Income Tax - Avoidance of Permanent Establishment (PE) status of Non-Residents are made through various arrangements. Company structures their business in way that status of PE can artificially be avoided. The definition of permanent establishment included in tax treaties is therefore crucial in determining whether a non-resident enterprise must pay i...
Read MoreIncome Tax - The global tax landscape is constantly evolving to keep pace with ever-changing business models and structures. Introduction of the Base Erosion and Profit Shifting (BEPS) project by OECD/G-20 in the year 2016 was one such significant international stepsince the advent of bilateral tax treaties, wherein more than 100 countries collaborate...
Read MoreIncome Tax - AAR – Ruling on Benefit of India–Mauritius Treaty on Capital Gains taken by Tiger Global International Group in respect of Shares of Flipkart (Singapore Co) sold by Mauritius based Co to a Company in Luxembourg (which is controlled by Walmart) and the value of shares is derived from assets located in India Summary of Case […]...
Read MoreIncome Tax - Recently , a ruling by AAR against Tiger Global’s claim of exemption on capital gain in the Flipkart –Walmart deal has once again brought forth the issues of treaty shopping and GAAR . Background of the ruling is narrated as follows. Investors of Flipkart included Tiger Global Management, Accel, Naspers , Softbank , Vision Fund [&hell...
Read MoreIncome Tax - General Anti-Avoidance Rule (GAAR) is an anti-tax avoidance law in India to curb tax evasion and avoid tax leaks. It came into effect on 1st April 2017. The GAAR provisions come under the Income Tax Act, 1961. GAAR is a tool for checking aggressive tax planning especially that transaction or business arrangement which is/are entered into ...
Read MoreIncome Tax - Tax Audit Report (Form 3CD- Applicability of Clause 30C & Clause 44 deferred till March 31, 2021 Central Board of Direct Taxes (CBDT) has issued Circular No. 10/2020 dated April 24, 2020 by which the CBDT has deferred the applicability of certain Clause of Form 3CD (Tax Audit Report) till March 31, 2021. Order under […]...
Read MoreIncome Tax - A. CBIC has released 2 sets of FAQ on Real Estate on new GST Rate Structure: There has been number of issues reported by various stake holders on the new GST Rate Structure for Real Estate Sector. Considering the issues, CBIC has issued compilation of 2 sets of FAQ for the guidance and easy understanding […]...
Read MoreIncome Tax - The Government has not held any consultation regarding taxation of digital businesses as such. However, to address the challenges posed by the enterprises who conduct their business through digital means and carry-out activities in the country remotely, the following measures have been taken:...
Read MoreIncome Tax - Implementation Guide w.r.t. Notification No. 33/2018 dated 20.07.2018 effective from 20.08.2018 – (23-08-2018) The Central Board of Direct Taxes, vide Notification No. 33/2018/F No. 370142/9/2018-TPL dated 20th July 2018, notified amendments to Form No. 3CD enhancing substantially the reporting requirements and the role of tax aud...
Read MoreIncome Tax - ICAI vide its representation suggested CBDT to that changes made in Form No. 3CD be implemented from AY 2019-20 for smooth implementation and compliance. It is further suggested that the new clauses may be reconsidered and appropriately modified preferably after due consultation with the stakeholders....
Read MoreABSA Bank Limited Vs Commissioner, South African Revenue Service (High Court of South Africa) - ABSA Bank Limited Vs Commissioner, South African Revenue Service (High Court of South Africa) Introduction [1] The applicants, Absa Bank Ltd and its wholly owned subsidiary Absa Towers (Pty) Ltd hereafter referred to, collectively, as Absa, seek to review two decisions of the respondent, the Commiss...
Read MoreCircular No. 10/2020-Income Tax - (24/04/2020) - Income Tax Circular No. 10/2020-Income -Regarding reporting requirement under clause 30C and clause 44 of the Form 3CD defers GST & GAAR Reporting in amended Income Tax Audit Report amidst Covid-19. Income Tax Circular No. 10/2020 F.No. 370142/9/2018-TPL Government of India Ministry of Finance D...
Read MoreCircular No. 09/2019-Income Tax - (14/05/2019) - Reporting requirements under clause 30C (pertaining to General Anti-Avoidance Rules (GAAR)) and clause 44 (pertaining to Goods and Services Tax (GST) compliance) of the Form No. 3CD is been kept in abeyance till 31st March, 2020. Circular No. 09/2019-Income Tax F. No. 370142/9/2018-TPL Government of...
Read MoreCircular No. 6/2018-Income Tax - (17/08/2018) - Representations have been received by the Board that the implementation of reporting requirements under the proposed clause 30C (pertaining to General Anti-Avoidance Rules (GAAR)) and proposed clause 44 (pertaining to Goods and Services Tax (GST) compliance) of the Form No. 3CD may be deferred....
Read MoreCircular No. 07/2017-Income Tax - (27/01/2017) - Question no. 1: Will GAAR be invoked if SAAR applies? Answer: It is internationally accepted that specific anti avoidance provisions may not address all situations of abuse and there is need for general anti-abuse provisions in the domestic legislation. The provisions of GAAR and SAAR can coexist an...
Read MoreNotification No. 49/2016-Income Tax - (22/06/2016) - Application of General Anti Avoidance Rule- 10U. Chapter X-A not to apply in certain cases.—(1) The provisions of Chapter X-A shall not apply to—any income accruing or arising to, or deemed to accrue or arise to, or received or deemed to be received by, any person from transfer of investments ma...
Read MoreABSA Bank Limited Vs Commissioner, South African Revenue Service (High Court of South Africa) -
Circular No. 10/2020 - CBDT - Income Tax -
Circular No. 10/2020-Income Tax - 24/04/2020