Provisions behind tax demand on CTS

We know that the IT department has raised a tax demand of Rs. 2,800 crores from Cognizant Technology Solutions India Private Limited (CTS India) and that its bank accounts have been attached. Also, now the Madras HC has passed an interim direction asking the Department to unfreeze the JP Morgan bank account of the Company …

IBC and Tax Woes

While discussing the important announcements under the Union Budget 2018 (link to article: https://csushaganapathy.wordpress.com/2018/02/05/union-budget-2018/ ), we saw that changes have been brought about in respect of applicability of Section 79 – relating to carry forward of losses and Section 115JB – relating to MAT of the Income Tax Act, 1961. Now we will see the …

The Past Week at MCA (Feb 1st Week)

New way to sign your way into MCA Portal MCA has introduced the system of emSigner – a tool already in use by some regulatory websites – for sign in using DSC. Practically speaking, the earlier process of Java compatibility and other issues made the process of using DSC a complex affair and worked best …

Union Budget 2018

Direct Taxes Subject Description Tax Slabs for Individuals No Change Standard Deduction In respect of income under the head ‘Salaries’, it is proposed to allow a standard deduction upto Rs 40,000/- or the amount of salary received, whichever is less. Consequently the present exemption in respect of Transport Allowance (except in case of differently abled …

US tax reforms, MAT changes and more IT searches?

US taxation law changes and how it may affect the February Budget… The Senate of the United States of America announced sweeping changes in the tax regime of the country. Some of the important changes are: corporate tax rates have been slashed from 35% to 21%; changes in interest deductions, writing off capex, R&D costs, …