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Business Tax alerts

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Deloitte's continuous alerts keep you updated with the latest that's happening. Watch this space regularly.

BTX/12/2014 Issuance of shares to a shareholder by a company at a price less than its fair market value could be considered as income chargeable to tax under Section 56(2)(vii) of Income-tax Act, 1961 Mumbai ITAT
BTX/11/2014 Section 80IA(5) of Income-tax Act, 1961 (the Act) cannot be applied to notionally set off losses of eligible business related to years preceding ‘initial assessment year’ against profits eligible for deduction under Section 80IA of the Act: Karnataka High Court
BTX/10/2014 Dividend and long term capital gains earned by partnership firm, though not includible in total income of partnership firm, should be considered for exemption under Section 10(2A) of the Income-tax Act, 1961 while computing total income of the partner: Karnataka High Court
BTX/09/2014 Where primary object of investment is holding controlling stake in a group concern and the taxpayer has prima facie brought out a case that no expenditure has been incurred for earning the exempt income provisions of Section 14A cannot be applied : Mumbai ITAT
BTX/08/2014 Disallowance of expenses under Section 14A of the Income-tax Act, 1961 (the Act) should be made even when exempt income has not been earned during the relevant year : CBDT
BTX/07/2014 Supreme Court (SC) dismisses Special Leave Petition (SLP) filed against decision of Gujarat High Court holding that disallowance under section 40(a)(ia) of the Income-tax Act, 1961 is not justified on reimbursement of expenses toagents
BTX/06/2014 Depreciation allowable on Goodwill arising from merger which is backed by intangibles such as licenses, client base, etc.: Pune Bench of ITAT
BTX/05/2014 FPIs to get similar tax treatment as available to FIIs

Interest on Income Tax refund should be spread over the years for which interest is granted and cannot be taxed in its entirety in the year in which appellate order giving rise to such refund was passed: Andhra Pradesh HC

BTX/02/2014 Employees’ contribution to Provident Fund not allowable as deduction if paid beyond ‘due date’ under PF Act: Gujarat HC
BTX/01/2014 Salary reimbursement to foreign crew not FTS; No section 40(a)(iii) disallowance due to ‘short stay exemption’: Uttarakhand HC
BTX/10/2013 Expression “payable” in the context of Section 40(a)(ia) of the Income-tax Act, 1961 explained: CBDT Circular 10/2013
BTX/09/2013 Amendment to Section 40(a)(ia) extending period of payment till due date of filing of return, for claiming deduction is retrospective in nature
BTX/08/2013 TDS under section 194J is not applicable on the service tax portion if the same is paid separately as per the terms of the contract
BTX/07/2013 Discount on issue of Employee Stock Options is a tax deductible expense
BTX/05/2013 Amendments to Income-tax Rules, 1962 - Return filing forms and procedures
BTX/04/2013 Amendment to Income-tax Rules
BTX/03/2013 Lessor entitled for depreciation under section 32 of the Income- tax Act, 1961 (“the Act”)on leased vehicles though lessee registered as owner under Motor Vehicles Act, 1988.
BTX/02/2013 CBDT clarifies on issues relating to export of computer software - on-site development, deputation of technical manpower, R&D activities etc.
BTX/01/2013 Interest earned by a mutual association from placing deposits with member banks is not exempt under the principle of mutuality


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