Latest Blogs from SBS and Company LLP

    SBS Wiki E Journal July 2021

    In this edition, we bring you, an article on the recent judgment of Honourable Madras High Court in the matter of Greenwood Owners Association, wherein the High Court has turned down the plea of tax authorities that the exemption notification has to be construed in a different manner than desired. This judgment brings a respite to the Resident Welfare Associations, who are often got caught up on what amounts tax has to be paid. This judgment brings more clarity and certainty.

    The next article ison the recent judgment of Honourable Mumbai Tribunal in the matter of Morgan Stanley, where the tax treaties are called for interpretation. In his excellent analysis, Mr Pramod Kumar, has held that the treaty can be applied even though the resident of contracting state is not making the payment of income, as long as the income is subjected to tax in that state.

    I hope that you will have good time reading this edition and please do share your feedback. I will also urge clients to mail us topics or issues on which you want us to deliberate in our future editions, so that we can contribute to the same.

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    SBS Wiki E Journal June 2021

    In this edition, we bring you, the second part of article on the most complicated issues in direct taxation, dealing with taxation in cases where there is a change in partnership firms and other specified entities. The said issue gets complicated when the firm tries to settle the partner with a capital asset or stock in trade or money or in a combination thereof. In the earlier part, we have introduced the amendments made qua Finance Act, 2021 to the said provisions. In this edition, we deal with the case studies surrounding the said aspect. We request you to read the same and share your views and feedback. We would have definitely missed one or other points, considering the vastness of the topic. We would be glad to cover the same in next editions.

    The next article is another compliance under withholding obligations introduced vide Section 194Q. The said provision has assumed significance since the same is made effective from 1st July 2021. A similar provision introduced on seller vide Section 206C(1H) in last year budget, also added confusion, when the Section 194Q came into play. Further, the deduction of tax at higher rate, in case of specified persons also coming into effective from 1st July 2021, made it hard for the tax payers to accept and digest. We have come with a detailed article covering all the issues mentioned above.  

    I hope that you will have good time reading this edition and please do share your feedback. I will also urge clients to mail us topics or issues on which you want us to deliberate in our future editions, so that we can contribute to the same.

    Key Topics:

    DIRECT TAXATION

    DIRECT TAX

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    SBS Wiki E Journal May 2021

    In this edition, we bring you an article on the most complicated issues in direct taxation, dealing with taxation in cases where there is a change in partnership firms and other specified entities. The said issue gets complicated when the firm tries to settle the partner with a capital asset or stock in trade or money or in a combination thereof. We have written an earlier piece, wherein we have captured the position prior to amendments in Finance Act, 2021. Now, in this piece, we have dealt the amendments with case studies and ending with the re-visiting of conclusions of our previous piece. We request you to read the same and share your views and feedback. We would have definitely missed one or other points, considering the vastness of the topic. We would be glad to cover the same in next editions.

    The next article is a comprehensive note on CSR Obligations including the recent amendments to the said regulations.

    I hope that you will have good time reading this edition and please do share your feedback. I will also urge clients to mail us topics or issues on which you want us to deliberate in our future editions, so that we can contribute to the same.

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    Partner vis-à-vis Capital Gain - Version 2.0

    In our earlier version on the captioned subject matter, we have extensively dealt with taxation in the hands of the firm and the partners at the time of admission or dissolution and connected issues therein. We have framed four issues and tried to answer them with the help of judicial precedents on the subject. The article can be accessed here Partner vis-à-vis Capital Gains | SBS Blog. We strongly recommend to read the above article before proceeding to read the subject article.

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    SBS Wiki E Journal April 2021

    In this edition, we bring you the second part of article on the much await judgment by Honourable Supreme Court in the matter of tax withholding obligations for payments for usage of software by residents to non-residents. Hope you have enjoyed reading our first part.

    The next article is on issues and vires of time period mentioned under Section 16(4) of Central Goods and Services Tax Act which deals with an outer time limit on availing the credit.

    I hope that you will have good time reading this edition and please do share your feedback. I will also urge clients to mail us topics or issues on which you want us to deliberate in our future editions, so that we can contribute to the same.

    Key Topics:

    GST

    • ISSUES INVOLVED AND THE VIRES OF TIME LIMIT UNDER SECTION 16(4) FOR AVAILMENT OF CREDIT

    INCOME TAX

    • MUCH AWAITED JUDGMENT OF DECADE - ENGINEERING ANALYSIS CENTRE OF EXCELLENCE PRIVATE LIMITED - PART II
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