international taxation

Switzerland – Corporate Tax Overhaul

Income Tax - Switzerland’s Federal Council on 6th September initiated a consultation on a new proposal to reform the Swiss corporate tax system, known as Tax Proposal 17 or TP 17. A steering committee charged with preparing a new plan for tax reform presented its objectives and recommendations, recently....

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Taxability of Non Resident Indian

Income Tax - Based upon a set of specific guidelines and directives, it can be ascertained if a person is actually an NRI. If his/her income in India through aspects like capital gains from investments in shares, mutual funds, property rental and term deposits exceed the basic exemption limit as defined in the Income Tax Act, he/she would have to fil...

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U S Taxation – S Corporation – Useful information to be learnt and cherished

Income Tax - What is a S Corporation? Quoting directly from irs.gov, our well known American federal government website for income tax purposes, “S corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes.”...

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U S Taxation Vis-a-Vis Israeli Taxation: Interesting comparison

Income Tax - When the Indian Prime Minister visited Israel recently and eulogies were written about Israel, my thought process needed more research on the tax aspect of Israel Vis – a – Vis U S taxation since both have been intertwined since its creation and a large number of Israelis do have twin citizenship from both the countries. For an Indian...

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​International Business- Income Tax Sections to be remembered

Income Tax - Relevant provisions of Income-tax Act to be complied with by non-residents planning to set up business in India; and residents dealing with non residents...

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Cabinet approves MOC in respect of tax matters with BRICS countries

Income Tax - Cabinet approves MOC in respect of tax matters between India and BRICS countries – Brazil, Russia, China and South Africa The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given the approval for the signing of Memorandum of Cooperation (MOC) in respect of tax matters between India and the Revenue administrations...

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India Signs MLC to Prevent Base Erosion and Profit Shifting

Income Tax - Finance Minister Shri Arun Jaitley signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting at Paris on 7th June, 2017 on behalf of India....

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Cyprus seeks Indian investments to enhance ties: Nicos Anastasiades

Income Tax - President of the Republic of Cyprus urged Indian industry to invest in the country`s key areas including banking and finance, shipping and transportation, education, science and technology, pharmaceuticals, renewable energy and tourism in order to stimulate trade and investments between the two countries said at `India –Cyprus Business ...

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Name Change? How It Impacts Taxes in USA

Income Tax - A name change can have an impact on taxes. All the names on a taxpayer’s tax return must match Social Security Administration records. A name mismatch can delay a tax refund. Here’s what taxpayers should know if they changed their name:...

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IRS Reminds International Taxpayers of Tax Obligations; Clarifies Rules for Tax Withholding Agents

Income Tax - The Internal Revenue Service today reminded non-U.S. citizens who may have taxable income, such as international students and scholars who may be working or receiving scholarship funds, that they may have special requirements to file a U.S. tax return....

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Payment for Net Communication system developed by principal for smooth functioning of shipping business is not FTS

DIT Vs. A. P. Moller Maersk, (Supreme Court) - In this Case Hon’ble Supreme Court held that Payments made by the agents to the concerned foreign assessee, for using the facility of Net Communication System, developed by the assessee for smooth functioning of its international shipping business cannot be classified as fees for technical ser...

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Taxability of business done by NRI through Power of Attorney holder

Carpi Tech SA Vs ADIT (ITAT Chennai) - Assessee submitted that project receipt from Tanakpur Power Project of NHPC work is exempt from tax in India for the reason that assessee does not have continuous presence or 'business connection' or a permanent establishment in India....

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TP – Notional Interest on Excess Credit Period/ Delayed Payment

Tally Solutions Pvt. Ltd. Vs. ACIT (ITAT Bangalore) - The treatment of extended credit period to Associated Enterprises(AEs) as an international transaction and making adjustment of notional interest on the same has always been bone of contention between the assessee and department. ...

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TDS not deductible on web hosting & marketing services procured from US based entity

DCIT Vs M/s Matrimony.Com Pvt. Ltd. (ITAT Chennai) - The ITAT Chennai held that payments made by the assessee in the nature of webhosting and marketing expenses to US based service provider could not be taxed as Fees for technology services because there were not transfer of technology involved in render of services such that the services could be con...

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Section 94-A(1) is Constitutional Valid : Madras High Court

T. Rajkumar & Others Vs UOI & Ors. (Madras High Court) - The Hon'ble Madras High court in the above cited case held that central govt can notify a country as notified jurisdictional area u/s 94A inspite of the fact that there exist a Double Tax Avoidance Agreement provided the DTAA is not serving the intended purpose for which it was entered into. ...

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Draft Notification on foreign company resident in India U/s. 115JH

F No 370142/19/2017-TPL - (15/06/2017) - CBDT invites comments and suggestions on the Draft Notification in respect of foreign company said to be resident in India under Section 115JH of the Income-tax Act, 1961...

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Reg. removal of Cyprus from list of notified jurisdictional areas U/s. 94A

Circular No. 15/2017-Income Tax - (21/03/2017) - It is hereby clarified that Notification No. 86/2013 has been rescinded with effect from the date of issue of the said notification, thereby, removing Cyprus as a notified jurisdictional area with retrospective effect from 01.11.2013....

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Principles for determination of Place of Effective Management (POEM) of a Company

Circular No. 06/2017-Income Tax - (24/01/2017) - Section 6(3) of the Income-tax Act, 1961 (the Act), prior to its amendment by the Finance Act, 2015, provided that a company is said to be resident in India in any previous year, if it is an Indian company or if during that year, the control and management of its affairs is situated wholly in India....

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CBDT notifies Protocol between India and Cyprus

Notification No. 03/2017-Income Tax - (10/01/2017) - Protocol between India and Cyprus for avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income ...

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CBDT notifies rules for Foreign Tax Credit

Notification No. 54/2016-Income Tax - (27/06/2016) - Foreign Tax Credit.- (1) An assessee, being a resident shall be allowed a credit for the amount of any foreign tax paid by him in a country or specified territory outside India, by way of deduction or otherwise, in the year in which the income corresponding to such tax has been offered to tax or ass...

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Recent Posts in "international taxation"

Switzerland – Corporate Tax Overhaul

Switzerland’s Federal Council on 6th September initiated a consultation on a new proposal to reform the Swiss corporate tax system, known as Tax Proposal 17 or TP 17. A steering committee charged with preparing a new plan for tax reform presented its objectives and recommendations, recently....

Read More
Posted Under: Income Tax |

Taxability of Non Resident Indian

Based upon a set of specific guidelines and directives, it can be ascertained if a person is actually an NRI. If his/her income in India through aspects like capital gains from investments in shares, mutual funds, property rental and term deposits exceed the basic exemption limit as defined in the Income Tax Act, he/she would have to fil...

Read More
Posted Under: Income Tax |

U S Taxation – S Corporation – Useful information to be learnt and cherished

What is a S Corporation? Quoting directly from irs.gov, our well known American federal government website for income tax purposes, “S corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes.”...

Read More
Posted Under: Income Tax |

U S Taxation Vis-a-Vis Israeli Taxation: Interesting comparison

When the Indian Prime Minister visited Israel recently and eulogies were written about Israel, my thought process needed more research on the tax aspect of Israel Vis – a – Vis U S taxation since both have been intertwined since its creation and a large number of Israelis do have twin citizenship from both the countries. For an Indian...

Read More
Posted Under: Income Tax |

​International Business- Income Tax Sections to be remembered

Relevant provisions of Income-tax Act to be complied with by non-residents planning to set up business in India; and residents dealing with non residents...

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...

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Posted Under: Income Tax |

Taxation of Global Income in USA for Indians who are US Citizens, NRIs, or Green Card holders, including for EB-5 immigrants

The issue of global taxation of Indians residing in USA, or residing in India but being a US reportable person, requires comprehensive understanding of the following: US tax laws which are governed by IRS; Specific regulations under FATCA which covers foreign assets; Provisions of FEMA in India; Guidelines by the Reserve Bank of India fro...

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Posted Under: Income Tax |

Cabinet approves MOC in respect of tax matters with BRICS countries

Cabinet approves MOC in respect of tax matters between India and BRICS countries – Brazil, Russia, China and South Africa The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given the approval for the signing of Memorandum of Cooperation (MOC) in respect of tax matters between India and the Revenue administrations...

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Posted Under: Income Tax |

Complete NRI Guide to Property in India

This article attempts to dispel the doubts in the minds of such prospective NRI investors by addressing key issues pertaining to property dealings in India....

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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 ...

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Posted Under: Income Tax |
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