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Consideration for use of Intellectual Property – terms critical for “royalty taxation”

Goods and Services Tax - Since the inclusion of royalty as a form of income attracting deemed taxation, by the Finance Act 1976, the gradually expanding ambit of this definition, have led to seemingly incessant tax controversies on the subject. Divergent views by the Indian tax courts on characterization of remittances to non-residents for usage of software, expl...

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Powers of AO and Appellate Authorities to consider bonafide claims beyond the window available for revising the return of income

Goods and Services Tax - A moot question is whether a Tax Payer is allowed to make fresh claims beyond the due date of revising the return of income? Various judicial precedents have held that the Appellate Authorities as well as Assessing authorities have the jurisdiction to exercise their discretion whether or not to permit such additional claims raised for the...

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

Goods and Services 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

Goods and Services 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

Goods and Services 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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13 Decisions taken on Services at 20th GST Council Meeting

Goods and Services Tax - Job work services in respect of the textiles and textile products (including MMF yarn, garments, made-ups, etc. falling in Chapters 50 to 63). Services by way of printing of newspapers, books (including Braille books), journals and periodicals where only content is supplied by the publisher and the physical inputs including paper used fo...

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Under-construction properties get costlier from 1st July 2010

Goods and Services 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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13 Decisions taken on Services at 20th GST Council Meeting

Job work services in respect of the textiles and textile products (including MMF yarn, garments, made-ups, etc. falling in Chapters 50 to 63). Services by way of printing of newspapers, books (including Braille books), journals and periodicals where only content is supplied by the publisher and the physical inputs including paper used fo...

Read More
Posted Under: Income Tax |

Consideration for use of Intellectual Property – terms critical for “royalty taxation”

Since the inclusion of royalty as a form of income attracting deemed taxation, by the Finance Act 1976, the gradually expanding ambit of this definition, have led to seemingly incessant tax controversies on the subject. Divergent views by the Indian tax courts on characterization of remittances to non-residents for usage of software, expl...

Read More
Posted Under: Income Tax |

Powers of AO and Appellate Authorities to consider bonafide claims beyond the window available for revising the return of income

A moot question is whether a Tax Payer is allowed to make fresh claims beyond the due date of revising the return of income? Various judicial precedents have held that the Appellate Authorities as well as Assessing authorities have the jurisdiction to exercise their discretion whether or not to permit such additional claims raised for the...

Read More
Posted Under: Income Tax |

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....

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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...

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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 |
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