RSM India

Tax insights

Newsflash - US Tax Reforms Highlights - At a Glance

13 December 2017
We are pleased to attach our Newsflash on “The US Tax Cuts & Jobs Law - Certain Key Aspects” for your reference and perusal. The US economy is the largest economy in the world and India’s largest trade partner.

Newsflash: GST - Anti-profiteering measure by Government of India

13 December 2017
Government of India has introduced certain measures to toughen its stance on the anti-profiteering provisions by introducing certain measures. We are pleased to release newsflash on the captioned subject. The key highlights are

Newsflash: GST - Manual filing and processing of refund claims in respect of zero-rated supplies

27 November 2017
Due to the non-availability of the refund module on the common GST portal, the GST Council has recommended the applications/documents/forms pertaining to refund claims on account of zero-rated supplies to be filed and processed manually till further orders are issued. In this regard, notification no.

Newsflash: CBDT clarifies the scope of prima facie adjustments by tax authorities - Based on receipt / income appearing in Form 26AS / Form 16A / Form 16

27 November 2017
Section 143 (1) of the Income Tax Act, 1961 (‘the Act’) provides for prima facie adjustments to a return of income filed by the assessee, while processing the return of income. The ambit of prima facie adjustment was expanded by the Finance Act, 2016.

Newsflash - DTAA with Hong Kong Soon - Union Cabinet gives its approval

27 November 2017
On 10th November 2017, the Union Cabinet chaired by the Prime Minister Shri Narendra Modi gave its approval for entering into a Double Taxation Avoidance Agreement (DTAA) with Hong Kong.

Newsflash - ITAT Deletes Sec. 271G Transfer Pricing Penalty for diamond merchants

16 November 2017
The Mumbai ITAT in the case of ACIT V/s M/S D.

Newsflash: Highlights of the 23th GST Council Meeting

13 November 2017
The 23rd GST council meeting was held on 10 November 2017 at Guwahati. The following are the key highlights of said meeting: -    Proposed revised GST rates for certain goods -    Proposed revised GST rate for restaurants. -    Relaxation in GST return filing -    Certain other aspects

Newsflash - Certain clauses of ICDS found contrary to the binding judicial precedents and thus, held unconstitutional - Delhi High Court

13 November 2017
In a path breaking judgment, the Hon’ble Delhi High Court on 8 November 2017 has ruled that certain clauses of various Income Computation and Disclosure Standards (ICDS) are unconstitutional and also suffers from the vice of excessive delegation.

Newsflash - Income Tax - Final Rules with respect to Country-by-Country reporting and furnishing of master file

13 November 2017
We are pleased to release our newsflash on the captioned subject. Background:

Newsflash - Income Tax - Regional Headquarter of Foreign Multinationals in India would not create POEM exposure where activities are of routine nature

13 November 2017
The new tax residency rule for foreign companies based on the concept of Place of Effective Management (‘PoEM’) has been effective since 1st April, 2017, i.e., Assessment Year 2017-18 onwards.

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