Summary of Changes relating to conditions of Filing Income Tax Return
Transport allowance exemption u/s 10(14) w.e.f. April 1: Increased from Rs 800 to Rs 1600 per month
MCA - Remuneration to managerial person under Schedule XIII of the Companies Act, 1956
CBDT Circular 6 of 2015 dated April 9

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ITAT - External CUP based on Broker Price Notes issued by reputed brokerage firm, as well as price publications of Oil World is to be accepted as comparable uncontrolled transaction in terms of Rule 10B(1)(A)(i). Price publications from an independent non-government agency can also be accepted as CU…

ITAT - If there is an international transaction in the capital field, which does not otherwise give rise to any income in itself, then even though its ALP may be computed in consonance with the provisions, but no adjustment can be made for the difference between the declared value and the ALP of such…

ITAT - Lower margin itself cannot be ground to decide whether concern should be included or excluded, and that investigation is required to ascertain whether low margin is reflective of abnormal business condition. Directs comparable's inclusion despite low margin is justified as US-economy slowdown…

ITAT - There is no basis for TPO’s conclusion that advances received from AE were utilized for purchase of fixed assets, therefore need to be ignored while computing working capital adjustment.

ITAT - Normally no adjustment should be made for payments towards corporate services, however, due to substantial increase in benefits received on account of financial services, reduction of 50% of such benefit is directed towards TP adjustment.

ITAT - Excludes companies on functional dissimilarity, giant company and non-availability of segmental data. RTP filter of 15% applied. Also turnover filter of Rs 200 crores applied.

ITAT - Reimbursement of expenses cannot be considered as receipts for rendering services and should not be added back to the cost base for the purpose of mark up

HC - In view of Sec 170, once the assessment in case of predecessor was made at Bangalore, the subsequent merger would not give right to the assessing authorities who had jurisdiction over the successor company at Gurgaon. Only the AO of the predecessor company would have jurisdiction

ITAT - Assignment agreement between Denmark AE and assessee was international transaction within meaning of Sec 92

ITAT - Since TP adjustment for previous years was made on the basis of ITAT ruling which was later overruled by Delhi HC, therefore remuneration model markup of 15% is approved which is more than 5% approved by HC.

Sec 50C(2) Mandates reference to DVO for ascertaining fair market value of property

ITAT - Despite documentary evidence and broker’s confirmation, genuineness of penny stock transactions has to be determined on the basis of ‘preponderance of human probabilities’. If assessee is unable to explain ‘intriguing’ facts and circumstances, genuineness of transaction cannot be accepted

ITAT - Only credits received during the year can be assessed as unexplained cash credits. Credits of earlier years, even if unexplained, cannot be assessed

ITAT - For penalty proceedings initiated on issues unrelated to assessment of income (such as for s. 269SS/ 269T & TDS defaults), time limit runs from date of initiation of penalty proceedings and not from date of CIT(A)'s order

ITAT - In a cross-objection, a new legal issue can be raised for the first time before the ITAT

ITAT - S. 2(22)(e) is a deeming provision and has to be strictly construed. Assessee can discharge onus by pointing to 'preponderance of probability' and If explanation is not found to be false then, even if amounts are assessed as 'deemed dividend', penalty cannot be levied

ITAT - Amounts credited to Thyrocare Service Provider (collection centers for patient samples) by assessee (an accredited laboratory) is covered by provisions of Sec 194H.

ITAT - Legal consequence of applicability of proviso to Sec 2(15) on registration of an entity as charitable institution - Seeks Larger-bench reference

HC - Order of Tribunal granting set-off of business loss of AY 2002-03 against the profits of erstwhile 10A unit for AY 2005-06 is confirmed as losses/depreciation set-off arising from AY 2001-02 and subsequent years is allowed.

HC - Non-compete relatable to consideration for sale of division is taxable as business income u/s 28(va)

Budget 2015-16 – Service tax changes
Finance Bill, 2015 – Changes relating to Central Excise Duty and Cenvat Credit
Complete Analysis of Finance Bill, 2015
Memorandum Explaining the Provisions in The Finance Bill, 2015
Cost of acquisition of a capital asset in the hands of resulting company to be the cost for which the demerged company acquired the capital asset
Amount of tax sought to be evaded for the purposes of penalty for concealment of income under clause (iii) of sub-section (1) of section 271
Certain accountants not to give reports/certificates
Prescribed conditions relating to maintenance of accounts, audit etc to be fulfilled by the approved in-house R&D facility
Amendment to the conditions for determining residency status in respect of Companies
Simplification of Tax Deduction at Source (TDS) mechanism for Employees Provident Fund Scheme (EPFS)
Rationalisation of provisions relating to Tax Deduction at Source (TDS) and Tax Collection at Source (TCS)
Rationalisation of provisions relating to deduction of tax on interest (other than interest on securities)
Clarification regarding deduction of tax from payments made to transporters
Revision of order that is erroneous in so far as it is prejudicial to the interests of revenue
Interest for defaults in payment of advance tax in case of re-assessment and where additional income is disclosed before the Settlement Commission under section 245C
Simplification of approval regime for issue of notice for re-assessment
Assessment of income of a person other than the person in whose case search has been initiated or books of account, other documents or assets have been requisitioned.
Orders passed by the prescribed authority under section sub-clauses (vi) and (via) of clause (23C) of section 10 made appealable before Income-tax Appellate Tribunal
Settlement Commission
Amendments relating to Global Depository receipts (GDRs)
Rationalising the provisions of section 115JB
Power of the Central Board of Direct Taxes to prescribe the manner and procedure for computing period of stay in India
Cigarettes bear the brunt; Swachh Bharat Cess to be levied on services
PAN made mandatory for any sale or purchase of above Rs one lakh
Surcharge goes up across board, including local authorities and cooperatives
Gold Monetisation Scheme: Depositors and jewellers to earn interest on metal account
India needs to create additional Fiscal Space: Survey
Infrastructure growth higher than Industrial growth: Survey
IT & IT-es continue to be a key job creator & single largest contributor to Services exports
IT & IT-es continue to be a key job creator & single largest contributor to Services exports
Make in India - Manufacturing - India has comparative advantage in unskilled labour
Services Sector dominates FDI equity inflows; WTO negotiations to have serious bearings on its growth
RBI Reference Rate for US
International Financial Services Centre (IFSC)
Banking Reforms
Changes proposed in priority sector lending (psl)-regarding
Changes proposed in priority sector lending (psl)-regarding
Steps Being Taken for Increasing Financing to Micro, Small And Medium Enterprises (Msmes)
Micro Units Development and Refinance Agency (Mudra) Bank
Introduction of the Atal Pension Yojana
Highlights of The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY SCHEME 2 - FOR LIFE INSURANCE COVER)
Highlights of the Pradhan Mantri Suraksha Bima Yojana (Pmsby Scheme 1 - for Accidental Death Insurance)
Can Sumitomo Special Bench decision be overruled
Procedure would be prescribed for filing of appeal by revenue when an identical question of law is pending before Court
Orchestrating Growth: Taxation of Indirect transfer clarified
A complete pass through status has been proposed to be provided to Alternative Investment Funds
TDS statement processing procedure defined; Fee u/s 234E may be demanded through intimation
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