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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.

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Tax Alerts  |  Tax Quarterly

Month Tax Alerts
September CBIC waives late fee for taxpayers in J&K and flood affected districts and suspends Form GST ITC-04
CBDT issues a consolidated circular laying down procedure and time limit for past and pending assessments of start-ups and constitution of redressal cell
CBDT Circular provides much needed clarification on farm-in transactions
CBDT clarifies availability of profit-linked deduction to small start-ups with annual turnover up to INR250m
CBDT forms dedicated cell for start-ups to redress tax grievances
Government of India liberalizes the foreign direct investment (FDI) policy in certain sectors
August CBIC notifies 1 September 2019 as commencement date of Sabka Vishwas (Legacy Dispute Resolution) Scheme
Due date for filing GST annual return and reconciliation statement extended till 30 November 2019
CBDT further clarifies reporting requirement for foreign directorship and foreign assets for filing income tax return for tax year 2018-19
Shareholder liable to capital gains tax on receipt of partnership interest against shares on conversion of a company into an LLP under the LLP Act
CBIC issues further clarifications on Sabka Vishwas (Legacy Dispute Resolution) Scheme 2019
SEBI approves key changes recommended by Working Group constituted under H R Khan
CBIC extends implementation date of provision restricting generation of e-way bill
CBIC issues FAQs on Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019
AAR rules on applicability of second proviso to rule 28 of CGST Rules
CBDT extends angel tax exemption to start-up companies for completed assessments of past years
CBDT lays down administrative mechanism for pending assessments of start-up companies
CBDT clarifies certain practical aspects of filling up income tax return forms for tax year 2018-19
HC quashes notification and circular on lapsing of unutilized ITC in case of textile goods
Delhi Tribunal rules on taxability of insurance compensation received to protect financial interest in Indian subsidiary
July CBDT provides exemption to non-resident unitholders/ investors of Category I and II AIFs set-up in IFSCs from filing tax returns in India
GST Council reduces tax rate on electric vehicles
CBIC clarifies taxability of maintenance charges recovered by Resident Welfare Association from members
CBIC clarifies scope of intermediary services
Flash News: Tax return filing due date for tax year 2018-19 extended to 31 August 2019
Budget connect 2019 - Key amendments of Finance (No. 2) Bill, 2019 at enactment stage
Regulatory alert - Update : Consultation Paper and Open House Discussion on Guidelines issued for Other Service Providers
India-China DTAA amended to incorporate BEPS related provisions
Global Indirect Tax Alert - India’s Budget 2019-20 proposes Dispute Resolution Scheme for pending litigation under Excise and Service Tax laws
Maharashtra Government extends time limit for availing benefit under the Settlement Scheme
Karnataka HC holds concealment penalty application on income covered by MAP proceedings
Dispute Resolution Scheme for pending litigation under Excise and Service Tax laws
CBIC clarifies the scope of exempted services for CENVAT credit reversal
Press release on last date to claim ITC to be the due date of GSTR-3B held illegal by the HC
CBIC clarifies tax treatment of post-sales discounts and other issues under GST
CBIC exempts supply of goods by retail outlets at international airport to outgoing foreign tourist
CBIC issues various notifications under GST
Levy of Kerala Flood Cess extended till 1 August 2019
June India deposits Multilateral instrument with OECD to modify bilateral tax treaties under MLI
GST Council extends due date of furnishing annual return and reconciliation statement till 31 August 2019
CBDT releases revised guidelines on compounding of offences relating to Income Tax matters
Three-judge bench of the Supreme Court to examine GST officers’ power to arrest
India ratifies Multilateral Instrument
Government releases transition plan to the new GST return
Karnataka HC upholds prosecution proceedings for default in remitting taxes withheld
SC upholds levy of interest on differential duty in case of price escalation
CESTAT holds service tax is not leviable on transfer of development rights
HC stays recovery of interest on amount of ITC adjustable against tax liability in case of delayed payment
Mumbai Trial Court considers delay in deposit of taxes withheld as offence and convicts Taxpayer with punishment (Firoz Nadiadwala)
May AAAR upholds services of back office in relation to supply of goods as intermediary service
Flash News - CBDT kept reporting of details pertaining to General Anti-avoidance Rules and Goods and Services Tax in the Tax Audit Report in abeyance till 31 March 2020
Amritsar Tribunal directs extensive inquiry into splitting up and reconstruction of new unit where setting up of new unit coincides with scaling down of older unit
EY publication - Profit attribution to permanent establishment in India - Summary of EY’s response to CBDT’s committee report
RBI amends “Voluntary Retention Route” for investment by Foreign Portfolio Investors in Indian debt securities
HC allows input tax credit on goods and services used in construction of shopping mall
Securities and Exchange Board of India seeks public comments on recommendations submitted by the working group chaired by H.R. Khan on ‘SEBI (Foreign Portfolio Investors) Regulations, 2014’
IDT Alert - Kerala Flood Cess to be levied from 1 July 2019
Global Tax Alert - Indian Tax Administration invites public comments on proposal to amend rules
HC rules interest on delayed payment of tax to be computed on total tax liability
April CBDT notifies income tax return forms for tax year 2018-19 with substantive additional disclosure requirements
Supreme Court of India’s ruling on higher pension benefit to employees under the Employees’ Pension
Indian Tax Administration invites public comments on proposal to amend rules on profit attribution to PE
Uttarakhand HC holds that service tax reimbursement shall not form part of the gross revenue for computing
New VAT law in Bangladesh likely to be implemented from 1 July 2019
CBIC issues notifications, circulars and an order under GST
CBIC issues clarification on refund and other matters under GST
Bombay HC accepts taxpayer’s reliance on FCCB Scheme for determination of cost of acquisition of shares issued on conversion of FCCB
CBIC notifies reduced rates for real estate sector and transition related modalities
Central Government notifies sunset date for Aadhaar-PAN linking compliance
March Maharashtra government introduces scheme to settle pre-GST tax disputes
GST Council approves transition modalities for implementing lower tax rates on residential properties
CBIC notifies GST rate for small service providers and increase in registration threshold
CBIC issues clarification on treatment in respect of sales promotion schemes under GST
Reserve Bank of India notifies “Voluntary Retention Route” for investment by Foreign Portfolio Investors in Indian debt securities
CBDT notifies exemption for start-ups from “angel tax” as per relaxations notified by DPIIT
SC reverses its earlier order holding that profit-linked tax holiday deduction is to be allowed on commercial profits
Supreme Court of India ruling on coverage of allowances under basic wages for calculation of Provident Fund contributions
February GST Council recommends reduction in GST rates for residential property
Delhi Tribunal rules on non-taxability of fair value of properties received by amalgamated company under the scheme of amalgamation
Mumbai Tribunal accepts applicability of ”make available” condition to development and transfer of technical plan or design
SC reverses its earlier ruling and allows 100% deduction for new units undertaking “substantial expansion” for fresh five years
CBIC issues instructions/clarifications under GST
Government of India expands definition of “start-up” and relaxes conditions for “angel tax” exemption
Calcutta HC upholds initiation of prosecution under Black Money Act for non-disclosure of foreign bank account pertaining to years prior to enactment of Black Money Act
CBDT notifies exemption for start-ups from “angel tax” as per new procedure notified by DIPP
CBIC notifies effective date for amendments under GST and the changes in Rules
Budget Connect 2019 - Direct tax proposals in Union Budget 2019
January Gujarat HC quashes CBIC Circular and extends GST exemption to DISCOM’s ancillary services
CBDT directs tax authorities to ignore earlier withdrawn Circular on “Gift Taxation”
Delhi HC upholds constitutional validity of super rich tax on domestic dividends
DIPP relaxes conditions for exempting “start-ups” from “angel tax” for past and proposed issue of shares
Delhi High Court upholds PE for multiple companies of a multinational group due to sales and marketing activities in India
  GST Council recommends relief measures for MSME sector and approves levy of cess in Kerala
  Indian Tax Administration announces due date for secondary filing under Country-by-Country Reporting regulations
  Amendments to the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2014
  CBIC issues circulars clarifying various provisions under GST
  CBDT withdraws its recent Circular which clarified on non-applicability of gift taxation provisions on primary issue of shares of specified company
  CBIC amends IGST Rules to provide for valuation of certain services attributable to different states
  Bombay High Court rules indirect shareholding irrelevant to determine “beneficial ownership” for domestic transfer pricing (HDFC Bank)
  CBDT clarifies erstwhile gift taxation provision does not apply in case of fresh issuance of shares of specified company
  National Anti-Profiteering Authority issues order in case of FMCG Company for profiteering under GST
Month Tax Alerts
December PAS Alert - Kerala High Court quashes 2014 notification amending the Employees' Pension Scheme, 1995
  Review of FDI policy in e-commerce sector
  Kerala HC rules that the situs of an intangible property is the location of the principal place of seller’s business
  RBI revamps ECB framework
  GST Council recommends reduction in tax rates and extends due date of annual return and reconciliation statement
  Tax Digest - Dec 2018 edition
Mumbai Tribunal rules that Gift Tax provisions are not applicable to bonafide business transactions on issue of additional shares to existing shareholders
  Mumbai Tribunal rules inter-company deposits between sister-subsidiaries not deemed dividend under domestic law; rules on application of tax treaty provisions in hands of Mauritius taxpayer
  Delhi Tribunal rules that applicability of threshold limit for withholding obligation in relation to sale of i+D1mmovable property qua each co-owner
  Central Board of Direct Taxes issues final notification specifying the conditions for conversion of Indian branch office of foreign bank into Indian subsidiary company
  NCLT sanctions cross border arrangement with necessary clarifications and conditions from a tax and regulatory perspective
  Conversion of company into LLP under LLP Act results in “transfer” subject to capital gains tax
November SEBI notifies Operating Guidelines for AIFs in International Financial Service Centres
  EPFO introduces online submission of monthly Form IW-1
  India outlines recommended approaches to deal with taxpayer-specific rulings received
  Protocol amending India China tax treaty signed to incorporate OECD’s BEPS provisions
  Mumbai Tribunal rules conversion of compulsory convertible preference shares into equity shares is not “transfer”
  Chennai Tribunal holds gains arising on sale of shares allotted under ESOP, taxable as “capital gains”, not “perquisite”
  Bangalore Tribunal holds capital gains arising from buy-back of options as long- term considering holding period from date of grant
  CBDT notifies 87 jurisdiction for the purpose of passive non-financial entity definition under Section 285BA of the Income-tax Act, 1961 read with Rule 114F of the Income-tax Rules, 1962
  Haryana Tax Commissionerate issues internal guidelines on blocking of input tax credit under GST
  CBIC clarifies the procedure to be followed for return of time expired drugs or medicines
October Supreme Court upholds constitutional validity of GST (Compensation to States) Act, 2017 and denies utilization of Clean Energy Cess against payment of Compensation Cess
  CBIC amends Rule 96(10) of CGST Rules and allows exporters procuring capital goods under EPCG scheme to claim refund of IGST paid on exports
  National Anti-Profiteering Authority holds Affordable Housing developer guilty of profiteering under GST
  CBDT issues Final Notification for granting benefit of 10% LTCG for non-STT based shares acquisitions
September Key amendments to Special Economic Zones Rules, 2006
  Supreme Court reaffirms constitutional validity of Aadhaar–PAN linking requirement
  CBIC extends IGST exemption on imports by EOU till 31 March 2019
  SEBI notifies revised “Know Your Client” requirements and “Eligibility Conditions” for Foreign Portfolio Investors
  CBDT extends due date for filing income tax returns and other audit reports to 15 October 2018; no relief for levy of interest for filing tax return beyond 30 September 2018
  M&A update: Tax authority raising GAAR on scheme of arrangement
  Gujarat HC ruling holds credit transitional provision under GST imposing time limit of one year as unconstitutional.
  CBIC notifies TCS rate @ 1% under GST
  CBDT provides tax exemption for interest income earned on specified off-shore Rupee Denominated Bonds
  CBIC extends time limit for submitting TRAN-1 in specified cases
  CBIC notifies applicability of TDS/ TCS from 1 October 2018 and the format of reconciliation statement
  SEBI seeks public comments on interim recommendations submitted by the working group chaired by H.R. Khan on ‘Know Your Client Requirements for Foreign Portfolio Investors’
  CBIC extends due dates of returns under GST
  Jaipur Tribunal accepts taxpayer’s adoption of DCF method for angel tax provisions and holds Tax Authority cannot change the method of valuation
  CBIC issues clarifications on various provisions under GST.
  CBIC amends CGST Rules and prescribes format of annual return
  Flash News - CBDT proposes amendment in Income tax rules prescribing time limit for making PAN application
August Central Board of Direct Taxes clarifies that physical settlement in stock derivative contracts to attract securities transaction tax as applicable to delivery-based equity transactions
  Central government notifies Common Application Form for Foreign Portfolio Investors providing single window clearance to access the Indian capital markets
  CBIC clarifies on removal of restriction of refund of accumulated ITC on fabrics under GST
  Mumbai Tribunal disallows additional interest paid under VAT law under investigation proceedings
  Supreme Court negates claim for 100% deduction for fresh five years of new units undertaking “substantial expansion”
  Flash News : CBDT clarifies that immunity from penalty and prosecution obtained under the new penalty regime not to be adversely viewed to decide the same issue under the old penalty regime
  GST Amendment Bills passed by Lok Sabha
  Flash News : CBDT defers reporting of details pertaining to General Anti-avoidance Rules and Goods and Services Tax in the Tax Audit Report notified on 20 July 2018
  Flash News : CBDT reiterates SC ruling on computation of tax holiday benefit and directs the Tax Authority to withdraw or not to press any appeal on the issue
  CBIC issues Note on new simplified returns under GST
July Calcutta HC rules on date of transfer for capital gain taxation under Joint Development Agreement
  Tax return filing due date for tax year 2017-18 extended to 31 August 2018
  CBDT notifies additional scope of reporting in Tax Audit Report
  GST Council recommends rationalization of tax rates and approves simplified return filing procedure
  India amends Advance Ruling forms for implementing BEPS Action 5 on tax-ruling exchanges
  Indian tax administration invites stakeholders’ comments on Significant Economic Presence
  CBIC enhances monetary limits for departmental appeals at various levels
  Proposed amendments to GST law released for public comments
  Global tax alert - Indian Tax Administration releases guidance on appropriate use of Country-by-Country reports
  Mumbai Tribunal rules on taxability of receipt of shares at less than Fair Market Value under Gift Tax provisions pursuant to buy-back (Vora Financial)
  Indian Tax Administration releases guidance on appropriate use of Country-by-Country Reports
June Global Tax Alert - Indian Tax Administration invites public comments on proposal to amend rules on “secondary adjustment” provisions under APA and MAP
  Special Alert - Potentially significant changes to US Sales and Use Tax
  DT Alert - Mumbai Tribunal rules capital gains of Singapore Company on sale of Indian securities not taxable in India under the DTAA; limitation of relief article not applicable (D.B. International)
  IDT Alert - CBIC amends Central Goods and Services Tax Rules
  DT Alert - Central Board of Direct Taxes notifies modifications for application of Indian tax laws to first time POEM-resident foreign companies
  Global Tax Alert - Indian High Court rules on principles for admissibility of transfer pricing appeals by High Courts
  Authority for Advance Ruling passes orders on issues raised under GST
  Indian Tax Administration invites public comments on the proposal to amend the rules on application of “secondary adjustment” provisions in case of APA and MAP
  CBIC issues clarification on treatment of various services under GST
  CBIC issues further clarifications under GST
  Reserve Bank of India introduced Single Master Form (SMF) for reporting of various types of foreign investment in India
  AAR rules receipt of non-compete fee forming part of agreement for sale of shares is business income
  Submission of CA certificate introduced as an interim solution to process pending refund claims of exporters
  AAR rules “absolute control over operations and management of client’s business” creates a fixed place PE
  CBIC clarifies additional issues on exports related refund
  Jaipur Tribunal rules no blanket disallowance for expenses in cash in excess of specified limit, genuine and bona fide transactions protected
May Central Government modifies conditions for availing exemption from ”angel tax” provision
  SEBI permits Segregated Nominee Account structure in International Financial Service Centre to ease market access for foreign investors
  Delhi Tribunal upholds rejection of merchant banker’s share valuation report for levy of “angel tax” on peculiar facts (Agro Portfolio)
  Mumbai Tribunal upholds absence of withholding obligation in absence of ultimate income recipients' identity (JM Financial Services)
  GST related writ petitions filed before different high courts
  GST Council approves simplified return filing framework and change in ownership of GSTN
  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
  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)
April Bangalore 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
March SC 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

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