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Updates of the Day

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1. India and the US signed tax agreement under the Foreign Account Tax Compliance Act (FATCA) on 09.07.2015 that will enable automatic exchange of financial information between the two nations about tax evaders from 30th September.

 2. Hon’ble Supreme Court in the case of Poonam Spark Limited held that the process of assembling various parts bringing into existence ‘Water Purification and Filtration System’ amounts to Manufacture.

 3. If the payment is for a variety of services and the use of land is minor, the payment cannot be treated as “rent” – Section 194-I of the Income Tax Act. [Japan Airlines Co. Ltd vs. CIT (Supreme Court of India)].

 4. Exemptions under Service tax are optional unlike Section 5A of Central Excise Act. [Hon’ble High Court of Karnataka in case of CCE Vs. Federal Mogul TPR India Ltd.].

 5. Punjab and Haryana High Court on 07.08.2015 dismissed the petitions of more than 150 firms operating in Punjab which had challenged amendment in the VAT (value-added tax) Act, 2005 challenging enhancement of assessment period from 3 to 6 years.

 6. MCA establishes 'Serious Fraud Investigation Office' under Section 211 of the Companies Act, 2013.

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