Zoho Corporation’s attempt to deduct foreign taxes as business expenses under Section 37 of the Income Tax Act was rejected by the ITAT Chennai. The tribunal upheld the disallowance, citing Section 40(a)(ii) and emphasizing the distinction between foreign tax credit under Section 90/91 and business expense deductions. This ruling clarifies the limitations on claiming foreign tax deductions and reinforces the interpretation of relevant tax provisions.
Stay updated with the latest legal compliances and key deadlines for November 2024 in India, including FEMA filings and ITR submissions.
The TPO, however, was not satisfied with the process of computation of PLI made by the Assessee. Accordingly, the TPO has treated the expenses incurred by the foreign AE as part of the operating expenses.
Learn about the FEMA compounding process, authorities, and rules for resolving foreign exchange contraventions with the updated Foreign Exchange (Compounding) Rules 2024.
Get the latest Income Tax and GST notifications, updates, and circulars from February 10 to 16, 2025, including ITR filing deadlines and GST registration processes.
Discover the benefits of a zero brokerage Demat account, including cost-effective trading, secure storage, and seamless transactions for investors.
#AD Whether you need funds for a wedding, home renovation, vacation, or education, get it easily through the Hero FinCorp website or loan app without collateral. The NBFC offers instant Personal Loans with a approval process, making your loan journey stress-free and seamless. Moreover, Hero FinCorp offers customisable EMI options aligning perfectly with your repayment […]
A search and seizure action u/s.132 of the Act was conducted in the assessee’s case on 14.11.2019. AO observed that during the course of search action, a pen drive was found from the cabin of the Head-Cashier.
ICMAI addresses the non-inclusion of ‘Cost Accountant’ in the Income Tax Bill 2025. The Council is engaging with policymakers to ensure fair representation.
Supreme Court held that in disciplinary proceedings, the Disciplinary Authority is not required to be recorded detailed reasons in the order imposing punishment if he accepts the findings recorded by the Enquiry Officer.
