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Tax Library

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

Month Tax Alerts
MayCentral Board of Direct Taxes issues draft rule prescribing methodology for determination of fair market value of inventory which is converted into a capital asset
 Supreme Court rules amendment to disallowance provision to be clarificatory and retrospective in nature (Calcutta Export Company)
 Authority for Advance Ruling passes orders on issues raised under GST
  Supreme Court rules waiver of loan is not taxable as business income (Mahindra & Mahindra)
 SC rules that exclusions from export turnover also to be reduced from total turnover in computing tax holiday benefit (HCL Technologies)
 SC upholds that ICDs are inland ports eligible for infrastructure tax holiday benefit (Container Corporation)
AprilBangalore Tribunal allows claim of losses in e-commerce business model, denies notional taxation as capital expenditure towards marketing intangibles
 SC rules Stock Appreciation Rights benefit received prior to tax year 1999-2000 to not be taxable as perquisite
 Supreme Court upholds lease equalization adjustment in finance lease as per the ICAI Guidance Note for tax purposes (Virtual Soft)
 Supreme Court affirms set off of interest income earned on deposit of share application money against share issue expenses (Shree Rama Multi Tech)
 CBIC amends Central Goods and Services Tax Rules for refund in case of inverted duty structure
 Recent Provident fund updates
 Madras HC upholds attachment of immovable property transferred after service of recovery notice by Tax Recovery Officer (Senthilvel)
 Government of India notifies revised procedure for availing tax benefits for “start-ups”
 Revised procedure for registration and submission of Statement of Reportable Account as per section 285BA of the ITA read with Rule 114G of the Rules
 CBDT notifies ITR forms for tax year 2017-18
 SC rules commission payments by Doordarshan to advertising agencies liable for tax withholding
 Central Board of Direct Taxes issues draft rule prescribing methodology for determination of fair market value of inventory which is converted into a capital asset
 CBEC clarifies issues relating to job work under GST
MarchSC rules commission payments by Doordarshan to advertising agencies liable for tax withholding
 CBDT invites feedback and suggestions from stakeholders and general public on new Direct Tax Law
 India signs its first tax treaty with Hong Kong
 SC holds service tax not leviable on reimbursement of expenses
 CBEC issues clarifications on exports-related refund issues
 SC upholds the principle of mutuality in case of transactions between members and co-operative societies
 Supreme Court rules on disallowance of expenditure in relation to exempt dividend income from shares held as “strategic investment” and “stock-in-trade”
 GST Council recommends implementation of e-way bill, extension of tax exemptions for exporters and continuation of the current compliance mechanism
  CBEC issues clarification on classification of certain activities as goods or services under GST
  CBEC clarifies on the applicability of GST on service transactions between a Joint Venture and its members
  CBEC lists orders of the courts attaining finality and issues directions for early disposal of similar cases by the Department
February Mumbai Tribunal rules on interpretation of the phrase “beneficially held”; allows carry forward of losses when 51% voting power beneficially held by the same set of individuals (Wadhwa)
  CBEC issues directions on recovery of inadmissible transitional credit with interest and penalty
  PAS Alert: Finance bill proposes to tax long term gains arising on sale of listed equity shares - Impact on employee stock option plans
  CBDT notifies “Centralised Communication Scheme, 2018” for issuance of e-notices and verification of information
  Global Tax Alert - Indian tribunal holds AMP expenses part of transaction value declared for customs purposes
  High Court rejects utilization of accumulated credit of Education Cess and Secondary and Higher Education Cess for the payment of service tax
  OECD publishes guidance on mechanism for effective collection of VAT/GST on services and intangibles supplied by foreign suppliers
  Supreme Court rules value of free of cost supplies not includible in gross amount charged for levying service tax
  EY IDT Alert - CBEC empowers Superintendents of Central tax and prescribes internal monetary limits for adjudication of cases under GST
  EY IDT Alert - Supreme Court upholds right of the buyer to claim ITC in spite of non-payment of tax by the selling dealer
  EY IDT Alert - Supreme Court rules use of pesticides in pest control treatment constitutes a deemed sale and attracts VAT
  EY DT Alert - CBDT issues instruction for non-recovery of tax demands from ‘start-up’ companies issuing shares at premium value
  EY DT Alert - Ahmedabad Tribunal rules on capital gains on call options and transfer pricing aspects (Vodafone)
  EY DT Alert - CBDT releases FAQs on the new taxation regime for capital gains on transfer of equity shares and other securities
January EY GST Alert - Writ petitions filed before different high courts in the GST regime
  EY Tax Alert - Hyderabad Tribunal rules withholding tax liability on actual sale consideration, rejects taxpayer’s plea of non-discrimination application on withholding provisions (Bhagwandas)
  EY Tax Alert - Mumbai Tribunal upholds the deductibility of sales promotion expenditure incurred by a pharma company (Solvay Pharma)
  EY GST Alert - GST Council recommends tax rate rationalization and policy changes
  EY Tax Alert - AAR rules on fixed permanent establishment and disposal test in a service arrangement (Production Resource Group)
 EY Tax Alert - AAR rules transfer of shares in a German company by German shareholders does not trigger tax in India (GEA Refrigeration)
  EY Tax Alert - Jaipur ITAT rules on revenue recognition as per Percentage of Completion Method for advances received from customers (Vastukar)
 EY Regulatory Alert - Government of India liberalizes the foreign direct investment (FDI) policy in key sectors
  EY Tax Alert - Government clarifies on GST rate for food & beverages provided by hostel mess in educational institution (Jan 2018)
  EY Tax Alert - CBDT press release on MAT computation relief for companies subject to Insolvency and Bankruptcy Code, 2016
  EY Tax Alert - Mumbai Tribunal rules stamp duty value cannot be deemed as consideration while computing capital gains arising on contribution of land by a partner to the partnership firm which is governed by a specific provision (Amartara)
  EY Tax Alert - Mumbai Tribunal rules annual franchise fees as deductible revenue expenditure (Knight Riders)
  EY Tax Alert -CBDT Order on approach for revival of struck off company
enter"> Kerala HC upholds the constitutional validity of levy of Service tax on admission and access to entertainment event & amusement facilities  CBDT Committee recommends MAT framework for Ind-AS companies  Launch of “One Employee-One EPF Account” drive  April India tax insights – seventh edition  Supreme Court rules tips received by waiters from customers is not salary income (ITC)  Indian administrative circular on payment of interest on refund of excess taxes withheld from payment to nonresident  Madras High Court rules waiver of principal amount of loan used for acquiring capital assets is taxable (Ramaniyam)  PAS Alert - Removal of restrictions on Provident Fund withdrawal  Indian tax administration issues draft rules for granting foreign tax credit  Bombay HC upholds non-taxability of deferred consideration on transfer of shares in the absence of accrual (Hemal Raju)  Madras High Court rules Indian tax provision notifying Cyprus as non-cooperative jurisdiction is not unconstitutional (T Rajkumar)  Notifications and Circular issued w.r.t services provided by Government or local authority  CBEC prescribes new procedure and timelines for dealing with Audit Objections under CERA and CRA audits covering Central Excise, Service tax and Customs   Bombay HC rules that ‘order’ sanctioning scheme of amalgamation is chargeable to stamp duty; No rebate granted for stamp duty paid in other state  High Court grants stay on applicability of Service tax on provision of legal consultancy services by senior advocates  Tribunal rules that Service tax is not leviable on expenses reimbursed by the group companies in terms of cost sharing arrangement  Rule 6(3) and Rule 7B of the CENVAT Credit Rules, 2004 amended post Union Budget 2016-17  CESTAT rules that Service tax is not leviable under reverse charge mechanism on salary and other costs reimbursed by the Indian head office to its foreign branch   Tribunal rules that refund of unutilized CENVAT credit is admissible in case of closure of unit  March Administrative circulars clarifying applicability of withholding tax on certain transactions of television channels/broadcasters  Competition Commission of India relaxes limits for business combinations   Indian tax administration clarifies on AOP classification in EPC/ turnkey projects   Indian tax administration issues revised guidance on transfer pricing audit procedures  CESTAT allows credit of Service tax on transportation, treating the place where property in goods is transferred in terms of Sale of Goods Act - as “Place of removal”  SC rules on tax holiday eligibility on receipt of subsidies  CESTAT rules that service tax is not leviable on the element of withholding tax in case of remittance to Foreign Service provider under a “Net of Tax” arrangement  AAR rules that provision of business support services to US affiliate are naturally bundled and are not intermediary services   CBDT notifies guidelines for onshore management of offshore funds  (M&A perspective) SEBI issues discussion paper on 'Control'  Maharashtra State Budget 2016-17 - Amendments in VAT, Profession Tax, Motor Vehicle Tax and Entry Tax  Guidelines for Foreign Direct Investment on E-commerce  SC rules transaction charges paid to stock exchange for online trading facility does not constitute “fees for technical services” (Kotak Securities)  February Delhi HC rules on maintainability of AAR application after receipt of assessment notice (Hyosung)  PAS Alert - Restrictions on Provident Fund withdrawal and other notifications  EY IDT Alert - Guidelines and notification issued by the Government for power generation, transmission and distribution in Special Economic Zones  Indian tax administrative body clarifies nature of share buy-back transaction undertaken prior to 1 June 2013 as capital gains  SC rules that the period for repayment of deferred sales tax under state incentive scheme has to be computed from the date of grant of eligibility (19 February 2016)  Notifications relating to taxability of services provided by Government (19 February 2016)  Ahmedabad Tribunal permits resulting company to claim credit of advance tax, TDS and MAT credit pertaining to the demerged undertaking (Adani Gas) (18 February 2016)  CBEC notifies Service Tax and Central Excise (Furnishing of Annual Information Return) Rules, 2016 (18 February 2016)  Mumbai Tribunal rules buyback transaction taxable as capital gains, exempt under India-Mauritius Tax Treaty; even if considered as dividend, tax withholding does not apply (17 February 2016)  CBEC releases Central Excise and Service Tax Audit Manual, 2015 (15 February 2016)  CBEC issues Circulars laying down procedure for investigation of related party import cases by Special Valuation Branch of Customs (12 February 2016)  AAR rules that activity of supply and installation of “ESCIM” System qualifies as transfer of right to use goods and hence not a Service (10 February 2016)  CENVAT Credit Rules, 2004 amended to provide for availment of 100% CENVAT credit of CVD paid by ship breaking units (9 February 2016)  Committee suggests sweeping changes to Companies Act, 2013 - open for public comments (8 February 2016)  MCA releases draft rules on NCLT and schemes of compromises/arrangements, for public comments (5 February 2016)  Karnataka HC rules on additional depreciation benefit in second year for assets put to use in latter half of first year (Rittal ) (2 February 2016)  January SEBI releases the report submitted by the Alternative Investment Policy Advisory Committee (27 January 2016)  AAR rules that transfer of shares of Indian subsidiary by a Mauritius company to a Singapore group entity is not a tax avoidant transaction (Dow AgroSciences) (25 January 2016)  Provident Fund compliance for India outbound employees (22 January 2016)  PAS Alert - Recent amendments to the Payment of Bonus Act, 1965 (18 January 2016)    EY Tax Alert - Updated Guidance Note on Implementation of Reporting Requirements under Rules 114F to 114H of the Income-tax Rules, 1962- Key additions/clarification (13 January 2016)    SC rules land under construction liable to wealth tax levy (Giridhar Yadalam) (11 January 2016)    CBDT notifies substantive changes in PAN reporting rules and Annual Information Reporting (8 January 2016)