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Finance Minister Present Economic Survey 2017-18 in Parliament

The Ministry of Finance has presented Economic Survey 2017 - 18 in the Parliament today. A series of major reforms undertaken over the past year will...

IBC Mechanism Being Used Actively to Resolve NPA Problem, asserts Economic Survey

GST Data reveals 50% increase in number of Indirect Taxpayers

GST: Govt to ease Return Filing Process

Media Monitoring Services can’t be taxed as ‘Business Auxiliary Service’: CESTAT [Read Order]

Company not Liable to pay Tax on Payment of Commission to a Whole Time Director since the Director already Paid Tax: ITAT [Read Order]

Mumbai bench of Income Tax Appellate Tribunal (ITAT) has ruled that, the commission paid to a whole time director-cum employee cannot be taxable in the hands of the company since the director has...

Supreme Court refers Ankitech Ruling on ‘Deemed Dividend’ to Larger bench [Read Judgment]

The Supreme Court of India has referred C.I.T. vs. Ankitech Private Limited case to larger bench for reconsideration. The Apex Court was considering the question whether Section 2(22)(e) of the Act...

Brokerage / Commission paid in Connection with Share Transaction is not subject to TDS: ITAT [Read Order]

Kolkata bench of Income Tax Appellate Tribunal (ITAT) recently held that brokerage or commission paid in connection with share transaction is not liable for Tax Deduction at source under the...

No Cess on Old and Used Motor Vehicles: CBEC Notifies [Read Notification]

In a notification issued on Thursday, the Central Board of Excise and Customs (CBEC) exempted old and used cars from the levy of GST Compensation Cess. The notification was issued to give effect to...

License Fee collected by Tenant while Sub-Letting Property is not Assessable as House Property Income: ITAT [Read Order]

Income Tax Appellate Tribunal (ITAT), Kolkata bench recently held that the License Fee collected by the tenant while sub-letting the property should be assessed under the head business income and...

Repair & Maintenance Expenditure incurred by Hotel is Revenue in Nature: Delhi HC [Read Order]

The Delhi High Court recently ruled that the repair and maintenance expenditure incurred by a Hotel is revenue expenditure under the Income Tax Act. A division bench acting Justice S. Ravindra Bhat...

Vodafone Loses Tax Case: ITAT upholds ALP Adjustment following SC Verdict [Read Order]

The Ahmedabad bench of the ITAT recently confirmed the arm’s length price (ALP) adjustment against Vodafone India Services. While sustaining the department order, the bench explained the entire law...

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