Master file notification: Expectations, impact and risk areas for MNCs

The Organisation for Economic Co-operation and Development (OECD) commenced work on the Base Erosion and Profit Shifting (BEPS) project to address concerns that existing principles of domestic and international taxation were failing to keep pace with the global nature of modern business models. As a member of the G20 and an active participant in the … More Master file notification: Expectations, impact and risk areas for MNCs

Ever thought of managing your tax litigation with just a click?

There is no denying that as tax professionals in India, majority of our lives revolve around tax litigation. The moment a notice is received from the tax department, more often than not when we are already choked with other work, the team goes into a tizzy. The feeling only gets compounded, if the notice is … More Ever thought of managing your tax litigation with just a click?

CBDT roadmap for phasing out tax exemptions

The Finance Minister, in his Union Budget 2015 speech, had announced the Government’s intention to reduce the corporate tax rate from 30% to 25% over the next four years, and phase out or rationalize various tax incentives. In November 2015, the Central Board of Direct Taxes (CBDT) released for public comments a draft proposal to … More CBDT roadmap for phasing out tax exemptions

Choosing the right tax return form: a prerequisite to keep troubles at bay

Which form should I use for filing my Income Tax Return (ITR) for the tax year 2014–15 and what all information am I required to declare in it? This is the question I have been asked the most by my friends during filing of returns. The ITR forms issued earlier for the tax year 2014–15 … More Choosing the right tax return form: a prerequisite to keep troubles at bay

ICDS: a move towards simplification or a new challenge?

In order to minimize alternative tax treatments and bring certainty in reporting taxable income, the Central Government (CG) has recently notified the following 10 Income Computation and Disclosure Standards (ICDS), w.e.f., 1 April 2015 for implementation: I. Accounting policies II. Valuation of inventories III. Construction contracts IV. Revenue recognition V. Tangible fixed assets VI. Effects … More ICDS: a move towards simplification or a new challenge?