OECD Unified Approach

Will OECD’s “Unified Approach” change the way we think tax?

Digital transformation of the world’s economy is changing the way businesses are operating globally. The business models and value creation processes of the digitalized enterprises typically have the following features - Access all the links in this article by signing up for free with Riverus Research Map for income tax here. cross-jurisdictional scale without physical … Continue reading Will OECD’s “Unified Approach” change the way we think tax?

Lok Sabha Passes the Taxation Laws (Amendment) Bill, 2019

On December 2, 2019, the Lok Sabha passed the Taxation Laws (Amendment) Bill, 2019 (“The Bill”) which inter alia reduces the corporate tax levied on domestic companies. The Bill is yet to be introduced in the Rajya Sabha and once passed by both the houses will replace the ordinance promulgated by the President in September … Continue reading Lok Sabha Passes the Taxation Laws (Amendment) Bill, 2019

Deepak Petrochem Ltd. V. DCIT

Is it incumbent on the assessee to prove genuineness and creditworthiness of investors in investments received in cash?

Case Name: Deepak Petrochem Ltd. V. DCIT See Similar case: CIT v. Ajay Kumar Gupta Background The assessee filed its income tax return for the AY 2002-03, declaring total loss of INR 29,31,379. Authorities scrutinized the aforementioned return and it was revealed that the authorized share capital of the assessee had been increased to INR … Continue reading Is it incumbent on the assessee to prove genuineness and creditworthiness of investors in investments received in cash?

difference between riverus search and other database

The Research Map for Income tax Advantage 1 – Broad Search

Here's a question you may have for us. How is Riverus Research Map different from other research tools for income tax? Before we venture to answer that, we have two questions for you: Have you already bought a smartphone?Have you tried driving an automatic transmission car? If you answered yes to either of the questions, … Continue reading The Research Map for Income tax Advantage 1 – Broad Search

ITAT Visakhapatnam decides: Should royalty payments be aggregated with other international transactions to determine the arm’s length price?

Case: DCIT vs M/s. SNF (India) LtdForum: ITAT Visakhapatnam Listen to the case summary DCIT vs M/s. SNF (India) Ltd, ITAT Visakhapatnam here Note: You must have access to Riverus Research Map for Income Tax to access the links in this article. Email us at hello@riverus.in to try for free. Overview: Judgment date: October 4,2019 … Continue reading ITAT Visakhapatnam decides: Should royalty payments be aggregated with other international transactions to determine the arm’s length price?

Whether tax authorities can ask for forms 15G/15H to be furnished at any time for the purposes of verification?

Case: ACIT v. Telangana Grameen Bank, Hyderabad ITAT Listen to the case summary ACIT v Telangana Grameen Bank, ITAT Hyderabad here Note: You must have access to Riverus Research Map for Income Tax to access the links in this article. Email us at hello@riverus.in to try for free. Background The assesee is a regional rural … Continue reading Whether tax authorities can ask for forms 15G/15H to be furnished at any time for the purposes of verification?

Payment of fee for online subscription services not to be taxed as royalty

Note: You must have access to Riverus Research Map for Income Tax to access the links in this article. Email us at hello@riverus.in to try for free. Introduction The Bombay ITAT in its recent decision of Elsevier Information Systems GmbH v. Dy.Commissioner of Income Tax held that subscription fees paid to access an online database … Continue reading Payment of fee for online subscription services not to be taxed as royalty

Whether the order of CIT (exemptions) rejecting the grant of registration under section 12AA of the Income Tax Act to the assessee valid or not?

Case: M-S. SeyyIidmadani charitable trust vs the CIT (EXEMPTIONS), ITAT Bangalore Listen to the case summary M-S. SeyyIidmadani charitable trust vs the CIT (EXEMPTIONS), ITAT Bangalore here Background The assessee is a trust which came into existence vide deed of trust dated 7.1.1981. Its objects are enumerated as providing education. The assessee applied for grant … Continue reading Whether the order of CIT (exemptions) rejecting the grant of registration under section 12AA of the Income Tax Act to the assessee valid or not?

The Birth of Riverus

Small firms and solo practices offering legal, tax or accounting services face unique challenges in all countries. Some of these challenges are common across jurisdictions. These include operational challenges (e.g. matter management, invoicing, recovery, etc), challenges of branding and maintaining customer connect, availability of working capital debt, retaining talent, etc. Each one of these could … Continue reading The Birth of Riverus