement (25 Apr 14)
  Mumbai Tribunal rules write-down of investment loss allowable if a “direct and proximate” nexus exists with a business (Tata Communications) (21 Apr 14)
  AP Reorganisation Act related VAT/CST implications (21 Apr 14)
  HR tax alert: India - New online tool introduced for the issue of certificates of coverage (15 Apr 14)
  Tribunal rules on transfer pricing aspects of corporate guarantee(Four Soft) (14 Apr 14)
  FDI in LLP (10 Apr 14)
  HR tax alert: Social security agreement between India and Sweden (9 Apr 14)
  CBDT clarifies share of profits of a partner from a partnership firm having exempt income is exempt in the hands of the partner (3 Apr 14)
  HR and Tax Alert - Increased focus on social security compliance for international workers (3 Apr 14)
  HR and tax alert -Change in the certificate of coverage application form and clarifications issued on "monthly pay" for calculation of social security contributions (3 Apr 14)
  Key proposals of the Direct Taxes Code 2013 (2 Apr 14)
March 2014 Delhi Tribunal rules on Service PE trigger on account of deputation and principles for examining “effectively connected” with PE(JC Bamford Excavators) (28 Mar 14)
  Mumbai ITAT rules on payment to head office for data processing facilitated by software installed at the head office (Antwerp Diamond Bank) (20 Mar 14)
  Supreme Court rules interest payable to deductor on refund of taxes withheld (Tata Chemicals) (19 Mar 14)
  Mumbai ITAT rules on taxability of allotment of “additional shares” to existing shareholders under the Gift Tax provision (Sudhir Menon HUF) (18 Mar 14)
  Global Tax Alert -Delhi Tribunal rules on transfer pricing aspects of intra group financing transactions (Bharti Airtel) (18 Mar 14)
  Global Tax Alert -SB of Mumbai Tribunal rules on approach to selection of comparable data (Maersk Global) (18 Mar 14)
  CBDT clarifies on tax withholding obligation in respect of payments made to non-resident (11 Mar 14)
  Karnataka HC rules that share of profits of a partner from a partnership firm having exempt income is also exempt in the hands of the partner (Vidya Investments) (5 Mar 14)
February 2014 AAR on constitution of a permanent establishment on provision of technical personnel to an Indian affiliate- Booz & Co (21 Feb 14)
  CBDT clarifies disallowance of expenditure relatable to exempt income warranted even when no exempt income is actually earned (17 Feb 14)
  Key highlights of the Interim Budget 2014-15 (17 Feb 14)
  Delhi HC rules that outsourcing of services by a US company to its Indian affiliate does not constitute a PE (E Funds) (10 Feb 14)
  Supreme Court upholds initiation of prosecution for failure to file return(Sasi Enterprises) (3 Feb 14)
January 2014 EY Global Tax Alert - OECD releases discussion draft on TP documentation country-by-country reporting template for comment (31 Jan 14)
  EY Tax Alert - Kolkata Tribunal rules discounting charges not in the nature of interest (M K J Enterprises) - 30 Jan 14
  EY TP Alert - India’s Delhi Tribunal rules on application of Profit Split Method (Net Freight) - 30 Jan 14
  EY Regulatory Alert - MCA circular instructing RDs to obtain specific comments from IT dept & other sectorial regulators while responding u/s 394 of Companies Act (27 Jan 14)
  EY Tax Alert : HC ruling on deductibility of "secret commission" and free specimen distribution (24 Jan 14)
  EY Tax Alert - Delhi Tribunal rules on whether sales promotion activity of Liaison Office is taxable in India (20 Jan 14)
  Karnataka High Court rules software development expenditure is scientific research (Talisma)
  Central Excise & CENVAT Credit rules amended to mandate ‘first stage dealer’ registration for importers re-selling imported goods against CENVATable invoices
  On RBI Notification with respect to put and call options
  Amendment in CENVAT Credit Rules, 2004, requiring reversal of CENVAT credit on input services used in the manufacture of goods, on which duty has been remitted
  Regulatory Alert -Securities and Exchange Board of India notifies regulations to ease and rationalize Foreign Portfolio Investments
  EY Tax Alert - CBDT relaxes withholding on service tax component on payments to residents
  EY Tax Alert: CBEC circular with respect to the implementation of the decision in Fiat case
Tax Quarter Tax Alerts
December 2013 Cochin ITAT rules export commission as technical service fee (Device Driven)
  Expenditure on acquiring master copies of software used for duplication and licensing is revenue in nature(Oracle India Private Limited)
November 2013 Delhi High Court reiterates distinction between copyright right and copyrighted article in respect of software transactions
  Madras High Court rules payment for dedicated bandwidth is royalty (Verizon)
  Madras HC rules on depreciation of non-compete fee paid(Pentasoft Technologies)
  Global Tax Alert - OECD holds public consultation on BEPS-related reporting and transfer pricing issues
  RBI allows unlisted companies to raise capital abroad by way of DRs/FCCBs without requirement of prior/subsequent listing in India
  Mumbai Tribunal rules on eligibility of a Danish fiscally transparent entity for tax treaty benefits (A.P. Moller)
  CBDT notifies Cyprus as "Notified Jurisdictional Area" as an anti-avoidance measure
October 2013 Recent notification issued by CBEC on CENVAT credit reversal of capital goods cleared as waste/scrap
  Supreme Court upholds the levy of VAT on sale of flats under construction, affirming the decision in the K. Raheja case - L&T
  Supreme Court lays down principles on evaluating "real" accrual of income for levy of tax (Excel Industries)
  Delhi HC rules that nonresident is entitled to concessional rate of 10% on long-term capital gains on sale of shares (Cairn UK)
  Bangalore Tribunal rules on deductibility of employee share reward discount cross-charged by foreign parent company(Novo Nordisk)
  Madras HC rules income under time charter arrangement for ships as "royalty" (Poompuhar Shipping)
  Bombay HC rules on the procedural aspect of when a subsequent tax year can be said to be admitted under a pending MAP (UPS Worldwide)
September 2013 Securities and Exchange Board of India amends Preferential Issue rules for listed companies
  Liberalisation of FDI Policy
  RBI circular liberalizing ECB end use restrictions & clarification on circulars amending investment conditions under ODI & LRS
  CBDT amends recently revised rules relating to furnishing information in respect of payments to nonresidents
  Mumbai Tribunal, following Karnataka High Court, characterizes payment for computer software as royalty (Reliance Infocom)
  Delhi HC reiterates subvention by holding company to its WOS to recoup losses is a non-chargeable capital receipt (Handicrafts & Handloom)
  Mumbai ITAT rules that additional consideration received under an open offer agreement is taxable as capital gains and not interest (Genesis)
  TP Alert - Ruling of Bombay High Court on maintainability of writ petition on transfer pricing matter (Vodafone India Service Pvt)
  Breaking News - Government of India press release on final transfer pricing safe harbour rules
  Mumbai ITAT rules that non-recognition of interest income on NPAs as per RBI guidelines would by itself not determine non-taxability thereof (KEC Holdings Ltd)
  TP Alert - Indian Tax Administration issues final rules on transfer pricing safe harbor
  Mumbai Tribunal rules reimbursement of expenses on secondment of employees not FTS (Temasek)
  Larger Bench decision in the case of free supplies for construction services (Bhayana Builders )
  APAC Tax Matters - thirteenth edition
  Circulars prescribing the guidelines for arrest and bail in relation to offences under Service tax, Central Excise and Customs laws
  Amendment to Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012
  Mumbai Tribunal rules compensation for termination of Right of First Refusal for grant of manufacturing rights is not taxable (Parle Soft Drinks)
  Revenue appeal admitted in the Punjab & Haryana High Court, against the majority order in the Paul Merchants case (Paul Merchants)
  CBDT notifies GAAR Rules
  No recovery proceedings when application is made under VCES(Anand Caterers)
August 2013 Operational, Prudential and Reporting Norms for Alternative Investment Funds
  Liberalisation of FDI Policy
  Mumbai ITAT rules Indian company purchasing online advertising (Pubmatic)
  CBDT prescribes information to be provided along with TRC to claim tax treaty benefit
  Rajasthan HC rules no withholding on service tax payable on professional/technical fees (Rajasthan Urban Infra.)
  Parliamentary Standing Committee report on the Constitution (115th Amendment) Bill, 2011 relating to GST
  Delhi Tribunal rules in Maruti Suzuki Ltd. royalty payment case
  CBDT revises rules relating to furnishing information in respect of payments to non-residents
  Rationalization of Overseas Investment Norms
  Indian Tax Administration announces draft rules on Transfer Pricing Safe Harbours
  Special Economic Zones (Amendment) Rules, 2013
  Guidelines on issue of tax free bonds
  Indian Tax Administration announces draft rules on transfer pricing safe harbors
  Delhi Tribunal overturns transfer pricing adjustment for excess advertising expenses in the case of a distributor
  Foreign Direct Investment – Press Notes 4 to 6 (2013 Series)
  Bangalore Tribunal rules on applicability of transfer pricing provisions to assignment of contract (Tellabs)
July 2013 CBDT Circular on TP
  CBDT Notification on transaction with persons in NJA
  ITAT distinguishes between commercial and non-commercial services rendered by an Indian PE of a US enterprise (Wellinx)
  Indian tax administration issues revised circulars on TP issues relating to development centres
  Service tax Notification No. 12/2013
  Mumbai Tribunal ruling on DAPE (Varian)
  Tribunal rules general training services do not satisfy "make available" condition of FTS (Veeda Clinical)
  ECB Policy for Asset Finance Companies
  Delhi High Court rules stock derivative loss is speculation loss for companies (DLF)
  FDI Policy updates
  Special Bench rules ESOP discount is deductible on vesting of options (Biocon)
  Mumbai ITAT rules that blueprints, to be used in future, satisfy the test of 'make available (Sargent, Lundy)
  Government of India notifies maximum rate of interest on rupee denominated bonds for concessional rate of tax to FIIs/QFIs
June 2013 FDI policy Press note 1 and 2 of 2013
  Indian Union Cabinet approves non-binding "conciliation" process with Vodafone
  MVAT Amendment Rules (applicability of VAT set-off for SEZ units/developers)
  Karnataka HC rules that sourcing support activities of a foreign company does not create a taxable presence in India (Nike)
  Pune Tribunal rules remission of time barred losses are not taxable (Mula Pravara)
  Major recommendations by the Committee on Rationalisation of Investment Routes and Monitoring of Foreign Portfolio Investments
  ITAT rules onus of proof is on Tax Authority to establish nonpayment of taxes due by the recipient before proceeding against the payer to collect the taxes (ICICI Bank)
  Key decisions in SEBI Board Meeting on June 25, 2013
May 2013 Budget Plus -Loksabha passes FB - Key direct tax amendments to Finance Bill, 2013
  Regulatory Alert - Foreign investment in India - Rationalisation of debt limits
  CBDT modifies returns forms for tax year 2012-13
  Gujarat High Court rules expenses 'paid' during the year are disallowable for withholding tax default (Sikandarkhan)
  Delhi Tribunal rules on PE, profit attribution and royalty taxation(Convergys Customer)
  SB of Tribunal rules on profit attribution to a PE under the India-UK DTAA (Clifford Chance)
  TP Alert -Delhi Tribunal rules on attribution of profits to an Indian permanent establishment of a US company - Convergys
  SEBI issues clarifications regarding revised requirements for Stock Exchanges/Listed companies undertaking Scheme of Arrangement under Cos Act 1956
  SLP before SC against HC's ruling on non-taxability under India France treaty of an indirect transfer of Indian shares (Merieux Alliance,GIMD, Sanofi, ShanH, Shantha)
  Indian Government releases Advance Pricing Agreement Guidance Booklet
  Delhi Tribunal upholds LG's cricket sponsorship cost contribution methodology to be at arm's length
  Clarifications provided by SEBI on circular prohibiting framing of employee benefit schemes involving acquisition of shares from the secondary market
April 2013 Gujarat High Court rules on weighted deduction on clinical trials for in-house R&D (Cadila Healthcare Ltd.)
  TP Alert - Indian tax administration issues circulars on transfer pricing issues relating to development centers
  Regulatory Alert on Consolidated FDI Policy 2013
  Mumbai ITAT rules on withholding requirement and deductibility of expenses incurred through an intermediary company (CU Inspections)
  ITAT follows SB ruling on advertising, marketing, and sales promotion issue in Glaxo Smithkline case
  Introduction of Local Body Tax in municipal corporations in Maharashtra
  Kolkata Tribunal rules on taxability of online advertisement revenues(Right Florists)
  FTP - Amendments in the Foreign Trade Policy 2009-2014
March 2013 Budget Plus - Telecom
  Budget Plus- Technology
  Budget Plus- Media & Entertainment
  Budget Plus- Financial Services
  Budget Plus- Retail & Consumer Products
  Budget Plus- Aerospace & Defence
  Budget Plus- Oil & Gas
  Budget Plus- Life Sciences
  Budget Plus- International tax provisions
  Budget Plus- Automobile
  Budget Plus- Infrastructure
  Budget Plus- Real Estate
  Budget Plus- Human Capital
  TP Alert -Mumbai Tribunal rules on transfer pricing aspects of intra-group software development services (Capgemini)
  CENVAT credit refund ineligible in respect of onsite services (rendered abroad) prior to 27 February 2010 as the same does not constitute exports (Tech Mahindra)
  Maharashtra State Budget – FY 2013 -2014
  Delhi High Court issues directions to redress taxpayer's grievances on TDS credit (Court on its own motion)
February 2013 TP Alert -Ruling by Special Bench of Delhi Income-tax Appellate Tribunal on transfer pricing aspects of marketing intangibles (LG Electronics)
  Delhi Tribunal rules on royalty secondary source rule in domestic tax laws (Qualcomm Incorporated)
  Punjab & Haryana High Court rules single lower withholding tax certificate valid for all units of payer despite having different TANs (Parle Biscuits)
  SEBI notifies revised requirements for undertaking Scheme of Arrangements under the Companies Act, 1956
  Central Government issues tax rules for electoral trusts
  Delhi Income-tax Appellate Tribunal rules on transfer pricing aspects of provision of indenting services (Sumitomo)
  High Court in India rules on taxation of indirect transfer under India-France Double Taxation Avoidance Agreement (Sanofi)
  Himachal Pradesh HC upholds validity of CBDT Circular on inadmissibility of unethical payments to doctors (Confederation of Indian Pharmaceutical Industry)
  Listed Companies prohibited from framing employee benefit schemes involving acquisition of shares from the secondary market
  Guidelines for licensing of new banks in the private sector
January 2013 GOI notifies exemption from withholding on specified charges paid to Indian Scheduled banks
  CBEC Circular regarding initiation of recovery proceedings
  Press Release from the Ministry of Finance and Final Report of the Expert Committee on GAAR
  India's new company law seeks to introduce arm's length concept for related party transactions
  Bombay HC rules FTC relief available even when foreign taxes are not paid in the relevant tax year (Petroleum India International)
  SC rules that lessor is entitled to depreciation on assets given on lease (ICDS)
  Bombay High Court approves treaty benefits to a German limited partnership (Chiron Bearing)
  CBDT clarifications on contentious issues relating to export of computer software
  CBDT notifies Centralised Processing of Statements of TDS Scheme, 2013
  TP Alert - Bangalore Tribunal rules on transfer pricing aspects of intra-group contract R&D services (GE India Technology)
Tax Quarter Tax Alerts
December 2012 CBDT notification on Fair Market Valuation guidelines of unquoted equity shares for private companies
  Regulatory Alert - Overseas investment by Core Investment Companies
  IDT Alert- The Service Tax (Determination of Value) Rules, 2006 which provide for the inclusion of certain expenditure or costs in the value of taxable services held to be ultra vires
  Regulatory Alert - Revised regulatory framework for Non Banking Financial Companies
  Tribunal on determining destination of export in respect of money transfer services(Paul Merchants Limited)
  Indian Tribunal rules on comparability issues in transfer pricing on provision of intra-group software development services (Trilogy)
  Bangalore ITAT rules on appropriate tax rate for grossing up payments in absence of PAN (Bosch)
  Lok Sabha passes Companies Bill, 2012 which could have far reaching impact on Indian M&A landscape
November 2012 Delhi HC rules on tax treatment of non-compete fee paid (Sharp Business)
  Mumbai Tribunal on the interpretation of "dealt with" in the Other Income article of the India-Swiss DTAA in respect of international shipping profits( (Mediterranean Shipping Company)
  Hyderabad Tribunal rules carbon credit entitlement as capital receipt (My Home Power)
  2012 Protocol amending the 1993 India UK DTAA
  Delhi ITAT rules on characterization and taxability of payments for accessing information on website (ONGC Videsh)
October 2012 Draft Report of Expert Committee on Retrospective Amendments relating to indirect transfer
  India includes comments in draft UN Practical Manual on Transfer Pricing Issues for Developing Countries
  Additional reporting requirement for a Branch Office, Liaison Office and Project Office established in India by Foreign entities
  Final report of Accounting Standards Committee of CBDT
  Supply of Goods and Services by Special Economic Zones to Domestic Tariff Areas against payment in foreign exchange
  Madras HC rules on non-allocation of common Head Office expenses to tax holiday qualifying units(Hindustan Lever Ltd)
September 2012 This alert summarizes the Announcement of FDI in multi-brand retailing, broadcasting, civil aviation and others.
  India publishes rules for implementing Advance Pricing Agreements
  Expert Committee Recommendations on GAAR
  Excise duty to be computed on the basis of manufacturing cost plus profit where the goods are sold at a price below the cost of production(Fiat India)
  VAT on sale of under-construction flats in Maharashtra(MCHI)
  SC rules discount not in the nature of commission (Ahmedabad Stamp Vendors)
  Clarification regarding levy of Service tax on construction services in respect of Redevelopment and Slum Rehabilitation Projects and on Floor rising charges
  Delhi HC rules that distinction between copyrighted article and copyright right still relevant under DTAA despite retrospective amendment to domestic tax law definition of 'royalty' ( Nokia Networks OY)
  Liberalisation of FDI Policy
  Liberalisation of FDI Policy (Press Notes 4 to 8)
  Delhi Tribunal issues ruling on transfer pricing for procurement companies(GAP International)
  CBDT Circular on approval for foreign currency borrowings to avail lower withholding tax rate
  CBDT notifies format of application and procedure for obtaining a TRC
  Mumbai Tribunal rules on selection of transfer pricing method and on method of averaging of comparable data (RBS)
  Supreme Court rules penalty cannot be levied for inadvertent mistake (PwC Pvt. Ltd.)
  Mumbai Tribunal rules on income classification and PE in respect of e-commerce transaction (eBay International AG)

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