Direct Tax Amicus: March 2020

Finance Bill, 2020 has proposed to relieve corporates from paying distribution tax on dividends (‘DDT’) and proposes to go back to the old school ways of taxing such dividends in the hands of the shareholders. The Bill has also proposed re-introduction of Section 80M of the Income Tax Act which was omitted vide Finance Act, 2003.

Direct Tax Amicus: February 2020

Benami Transactions (Prohibition) Act, 1988 after the amendment in 2016 also provides for confiscation of benami properties besides criminalizing benami transactions. The Rajasthan High Court recently deliberated upon the question as to whether the consequences of the Amendment Act were retrospective in nature.

Direct Tax Amicus: January 2020

The article in this issue of Direct Tax Amicus intends to discuss few crucial aspects concerning claim of and computing deduction under Section 36(1)(viia) of the Income Tax Act. Until 2017, only specified categories of banks were permitted to claim deduction qua provision for bad and doubtful debts.

Direct Tax Amicus: December 2019

The phrase ‘applied for charitable purposes in India’ under Section 11 of the Income Tax Act has been a subject matter of litigation in the recent past. Considering the position as it was prevalent prior to the amendment in the Income Tax Act, 1922 in 1953 (effective from 1-4-1952), period post amendment and after introduction of Income Tax Act, 1961, the author is of the view that it can be said that the mandate under Section 11(1)(a) is only to apply the income in India for charitable purposes

Direct Tax Amicus: November 2019

In international trade, Indian companies also avail carriage services provided by foreign shipping companies. The amount paid in lieu of shipping services to these foreign companies may be taxed if the income is accrued or received in India.

Direct Tax Amicus: October 2019

The article in this issue of Direct Tax Amicus examines some of the hurdles likely to be encountered by the taxpayers while claiming the deduction under Section 80JJAA of the Income Tax Act, 1961.

Direct Tax Amicus: September 2019

The interpretation of the ‘make available’ clause in respect of Fees for Included Services (FIS) in the India-US DTAA had been matter of much debate. In the recent ruling on the taxability of reimbursement received

Direct Tax Amicus: August 2019

Keeping the cash in check By Shashank Sharma The article in this issue of Direct Tax Amicus focusses on how various government policies are being formulated to encourage a less cash economy in India. Earlier

Direct Tax Amicus: July 2019

Tax incentives for affordable housing: An analysis By Tanmay Bhatnagar In the wake of recent Budget speech of the Finance Minister, which mentioned Govt’s objective of housing for all by 2022, two am

Direct Tax Amicus: June 2019

ALP of Depreciable Capital Asset purchased from an associated enterprise – To compute or not compute by Sriram Vijayaraghavan The article in present issue of Direct Tax Amicus discusses re