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Taxation of independent personal Service- Can legal form of entity alter right to tax income?

By Karanjot Singh Khurana
 
Introduction

Under OECD Model Tax Convention (‘MTC’), income from professional services was taxed in terms of Article 14 titled ‘Independent Personal Services’ (‘IPS’). However, Article 14 was deleted from the OECD MTC with...

Relevance of amortization for valuation under GST law


By Brijesh Kothary and Nikhil Agarwal

As G. F. Stanlake states in his book ‘Introductory Economics’, a person who spends his or her time performing one relatively simple task becomes extremely proficient at that particular operation. It is true that constant repetition leads to great dexterity and efficiency.
 
The mo...

DGAD introduces new requirements for user industry


By Ankur Sharma

Among many significant changes being introduced by the Directorate General of Anti-dumping & Allied Duties (DGAD) of late, there are some new requirements applicable to user industry in India going forward in investigations initiated from 1st of March 2018.

By Trade Notice No. 04/2...

Deduction of tax at source on reimbursements - An unsettled debate!


By Karanjot Singh Khurana

Introduction

The question as to whether tax has to be deducted at source on expenditure reimbursed to both residents and non-residents has been a subject matter of judicial scrutiny on various occasions. Even though, it is judicially accepted that the reimbursement of expenditure do...

Intra-State supplies v. Inter-State supplies under GST law

By Nipun Arora

While levying tax on various supplies of goods or services, it becomes pertinent to decide whether supplies shall be treated as intra-State supplies or inter-State supplies. Also, this is necessary to determine because it will be a decisive factor for charging correct taxes, i.e. CGST and SGST/UTGST or IGST.

The relevant provi...

Applicable time limit in Anti-dumping review proceedings

By Bhargav Mansatta

Three types of reviews are contemplated under the WTO Anti-dumping Agreement & Indian Anti-dumping Rules, 1995 namely (i) Mid-term review under Rule 23(1A) (ii) Sunset review under Rule 23(1B) and (iii) New Shipper review under Rule 22.

Relevant legal provisions under Anti-dumping Rules, 1995

Taxing compensation receipts – Whittling away the relief?


By Subhashree R
 
While taxing of long term capital gains and insertion of the Income Computation and Disclosure Standards (ICDS) have been some of the major talking points post presentation of Budget this year, the apparently innocuous insertion in Section 28 has not received much attention.  ‘A rose by what other name called would sme...

Legal metrology - New labelling rules could agitate businesses


By Ekansh Agrawal

The Legal Metrology (Packaged Commodities) Rules, 2011 which govern the pre-packed commodities, were amended by Notification Number G.S.R. 629 (E) dated 23rd June 2017 and the said amendments have become effective from 1-1-2018. In the Lok Sabha, such amendments were stated as an aim towards balanc...

E-way bill provisions and valuation of goods


By Tushar Mittal

The objective of plugging revenue leakage or tax evasion will take a step ahead with the introduction of E-way bill rules as the tax administration can keep track of every movement of goods above the specified value. E way bill which is required to accompany every movement of goods barring some exceptions, is expected to improve th...

Sunset Reviews: Whether mandatory


By Darpan Bhuyan

Anti-dumping duty can be levied in India for a period not exceeding five years in terms of Section 9A(5) of the Customs Tariff Act, 1975. This levy can be extended for a further period of five years only if a conclusion is arrived at by the Designated Authority pursuant to a sunset review that removal of the anti-dumping duty sha...

Why tax liquidated damages?


By Krithika Jaganathan & V. Panchanathan
 
Performance is the essence of a contract and hence parties to contract generally incorporate their expectation in terms of damage caused by failure of either party to perform its obligations completely or as per the agreed terms.

The contract may prescribe damages for deficiency in...

Non-compete fee received from former employer - The argument of capital receipt

By Sumitha Krishnan

Introduction:

The income chargeable under the head ‘salaries’ is one of the heads of incomes which covers exhaustively, ‘payments’ made between persons in the capacity of employer and employee. The term ‘Salaries’, ‘perquisites’ and ‘profits...

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