deloitte

Does constitution of “Service PE” entail physical presence of foreign personnel in host country?

Income Tax - Permanent Establishment (PE) is the fundamental criterion under the tax treaties for taxation of foreign company’s business income in India. A permanent establishment of a foreign company is typically regarded as a virtual extension or taxable presence of such foreign company in the host country, similar to that of an independent legal ...

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“Paid” vs “Payable” interpretation- Section 40(a)(i) & Section 40(a)(ia) clarified by Apex Court

Income Tax - There have been substantial debate around the point whether the term ‘payable’ used in section 40(a)(ia) would include amounts outstanding at the end of the year or both amounts outstanding as well as paid during the year....

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India Signs first batch of five advance pricing agreements with MNCs

Income Tax - It goes to the credit of the CBDT and their APA team that the first batch of five APAs is being signed on 31 March 2014. They have taken just one year to achieve this milestone, which by international standard quite fast. It has been made possible by reasonable approach of the authorities and maturity shown by taxpayers. ...

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Visiting India post- employment abroad could trigger tax implications

Income Tax - In the context of the residential status of a person employed outside India, the Authority for Advance Ruling (AAR) has recently pronounced a decision in the case of Smita Anand (A.A.R. No.1091 of 2011 Dated 19.02.2014) which provides important learnings for employees wanting to settle back in India....

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Whether Additional Duty exemption can be claimed if the goods are cleared from SEZ to DTA on stock transfer basis

Income Tax - An exemption is given from additional duty of customs levied in lieu of Value Added Tax (‘ADC’) leviable under Section 3(5) of the Customs Tariff Act to the goods cleared from the Special Economic Zone (‘SEZ’) to Domestic Tariff Area (‘DTA’). However such exemption is not applicable if such goods, when sold in DTA, are [&h...

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Under-construction properties get costlier from 1st July 2010

Income Tax - Costs rise from 1st July 2010 for buyers of under-construction properties due to the imposition of a service tax on builders. Last week, the Central Board of Excise and Customs notified that a service tax of 10 per cent would be levied on the gross value (Excluding abatement) of a housing property under construction from July 1. Only prop...

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Recent Posts in "deloitte"

Does constitution of “Service PE” entail physical presence of foreign personnel in host country?

Permanent Establishment (PE) is the fundamental criterion under the tax treaties for taxation of foreign company’s business income in India. A permanent establishment of a foreign company is typically regarded as a virtual extension or taxable presence of such foreign company in the host country, similar to that of an independent legal ...

Read More
Posted Under: Income Tax |

“Paid” vs “Payable” interpretation- Section 40(a)(i) & Section 40(a)(ia) clarified by Apex Court

There have been substantial debate around the point whether the term ‘payable’ used in section 40(a)(ia) would include amounts outstanding at the end of the year or both amounts outstanding as well as paid during the year....

Read More
Posted Under: Income Tax |

India Signs first batch of five advance pricing agreements with MNCs

No.402/92/2006-MC (31/03/2014)

It goes to the credit of the CBDT and their APA team that the first batch of five APAs is being signed on 31 March 2014. They have taken just one year to achieve this milestone, which by international standard quite fast. It has been made possible by reasonable approach of the authorities and maturity shown by taxpayers. ...

Read More
Posted Under: Income Tax |

Visiting India post- employment abroad could trigger tax implications

In the context of the residential status of a person employed outside India, the Authority for Advance Ruling (AAR) has recently pronounced a decision in the case of Smita Anand (A.A.R. No.1091 of 2011 Dated 19.02.2014) which provides important learnings for employees wanting to settle back in India....

Read More
Posted Under: Income Tax |

Whether Additional Duty exemption can be claimed if the goods are cleared from SEZ to DTA on stock transfer basis

An exemption is given from additional duty of customs levied in lieu of Value Added Tax (‘ADC’) leviable under Section 3(5) of the Customs Tariff Act to the goods cleared from the Special Economic Zone (‘SEZ’) to Domestic Tariff Area (‘DTA’). However such exemption is not applicable if such goods, when sold in DTA, are [&h...

Read More
Posted Under: Income Tax |

Fees paid to sub-arrangers for mobilizing deposits cannot constitute fees for technical services

India has adopted the source rule for taxing royalties and technical services since 1976. The rule which is an exception to the general rule deems technical services to arise if the services are utilized in India irrespective of where the services are rendered. Given that the term  ‘fees for technical services’ (hereinafter referred ...

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Posted Under: Income Tax |

Tax Residency Certificate (TRC) – In its new version

Provisions of requirement of Tax Residency Certificate were introduced last year. The Finance Minister has attempted to make changes to the existing provisions. The author analyses the changes that are proposed and the possible effects. ...

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Posted Under: Income Tax |

Budget 2013 – Proposed amendment to definition of Agricultural Land – Boon or a bane

The Finance Bill, 2013 has proposed to amend the definition of agricultural land. Here is an attempt to analyse the impact of such changes from a capital gains tax perspective. Any profit arising from sale of a capital asset would be chargeable to income tax under the head ‘capital gains’ and shall be deemed to be the income of the y...

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Posted Under: Income Tax |

Incentivizing flow of funds from foreign subsidiaries into India

The Hon’ble Finance Minister (FM) presented the Union Budget 2013 amidst major challenges facing the Indian economy. Some of the most important considerations for the FM were reviving growth, increasing savings and investments, reining in inflation and gaining back the confidence of the foreign investors. ...

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Posted Under: Income Tax |

India Budget 2013- Determining certainty on the Tax Residency Certificate

The Finance Minister of India presented his last Union Budget 2013 (The Budget)amidst rough financial environment. The Budget proposals comein light of the current challenging economic scenario.It is clear that Indian economy is not insulated from the global slowdown. The Indian downtrend has forced the Finance Minister to recommend slew ...

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Posted Under: Income Tax |
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