To facilitate foreign investment into the country a number of steps have been taken by Government of India in the past. Setting up an Authority for Advance Rulings (Central Excise, Customs & Service Tax) to give binding rulings, in advance, on Central Excise, Customs and Service Tax matters pertaining to an investment venture in India is one such measure. The legal provisions of Advance Rulings were introduced through the Finance Acts of 1998, 1999 and 2003.
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Goods and Services Tax : 1. INTRODUCTION: ADVANCE RULING MECHANISM IN GST 1.1 The Advance Ruling is issued by tax authorities to companies/firms who reques...
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Goods and Services Tax : Gujarat AAR rules nominal deductions from employee salaries for canteen services are not a supply of services, allowing ITC claims...
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Income Tax : CBDT notifies e-advance rulings (Amendment) Scheme, 2023 which amend e-advance rulings Scheme, 2022. Amendments are related to Boa...
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Income Tax : F No. 189/3/2022-ITA-I Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) North Block, ...
Recently, the Authority of Advanced Ruling (AAR) in the case of Joint Accreditation System of Australia and New Zealand [2010-TII-28-ARA-INTL] dated 6 August 2010 held that issuance of accreditation certificate does not result in ‘making available’ skills, technical knowledge etc. possessed by the applicant and accordingly does not result in rendering technical services as per Article 12(3)(g) (Please see note-1) of India-Australia Tax Treaty (tax treaty).
Authority for Advance Rulings (AAR) concluded that gains derived from the transfer of shares by a Mauritius company to its wholly owned subsidiary in India would not be taxable in India under the Indian Income Tax Act (ITA), nor would such gains be subject to the Minimum Alternate Tax (MAT) (Praxair Pacific Limited (A.A.R. No. 855/2009)). The AAR further clarified that benefits under the India-Mauritius tax treaty would be available to the Mauritius Company.
Prudential Assurance Company Limited (‘the Petitioner’ or ‘the Company’), a sub-account duly registered with the Securities and Exchange Board of India (‘SEBI’) filed a writ petition (Writ petition no.866 of 2010 ) with the Bombay High Court against the show-cause notice issued under section 263 of the Income Tax Act, 1961 issued by the Commissioner of Income-tax (Commissioner). The Commissioner was seeking to revise an assessment order determined on the basis of a ruling of the Authority for Advance Ruling (‘the AAR’) in the case of Fidelity Northstar Fund (AAR No. 678/2006). The Bombay High Court has quashed a show-cause notice issued by the Commissioner and held that the assessment order passed by the Assessing Officer (AO) after applying the AAR ruling in petitioner’s own case, cannot be regarded erroneous or prejudicial to the interests of the tax department. Further, the High Court also observed that as per section 245S of the Income-tax Act, 1961 (the Act), the ruling in the case of Fidelity Northstar Fund cannot displace the binding character of the advance ruling rendered between the Petitioner and the tax department.
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’
With a view to avoiding a dispute in respect of assessment of income-tax liability in the case of a non-resident (and also specified categories of residents), a Scheme of Advance Ruling was incorporated in Chapter XIX-B of the Income-tax Act. The Authority for Advance Rulings ( AAR ) pronounces rulings on the applications of the non-resident/residents submitted in the prescribed form following prescribed procedure and such rulings are binding both on the applicant and the income-tax department.
he applicant (hereafter referred to as `AAI’) which is a Public Sector Undertaking set up under the Airport Authority of India Act has entered into a contract dated 11/12/2007 for “Automation Upgrade for third runway at IGI Airport, New Delhi” with Raytheon Company USA, (hereafter referred to as `Raytheon’). The contract involves Raytheon supplying h
Whether the compensation payable to Hellmuth, Obata + Kassabaum L.P., USA under clause VA of the Agreement dated October 15, 2008 can be disintegrated in three parts; viz., (a) for development and sale of designs (b) consultancy for construction documents, and, (c) for `Construction administration’ and `additional services’?
Whether the profits/losses from futures and options contracts (derivative transactions) carried out on the Indian Stock exchanges are in the nature of “Business income” in the hands of the applicant under the provisions of the Act read with the Agreement for Avoi
Praxair Pacific Limited (PPL ), a company incorporated in Mauritius, proposes to transfer its 74% equity stake in Jindal Praxair Oxygen Company Private Limited (JPOCPL) to its wholly owned subsidiary in India, Praxair India Private Limited (Praxair India). The consideration for the proposed transfer is stated to be determined on the basis of cost, unless a higher consideration is required under the pricing guidelines prescribed by the Reserve Bank of India as applicable for transfer of shares.
The assessee, a foreign company, without a presence or PE in India, earned long-term capital gains which were exempt u/s 10(38). The assessee applied for a ruling on whether it was liable to pay Minimum Alternate Tax (MAT) u/s 115JB on the said gains. HELD ruling in favour of the assessee:
