Income Tax - The Finance Minister has introduced the Union Budget 2022 (‘Budget’) in the Parliament aiming to boost economic growth and revive sustainably from the ravages of the COVID-19 pandemic. The aim seems to start a virtuous cycle of growth by increasing public expenditure, in the hope of attracting private investment. But in order to facil...
Read MoreIncome Tax - The issue before the Hon’ble Supreme Court (SC) was whether section 14A of the Income-tax Act, 1961 (the Act) enables the Department to make disallowance on expenditure incurred for earning tax-free income, where the assessee does not maintain separate accounts for the investments and other expenditure incurred for earning the tax-free ...
Read MoreIncome Tax - The Finance Ministry vide Circular no. 17/2021 dated 09 September, 2021 announced extensions to the deadline for the filing of the Income-tax Returns, as well as some other allied compliances for the Assessment Year 2021-22: Sr. No. Particulars Original Due Date Extended to vide earlier Circular no.9/2021 Now Extended to vide Latest Circu...
Read MoreIncome Tax - The Finance Minister has introduced the Union Budget 2021 (‘Budget’) in the Parliament amidst the panic and upheaval caused to the society globally by the pandemic. All governments have had to grapple with the human and economic havoc. The Budget aims to increase public spending to steer the economy from its worst contraction in decad...
Read MoreIncome Tax - With the COVID-19 pandemic playing havoc and resulting in many practical challenges, the Indian Government has come out with various relief measures and also extended different statutory deadlines. Recently, the Finance Ministry via Press Release and as per Notification No. 88/2020 issued by CBDT dated 29 October 2020 announced further ex...
Read MoreKhoday Distilleries Ltd. Vs Sri Mahadeshwara Sahakara Sakkare Karkhane Ltd. (Supreme Court of India) - In the case of Khoday Distilleries Ltd. The SC has explained the judicial effect of the dismissal of a Special Leave Petition, filed under Article 136 of the Indian Constitution....
Read MoreTimes Global Broadcasting Company Ltd vs. Union of India & Ors. (Bombay High Court) - Hon’ble Bombay High Court (HC) held that the transfer pricing officer (TPO) cannot suo-motu assume jurisdiction to determine the arm’s length price (ALP) of specified domestic transactions (SDT) not referred to him....
Read MoreSamsung Electronics Co. Ltd. Vs. DCIT (Int. Taxation)- ITAT Delhi - Samsung Electronics Co. Ltd. Vs. DCIT (Int. Taxation)- ITAT Delhi Analysis of the Samsung Case on the Determination of a Permanent Establishment (PE) for Services Provided by Seconded Employees of a Korean Parent to Its Subsidiary in India This article examines the ruling of the Delhi Bench of the I...
Read MoreIn re MasterCard Asia Pacific Pte Ltd (Authority for Advance Rulings) - AAR has held that digital and other connected equipments can, depending on the business model, determine the formation of a permanent establishment of a non-resident enterprise in India. There are also other related issues which will have ramifications on the methodology of conducting business in In...
Read MoreCIT Vs Virtual Soft Systems Ltd. (Supreme Court of India) - Supreme Court Ruling – The Guidance Note issued by Institute of Chartered Accountants of India on lease rental income which helps to compute lease equalisation charges, held to be allowable as a deduction. There is no express bar in the Income-tax Act, 1961 regarding the application of such accoun...
Read MoreNotification No. 25/2020-Income Tax [G.S.R. 304(E)] - (20/05/2020) - The CBDT has issued Notification No. 25 of 2020 dated 20 May 2020, wherein it has notified the year of applicability of the ‘Safe Harbour Rules for International Transactions’ (SHR) for Assessment Year (AY) 2020-21, as the existing rules were applicable only up to AY 2019-20. The said no...
Read MoreCircular No. 07/2019-Income Tax - (08/04/2019) - The Circular has extended the due date to 30 April 2019, for furnishing Country-by-Country Reports (CbCRs), in respect of reporting accounting years ending up to 29 April 2018. The earlier extended due date for such filing was 31 March 2019. This is applicable only to those constituent entities, who...
Read More
Notification No. 25/2020-Income Tax [G.S.R. 304(E)] - 20/05/2020