Direct Tax Amicus

Direct Tax Amicus covers major changes in income tax laws. This newsletter contains an article on issue of topical interest or developing jurisprudence, notifications and circulars issued during the period and important decisions and judgments (under Ratio Decidendi) covering various facets of income tax law and procedures. It usually covers recent developments pertaining to classification of expenditure, application of transfer pricing (TP) provisions, issues around DTAAs, computation of income, exemptions, etc.

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Direct Tax Amicus: November 2020
The article in this issue of Direct Tax Amicus discusses at length the question as to whether ‘slump exchange’ is covered by the provisions of Section 50B of the Income Tax Act, 1961.
Read More 28 Dec 2020
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Direct Tax Amicus: October 2020
The article in this issue of Direct Tax Amicus discusses at length a peculiar issue relating to Equalisation levy on non-resident e-commerce facilitators, regarding the amount on which the such e-commerce facilitators should charge such levy.
Read More 24 Dec 2020
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Direct Tax Amicus: December 2020
Compulsorily Convertible Debentures (‘CCDs’) are hybrid instruments, being debt at the time of issue along with a certainty to get converted into equity.
Read More 01 Dec 2020
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Direct Tax Amicus: August 2020
Doctrine of Merger is a common law doctrine which is founded on the principles of propriety in the hierarchy of justice delivery system. The underlying logic of Doctrine of Merger is that there cannot be more than one decree or an operative order governing the same subject-matter at a given point of time.
Read More 03 Nov 2020
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Direct Tax Amicus: September 2020
Sub-section (1H) introduced in Section 206 of the Income-tax Act, 1961 by the Finance Act, 2020, seeks to extend the ambit of Tax Collection at Source (‘TCS’) to consideration received from sale of goods.
Read More 03 Nov 2020
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Direct Tax Amicus: July 2020
Section 115BAA of the Income Tax Act, 1961 is a reduced corporate taxation scheme introduced for domestic companies vide the Taxation Laws (Amendment) Act, 2019 (w.e.f. AY 2020-21). Once opted for, the domestic company would be taxed at 25.17% (effective tax rate inclusive of surcharge and cess) during the lifetime of the said company in respect of its total income.
Read More 22 Sept 2020
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Direct Tax Amicus: June 2020
After the recent introduction of exemption to Sovereign Wealth Funds in respect of certain income earned from India, the issue as to whether such entities are subject to tax, in the first place, has been reignited.
Read More 22 Sept 2020
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Direct Tax Amicus: May 2020
Section 132(4A) of the Income Tax Act, 1961 empowers an Assessing Officer to presume that anything that is found in searched premises belongs to the occupant of such premises. However, this power to presume is not absolute in the hands of the Assessing Officer, in that the presumption is rebuttable.
Read More 18 Sept 2020
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Direct Tax Amicus: April 2020
OECD’s plan to build a ‘Unified Approach’ for taxing digital economy has been testing the patience of the consumer/ user facing countries since long. India was one of the first countries to implement a digital tax levy called the ‘Equalization levy’ in 2016, and now in 2020 it has broadened the scope of the levy.
Read More 18 Sept 2020
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Direct Tax Amicus: March 2020
Finance Bill, 2020 has proposed to relieve corporates from paying distribution tax on dividends (‘DDT’) and proposes to go back to the old school ways of taxing such dividends in the hands of the shareholders. The Bill has also proposed re-introduction of Section 80M of the Income Tax Act which was omitted vide Finance Act, 2003.
Read More 27 May 2020
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Direct Tax Amicus: February 2020
Benami Transactions (Prohibition) Act, 1988 after the amendment in 2016 also provides for confiscation of benami properties besides criminalizing benami transactions. The Rajasthan High Court recently deliberated upon the question as to whether the consequences of the Amendment Act were retrospective in nature.
Read More 18 Apr 2020
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Direct Tax Amicus: January 2020
The article in this issue of Direct Tax Amicus intends to discuss few crucial aspects concerning claim of and computing deduction under Section 36(1)(viia) of the Income Tax Act. Until 2017, only specified categories of banks were permitted to claim deduction qua provision for bad and doubtful debts.
Read More 17 Apr 2020