TaxCorp News 
I-T return filing due date extended for Gujarat residents
Extend due date for I-T returns of corporate assessees, CA Institute tells CBDT
I-T dept to soon notify changes in scrutiny process to help honest taxpayers
CBDT issue guidance notes on FATCA implementation
Karnataka tries to solve Amazon's tax issue, head of global investor meet
Deloitte recommends government to clear POEM guidelines
CBDT makes transfer pricing scrutiny transparent
New Revenue Secy Adhia aims for more transparency in tax administration
Trace a tax defaulter and gets reward from CBDT
Trace a tax defaulter and gets reward from CBDT
Missed tax filing deadline? Don't worry
Swacch Bharat - JSL installs SS modular toilets at Municipal Schools
Rs 1274 Cr income tax dues of AP Beverages Corp - RBI asked to release withheld fund to Telengana
India's GDP grows at 7.1% in Q1
RBI Reference Rate for US
Change in Tariff Value of Crude Palm Oil, RBD Palm Oil, others Palm Oil, Crude Palmolein, RBD Palmolein, others Palmolein, Crude Soyabean Oil, Brass Scrap (All Grades), Poppy Seeds, Areca Nuts, Gold and Silver Notified
Compulsory manual selection of cases for scrutiny during the Financial Year 2015-2016-regd
Auction for Sale (Re-Issue) of Government Stocks
RBI Advised by the Ministry of Finance, Government of India to Reverse the Deductions Made by it of ₹ 1274.21 Crores from the Principal Account of the State of Telengana in Response to the Income Tax Notice as the same is not in Consonance with the Princi
Curtain Raiser on for the Visit of Delegation Led by Hon ble Union Minister of Steel & Mines to Australia to Attend AIMEX- 2015 to Be Held During 1st to 4th September, 2015 at Sydney, Australia.
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ITAT - Transfer Pricing - Transactions of providing support services to “Sogo shosha” entities cannot be characterized as trading transaction for purposes of comparison and determining ALP and the cost…

ITAT - Transfer Pricing - Circumstances in which the Profit Split Method (PSM) has to be preferred over the TNMM for determining the ALP and method of allocation of profits between the assessee and the…

ITAT - For the purpose of exemption under section 54, giving advance to builder constitutes "purchase" of new house even if construction is not completed and title to the property has not passed to the…

HC - A charity is not entitled to exemption if it carries out activities not as per the objects. The fact that such ultra vires objects are also charitable is not relevant. Fact that CIT has granted registration…

HC - Customs duty paid in a later year can be capitalized in the year the obligation to pay the duty arose. Question whether it can be capitalized in year of import of the goods left open.

ITAT - Without establishing through positive evidence that assessee and its related party have arranged their business transaction in a manner to produce more than ordinary profit to assessee, AO cannot…

SC - SLP Dismissed - Clearances from statutory authorities and receipt of amount through normal banking channels insufficient, ‘’source’ creditworthiness must under section 68.

HC - Certificate of Residence issued by Mauritius is sufficient evidence for residence under DTAC.

HC - Even if the supply contract is an integral part of a composite contract on single sale responsible basis, there is no obligation to deduct TDS u/s 194C/ 194J. Service contracts, not being professional…

HC - Transfer Pricing - Important law laid down on the principles for identifying comparables for benchmarking an international transaction & determining the ALP in the context of whether KPO services…

ITAT - Consultancy to foreign banks not comparable to assessee engaged in business of repair services, computer hardware & software related services, erection, commissioning and installation services.

ITAT - TPO not justified in determining ALP of information technology cost charged by AE at Nil.

ITAT - Profit Split Method (PSM) justified where activities performed by the Infogain India (Assessee) and Infogain US are inextricably linked with both entities contributing significantly to the value…

ITAT - Assessee had not paid any amount towards settling its total tax liability, accordingly, considering prima facie case on merits, balance of convenience and assessee’s financial position, partial…

ITAT - TPO is not right in including the cost of sales while determining arm’s length price and not considering the same while applying proviso to section 92C. Not correct to hold that benefit of 5% variation…

ITAT - Exclusion of 'Mega Soft' and inclusion of 'Orient Information Technology' as comparables.

ITAT - Exclusion of 10 comparables in respect of assessee operating in software and marketing support services segments.

HC - KPO service providers to be exluded as comparables under TNMM for assessee providing voice call services to AE.

ITAT - Assessee is under dire financial circumstances and appears to have a prima facie case to substantiate his claim. Stay of outstanding demand of Rs 2.22 crores grnated to assessee for a period of…

ITAT - Adjustment by TPO on interest received from AEs by considering interest rate of 14% is to be deleted considering interest paid by assessee of 4% appropriate benchmark.

HC - Service Tax - Advocate's ill-health a 'reasonable' ground is a reasonable ground for condonation of 536 days delay in appeal before CESTAT. No negligence on assessee's part who took proper and timely…

CESTAT - Service Tax - Fees collected from member- builders towards organisation of exhibition not taxable as ‘Business Auxiliary Service’.

SC - Service Tax - Indivisible composite works contracts not taxable under Finance Act prior to June 2007. No charge or machinery under Finance Act to levy and assess service tax on such works contrac…

SC - Customs - Assessee & joint venture company, established to manufacture final products using raw materials supplied by assessee, qualify as ‘related persons’.

CESTAT - Service Tax - One-time maintenance charges’ collected by builder-assessee from flat purchasers not taxable u/s 65(105)(zzg) under “maintenance or repair services”.

CESTAT - Service Tax - Since buying and selling of property in company’s name an ‘activity in relation to business’, is covered by Rule 2(l) of CENVAT Credit Rules, therefore Professional fees / brokerage…

CESTAT - Service Tax - Gross Commission received by authorised dealer from Banks/Financial Institution for marketing loan is taxable, under 'Business Auxiliary Service'.

HC - Service Tax - Even if there is any restructuring and reorganising of Service Tax Dept and Commissionerate thereof, there is no reason why inordinate delay (22 months in passing adjudication order…

SC - Customs - No exemption under Notification No. 16/2000-Cus on import of ultrasound systems having ‘brightness’ and ‘motion mode’ in addition to ‘amplitude mode’.

CESTAT - Service Tax - Only because all the fees are provided in one Agreement does not necessarily lead to a conclusion that the different components of fees are only for the purpose of grant of fran…

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
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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