CBDT notifies new IT return forms for AY 2015-16
CBDT Clarification Dated 17 June 2015: Steps towards Non- Adversarial Tax Regime
CIRCULAR NO 10/2015, Dated: June 10, 2015 : Govt issues 14 FAQs on APA rollback
Analysis of Exemptions to Private Company and Others

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Competition for selection of Smart City aspirants gets underway
Gadkari inaugurates ‘Smart Transportation Infra Summit and Expo 2015'
First-ever heatwave warning guidelines issued by UN as global temperatures soar
C-DOT to launch Broadband Products
CCI amends Combination Regulations
CBDT, BNP Paribas Sign APA to Steer Clear of Tax Issues
Black Money Law: No Leeway For Those Under Scanner
Compliance window for black money will draw 60% tax, penalty
Notification of Black Money Rules and issue of Explanatory Circular for Compliance Window under Black Money Act
Clarification on FDI in Tobacco or Tobacco substitutes - Prohibition applies only to manufacturing of the tobacco products and not on other activities relating to these products including wholesale cash and carry, retail trading etc.
Explanatory notes on provisions relating to tax compliance for Undisclosed Foreign Income and Assets - Provided in Chapter VI of the The Black Money (Undisclosed Foreign Income and Asset) and Imposition of tax act, 2015.
Repayment of Outstanding Balance of 11.43 Government Stock, 2015 and Government of India-Floating Rate Bonds 2015 on August 07, 2015 and August 10, 2015 Respectively
Boost to defence manufacturing, DIPP clears defence Licenses worth 613 Crs in recent Licensing Committee meeting held on 10-6-2015.
Notified forms under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules, 2015.
Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules, 2015.
For Rupee-denominated bonds to take off, lower withholding tax needed
Black money disclosure to be online
HMRC targets wealthy tax cheats with Northern Ireland taskforce
Stuck at ‘place of business’, FIIs still on the MAT over tax tussle
HC extends stay on proceedings against Sahara Group’s Subrata Roy in Income Tax case
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ITAT - Relying on OECD guidelines, raw material adjustment on account of excess consumption by assessee to be computed on sales and not on cost.

HC - ALP of commission paid to AE at 10% (8% + 2% for additional risk) upheld instead of 5% adopted by TPO.

ITAT - Following Trilogy E-Business ruling to exclude companies having turnover exceeding Rs 200 crores. Cannot be comparable with assessee whose turnover is less than 20 crores.

ITAT - Though the CIT (Appeals) has co-terminus power with that of Assessing Officer and can enhance the assessment, however, since he has not issued any show cause notice for enhancement under Section 251(2), he cannot reject companies from the set of comparables

ITAT - Since commission earned by assessee from AEs at 1.83% of FOB value of goods, was higher than 1.71% commission earned from non-AE transactions, Rs. 105 cr addition deleted.

ITAT - Companies which are engaged in product development and owning significant IPR cannot be compared to software developer.

ITAT - TPO was not justified in venturing into commercial rationale & validity of international transaction and should only examine the transaction as it is undertaken & structured by AEs. Adjustment on technical fees payment to be deleted.

ITAT - AMP expenses can be clubbed with other international transactions carried out by assessee as distributor, if AMP functions performed by tested party and comparables are same. If there is difference in the functions between the assessee and comparables, the suitable adjustment was to be first …

ITAT - Indian TP Regulations differ from OECD & US TP Guidelines on Arithmetic Mean vis-a-vis Inter-quartile range method for ALP determination. TPO's approach of selecting PLI band of 10-50% is arbitrary and liable to be rejected.

ITAT - Entity spending 90% of cost on outsourcing cannot be compared with captive ITeS business

Exemption u/s 11 cannot be denied on giving interest free loan and renting of property

Initiation of penalty u/s 272A(2)(k) starts from the date of issuance of notice by competent authority

Application of provision of section 14A r.w. Rule 8D without recording satisfaction cannot be upheld

Assessment framed in the name of non-existing entity due to amalgamation cannot be cured by provision of section 292B

Applicability of Disallowance U/s 14A Read With Rule 8D if objective satisfaction is not recorded

Estimation of income without any basis by Assessing Officer is not valid

Sale proceeds of Flags on Women’s Day Pursuant to govt. order are capital receipts

Disallowance U/s. 14A cannot be made if Assesseee suo motto disallowed the expenses in excess of working U/s. 14A r.w. Rule 8D

Date of credit in books is actual date of recording credit entry for determining point of TDS deduction liability

Adjournment of hearing with pre-information does not allow CIT (A) to dismiss appeal decide the issue exparte

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Finance Bill receives President's assent on May 14
Highlights of changes made in Finance Bill, 2015 as passed by the Lok Sabha
Budget 2015-16 – Service tax changes
Finance Bill, 2015 – Changes relating to Central Excise Duty and Cenvat Credit
Complete Analysis of Finance Bill, 2015
SERVICE TAX
EXCISE
CUSTOMS
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
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