Income Tax - The Income Tax Department may keep an eye on those buyers who have brought property from non-resident and have failed to deduct/deposit TDS on the purchase of property from a non-resident. TDS part with respect to a non-resident is complex and should be complied with the help of an expert who is well aware of […]...
Read MoreIncome Tax - Own a home in Dubai? Beware! You are under Income-tax scanner Income Tax (IT) department is scrutinizing many Indians who have purchased properties in Dubai in the last few years under a new initiative. Based on the Intelligence gathered, the IT department’s Intelligence and Criminal Investigation (I&CI) wing has started issuing t...
Read MoreIncome Tax - How one becomes Non resident under Income Tax and FEMA and the implications of becoming Non resident? Though the word ‘non resident’ is used interchangeably but the tax laws and Foreign Exchange laws have different connotation of it as the purpose of both the laws is different. Let us discuss. Non resident under tax laws [&h...
Read MoreIncome Tax - In this article, author will discuss the implication of Hong Kong and India both completing their relevant procedures in respect to double tax avoidance agreement (DTAA). Further it will be analyzed in detail meaning of various dates in respect to India – Hong kong DTAA and date from which it can be used for remittance to Hong Kong Resi...
Read MoreIncome Tax - A Company is a separate legal entity from its shareholders. Under S.2 (7) of the Income Tax Act, all entities can be shareholders. For example, sometimes Companies themselves are shareholders in other companies and draw Inter Corporate Dividends from the other. ...
Read MoreIncome Tax - Dear Reader, The Ministry of Finance, has issued a Press release dated 15 March, 2019 stating that a bilateral agreement has been finalized between India and the United States of America (USA) for the exchange of Country-by-Country Reports (CbCR). The proposed agreement would apply retrospectively for the exchange of CbCR from the financi...
Read MoreIncome Tax - ICAI released an e-book on Taxation of Non-Residents based on the law as amended by the Finance Act, 2018. The book contains following topics- Chapter 1. Residential Status Chapter 2. Income Deemed to Accrue or Arise in India Chapter 3. Income not to be included in the total income Chapter 4. Presumptive Taxation Chapter 5. […]...
Read MoreIncome Tax - The Protocol provides internationally accepted standards for effective exchange of information on tax matters. Further, the information received from Kazakhstan for tax purposes can be shared with other law enforcement agencies with the authorisation of the competent authority of Kazakhstan and vice versa....
Read MoreIncome Tax - The Government of India issues clarification regarding requirement for furnishing of Country-by Country Report under Section 286(4) of Income Tax Act, 1961. ...
Read MoreIncome Tax - ICRICT is launching today a new publication presenting concrete solutions to reorient the existing system of international taxation away from serving the wealthy few and to focus it instead on addressing the needs of the vast majority of the population....
Read MorePr. CIT Vs PMP Auto Components Pvt. Ltd (Bombay High Court) - Transfer Pricing provisions on shares purchased at value in excess of FMV was not applicable as the same could only be invoked to bring to tax any income arising from an international transaction....
Read MoreBirla Corporation Limited Vs Assistant Commissioner of Income Tax (ITAT Jabalpur) - Birla Corporation Limited Vs ACIT (ITAT Jabalpur) Installation, commissioning or assembling services being part of composite supply contract covered by specific article on PE of DTAA and not general article on FTS. Facts of the case: Birla Corporation Ltd. (taxpayer), an Indian company is engaged in...
Read MoreMentor Graphics Ireland Ltd. Vs ACIT (International Taxation) (ITAT Delhi) - Receipts from sale of software cannot be treated as ‘royalty’ under the Double Taxation Avoidance Agreement (DTAA) between India and Ireland as payment had been made by assessee for use of copyrighted material rather than for the use of copyright in the computer software programme....
Read MoreMoet Hennessy India Pvt Ltd Vs ACIT (ITAT Delhi) - Moet Hennessy India Pvt Ltd Vs ACIT (ITAT Delhi) In the present case, no new facts have emerged and all the facts brought to record, during the course of the assessment proceedings, do not indicate legally sustainable basis for coming to the conclusion that there was an internal transaction in res...
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 MoreNotification No. 89/2018-Income Tax / S.O. 6247(E) - (21/12/2018) - Republic Of India And Government Of Hong Kong Special Administrative Region Of People’s Republic Of China For Avoidance Of Double Taxation And Prevention Of Fiscal Evasion With Respect To Taxes On Income ...
Read MoreInstruction No. 6/2018 - (22/11/2018) - India being a G20 Country is committed to implement the minimum standards laid down in the Base Erosion and Profit Shifting (BEPS) Project. One of the minimum standards that every participating jurisdiction has to achieve is to ensure a Transparency Framework for spontaneous exchange of rulings unde...
Read MoreNotification No. 43/2018-Income Tax [S.O. 4724 (E)] - (16/09/2018) - CBDT notifies protocol amending India-Portuguese DTAA vide Notification No. 43/2018- Income Tax Dated: 11th September, 2018...
Read MoreNotification No. 93/2017-Income Tax [S.O. 3512(E)] - (02/11/2017) - Agreement between the Government of the Republic of India and the Government of the Government of New Zealand for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes - Notification No. 93/2017 - Income Tax...
Read MoreNotification No. 92/2017-Income Tax [S.O. 3497(E)] - (31/10/2017) - Information and documents to be kept and maintained under proviso to sub-section (I) of section 92D and to be furnished in terms of sub-section (4) of section 92D. 10DA. (1) Every person, being a constituent entity of an international group shall,-...
Read MorePr. CIT Vs PMP Auto Components Pvt. Ltd (Bombay High Court) -
Birla Corporation Limited Vs Assistant Commissioner of Income Tax (ITAT Jabalpur) -
Mentor Graphics Ireland Ltd. Vs ACIT (International Taxation) (ITAT Delhi) -
Notification No. 89/2018-Income Tax / S.O. 6247(E) - (21/12/2018) -
Instruction No. 6/2018 - (22/11/2018) -