[vc_row][vc_column][vc_column_text] Deciding taxability of the software is currently a challenge, fortunately, Supreme court gave some remarks which will be helpful to decide taxability which is summarised below Decision Engineering Analysis Test of charge ability is relevant for sec 195 DTAA definition refers to “royalty means” and therefore it is exhaustive. Income tax definition has wider…
A chemical company got trapped into a high-level Tax inquiry while claiming depreciation of a new unit. The tax office enquired about the date of commencement of the unit’s operation which was substantiated by a series of documents viz. excise passing, electric unit consumption, job cards, labor contractors invoices, etc It took 3 rounds of…
[vc_row][vc_column][vc_column_text] SILENT FEATURES OF THE SCHEME FAQ is silent on the coverage of genuine delay in filing of the appeal, which is pending for condonation of whether it should be covered considering the objective of the scheme. FAQ is silent on the coverage of miscellaneous applications filed against the order of tribunal. What still remains…
As highlighted in Budget 2020, it proposes to allow deductions of interest expenses to the extent of 20% of dividend income. The author in this article is focusing on the significant aspect which is whether 20% deduction is on net taxable dividend (after deduction u/s 80M) or on gross dividend income. Proposal for sec…