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: December 2022
The charitable trusts/institutions enjoy substantial income-tax benefits and hence are often subject to detailed scrutiny to ensure that commercial concerns are kept outside the boundaries of the tax-exempt status.
Read More 01 Dec 2022
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Direct Tax Amicus: September 2022
One of the issues of wide interest and contemplation is whether a foreign company is liable to file a return in India when there is income accruing or arising in India but the same is not liable to tax, either because of an exemption under the Income...
Read More 09 Nov 2022
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Direct Tax Amicus: August 2022
The Income Tax Act, 1961 provides for various benefits for trusts which are established for charitable or religious purposes and are registered under the said Act.
Read More 08 Nov 2022
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Direct Tax Amicus: July 2022
The article in this issue of Direct Tax Amicus elaborately discusses Section 10AA of the Income Tax Act, 1961 which entitles every person being an entrepreneur of a SEZ unit to claim deduction of the profits and gains derived from export of services or articles or things manufactured or produced through such unit, subject to certain conditions.
Read More 05 Nov 2022
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Direct Tax Amicus: June 2022
The year 2022 has witnessed major changes in exemption regimes available to charitable institutions under the Income-tax Act, 1961. Through these changes, while the Government has seemingly taken care of one issue faced by charitable institutions, it has also given birth to a new one.
Read More 04 Nov 2022
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Direct Tax Amicus: November 2022
Lately, in the context of dividend income, the applicability of MFN clause has been a subject matter of dispute between the taxpayers and the Revenue authorities. The controversy revolves around the fact that the dividend income is taxable in India at the rate of 5%...
Read More 01 Nov 2022
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Direct Tax Amicus: October 2022
The same income of an entity can become liable to tax in two countries, leading to harsh consequences. To provide relief, the assessees are allowed to claim credit of the tax paid in a foreign country against the tax liability in India, provided that such foreign income is also taxable under the Income Tax Act, 1961 in India. The article in this issue ...
Read More 01 Oct 2022
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Direct Tax Amicus: May 2022
The article in this issue of Direct Tax Amicus discusses elaborately the recent decision of the Supreme Court in the case of Apex Laboratories wherein the Court has denied the claim of expenditure under Section 37 of the Income-tax Act, 1961 incurred by pharmaceutical companies on gifting of freebies to doctors.
Read More 28 Jun 2022
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Direct Tax Amicus: April 2022
The article in this issue of Direct Tax Amicus discusses elaborately the recently introduced taxation of virtual digital assets (VDA). It discusses how the definition of VDA in the Income-tax Act is wider than the definition of digital asset expressed by Financial Action Task Force (FATF), OECD or UK Money-Laundering Laws.
Read More 01 Jun 2022
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Direct Tax Amicus: March 2022
The Finance Bill, 2022 has proposed to insert an explanation to Section 14A of the Income-tax Act, 1961 to state that bereft exempt income being earned in any year, disallowance under Section 14A will still be attracted. The article in this issue of Direct Tax Amicus, in this regard, elaborately discusses various issues that may crop up once the provisions are enacted.
Read More 05 May 2022
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Direct Tax Amicus: February 2022
The article in this issue of Direct Tax Amicus elaborately discusses a restriction under various provisions of the Income Tax Act, granting certain tax holidays to new businesses and providing that the new business should ‘not be formed by splitting up, or the reconstruction, of a business already in existence’.
Read More 09 Apr 2022
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Direct Tax Amicus: January 2022
The article in this issue of Direct Tax Amicus examines the question as to whether after the enactment of new reassessment law from 1 April 2021, the reassessment notice can still be issued under the old law till 30 June 2021 and whether the old law remains alive for such cases because of the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 and subsequent notifications. The article notes that the issue has been contested before various...
Read More 03 Mar 2022