Income from services in connection with seismic surveys, data acquisition, processing and interpretation of such data is covered under Section 44BB of the IT Act, 1961 and cannot be regarded as ‘fees for technical services’
In a recent case of SET Satellite Singapore Pte Ltd.1 the Income Tax Appellate Tribunal, Mumbai (“ITAT”) has held that royalty payments made by a resident of Singapore to another Singaporean entity, as consideration of rights to transmit and broadcast matches etc. in India, are not subject to Indian withholding tax requirements. The ITAT in this case relied on Article 12(7) of the India-Singapore Tax Treaty (“Treaty”), which provides that royalty payments will be considered to arise in India, only if the royalty is paid by a resident of India or incurred in connection with its permanent establishment (“PE”) in India and such royalty is borne by such PE.
It is mandatory for the assessee to follow one of the methods prescribed in Section 92C of the Income Tax Act, 1961 read with Rule 10B of the Income Tax Rules, 1962 and demonstrate that the international transactions entered with the associated enterprise are at arm’s length.
G.S.R. 718 (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 21/2002-Customs, dated the 1st March, 2002 which was publishe
G.S.R. 723 (E). – In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby directs that each of the notifications of the Government of I
Proposing a major relaxation in a 12-year FDI rule, the Industry Ministry today made a case for allowing foreign investors to bring in fresh money and technology to India irrespective of the impact on local partners in any existing joint venture.
The government has decided to cap the number of national commodity exchanges at eight to foster sustained growth of the commodity futures market. “The Consumer Affairs Ministry in consultation with the sector regulator FMC has decided to allow only e
Shri Anand Sharma, Union Minister for Commerce & Industry today flagged off the implementation of the Coffee Debt Relief Package, 2010 by distributing the first batch of certificates to those small coffee growers whose loans have been waived under th
Circular No. IRDA/ACT/CIR/MISC/154/09/2010, dated 9-9-2010 1. Objective and target group: The proposed standard product is aimed to provide a comprehensive package of insurance covers relevant to persons belonging to economically weaker sections in rural and urban areas. The standard product is also aimed to be the primary instrument for fulfilment of the rural and social […]
Securities and Exchange Board of India Letter No. CFD/DCR/IG/DMS/19409/10 dated 9-9-2010 This has reference to your letter dated July 7, 2010 in the captioned matter. In your letter under reference, you have, inter alia, represented as follows:- a) The promoter shareholding in M/s Kamdhenu Ispat Limited (KIL) as on March 31, 2010 stands at 54.97% […]
