Tag Archives: capital

Startups redefined; tax conditions amended: Govt.

The Department for Promotion of Industry and Internal Trade (“DPIIT”) through its notification no. G.S.R. 127(E) dated February 19, 2019 (“Notification”) has expanded the definition of startups and has relaxed conditions for claiming exemption under section 56(2)(viib) of the Income … Continue reading

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India-Mauritius DTAA amended: Govt.

India and Mauritius signed the Protocol for amendment of the Convention for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income and Capital Gains. The key features of the Protocol are as … Continue reading

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Section 9 Income Tax can’t be enforced for prevailing DTAA: DHC

The Delhi High Court recently ruled that unless changes are carried out in a Double Taxation Avoidance Agreement (“DTA”), the new interpretation of Section 9(1)(vi) of The Income Tax Act cannot be enforced. The Division Bench of the Court was recently … Continue reading

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Companies Act 2013 provisions applicable to private companies modified: MCA

The Ministry of Corporate Affairs notified on June 5, 2015 that certain provisions of the Companies Act, 2013 shall not apply to private limited companies or shall apply with such exceptions or modifications as directed in the notification. http://goo.gl/Oawjjr These … Continue reading

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Death sentence cannot be carried out in an arbitrary manner: SC

The Supreme Court of India clarified that the execution of death sentence cannot be carried out in an arbitrary manner without following the due process of law. “Condemned prisoners also have a right to dignity and execution of death sentence … Continue reading

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Review petitions to be heard in open court: SC

The Supreme Court of India ruled that a review petition in cases in which death sentence has been awarded should be heard in open court by the same Bench which originally heard the appeal. A Constitutional Bench said that if … Continue reading

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RBI restores ODI to 400% net worth of Indian entities

Financial Commitment (FC) by Indian Party under Overseas Direct Investments (ODI) – Restoration of Limit Attention of the Authorised Dealer (AD – Category I) banks is invited to the provisions of the Notification No. FEMA.120/RB-2004 dated July 7, 2004 [Foreign … Continue reading

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India-Macedonia inks DTAA

India and Republic of Macedonia signed the new Agreement for the avoidance Of Double Taxation and the prevention of fiscal evasion (DTAA) with respect to taxes on income. Once the DTAA enters into force, it will provide relief to taxpayers … Continue reading

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Compensation received in consideration of termination of services should be treated under capital receipt: DHC

The Delhi High Court ruled that the compensation received by a chartered accountant firm (assessee-firm) in consideration of the termination of their services by a US company should be treated under capital receipt and not revenue receipt. The Court said … Continue reading

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India-UK amends DTAA/PFE

A protocol amending the existing convention between India and the United Kingdom (UK) for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on income and capital gains was signed in London on Oct … Continue reading

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