international taxation

Computation of Interest Income Pursuant to Secondary Adjustments

Income Tax - Finance Act, 2017 inserted a new Section 92CE in the Income-tax Act, 1961 with effect from 1st day of April, 2018 to provide for secondary adjustment by attributing income to the excess money lying in the hands of the associated enterprise....

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Foreign Tax Credit: Online submission of Form 67 and other changes

Income Tax - Section 295(2) (ha) of the Income Tax Act, 1961 provides that the CBDT (Board) may make Rules for the procedure for granting of relief or deduction, as the case may be, of any income tax paid in any country or specified territory outside India, under Section 90 or Section 90A or Section 91, against Income – tax payable under the said Ac...

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Residential Status – Am I Resident or Non-Resident?

Income Tax - Non-understanding of correct residential status creates a high buzz for persons residing outside India or the persons visiting foreign for most of the year. They remain confuse whether taxes are to be paid in India and quantum of such taxes...

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Transfer Pricing Documentation Requirements in India

Income Tax - The CBDT has released the final rules through notification (N No. 3497(E) on preparation and filing of Master file by the Constituent Entity of an International group. The brief of the rules as notified and the documentation requirements as needed for the filing are summarized below:...

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Rule 10DA – Requirements for filing a Master File

Income Tax - The Central Board of Direct Taxes (CBDT), has released the final rules through a notification (N No. 3497(E) on preparation and filing of Master file by the Indian Entity of an International group. The brief of the rules as notified and the documentation/information requirements as needed for the filing are summarized herewith for your re...

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Fix the global tax system to fix the inequality crisis: ICRICT

Income Tax - The inequality crisis remains unaddressed and out of control. Hundreds of millions of people are living in extreme poverty while large rewards go to those at the very top. In 2019, the world’s billionaires, only 2,153 people, had more wealth than the poorest  4.6 billion people combined, according to Oxfam. A new generation of inequali...

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Taxing multinationals: ICRICT calls for an ambitious global minimum tax to stop the harmful race to the bottom

Income Tax - Since its creation in 2015, ICRICT calls to stop the harmful race to the bottom in both corporate tax rates and the artificial shifting of corporate profits to low-tax jurisdictions by putting a floor to tax rates and attributing taxable profits to the jurisdictions where real economic activity takes place. We therefore welcome the ongoin...

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Cross border Transactions and Investments (2019)

Income Tax - India is now one of the front runners among the developing countries for attracting FDI. Its strong and stable growth and commitment to institutional reforms has made it one of the most attractive destinations for FDI. Cross border flow of capital, human resource and technology has increased manifold over the period of time, which in [&he...

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Technical Guide on Expatriates Taxation (Revised 2019 edition)

Income Tax - Continuous and rapid global integration has impacted the economies of different countries differently and in a positive manner. Consequently, knowledge, experience and skills of human capital have also been seamlessly shared, which in turn has placed expatriate employees in the most vital position. The income of an inbound expatriate or a...

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Taxing Multinationals: Unified Approach proposal is not good enough

Income Tax - Taxing multinationals: Unified Approach proposal is not good enough – ICRICT urges Secretariat to bring G24 proposal back to the table and to publish economic impact analysis so that the debate can be both transparent and objective. Last month, under the mandate of the G20, the OECD Secretariat has presented a proposal to address the [&...

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Static vs. Ambulatory interpretation of DTAAs – Retrospective amendments to definition of royalty

ACIT Vs Reliance Jio Infocomm Ltd. (ITAT Mumbai) - ACIT Vs Reliance Jio Infocomm Ltd. (ITAT Mumbai) Let us appreciate the nature of development, from the treaty perspective, in case one is to hold that the retrospective amendments defining the expression ‘process’ would be equally applicable for definition of ‘royalties’ under the tax treaty...

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Satellite transmission services provided by USA based company in India cannot be taxed as Royalty

Intelsat Corporation Vs DCIT (ITAT Delhi) - ITAT held that Satellite transmission services provided by USA based company in India could not be brought to tax by treating the same as royalty income and amendment to the Income Tax Act, 1961 with a retrospective or prospective effect, cannot be read in a manner so as to extend the operation to t...

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Retrospective amendment in section 9(1)(vi) cannot override India-Ireland DTAA

Ixia Technologies International Ltd. Vs ACIT(IT) (ITAT Kolkata) - Ixia Technologies International Ltd. Vs ACIT(IT) (ITAT Kolkata) Since assessee`s case is covered by beneficial provisions of the India-Ireland DTAA, hence the retrospective amendment made in the provisions of section 9(1)(vi) of the Act, which provides that royalty would include consideration for tr...

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Amount paid to Foreign Lawyer to represent in Foreign Court was legal fees not FTS

ONGC as representative assessee of Dewey & Le Boeuf International Company LLC Vs DCIT (International Taxation) (ITAT Delhi) - Amount paid to foreign lawyer by assessee for representing its case before foreign court was not taxable as fees for technical services (FTS) in India as legal services could not be treated as FTS as it was a professional services which was outside the scope of Section 9(1)(vii)....

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DTAA cannot be overridden by a unilateral legislative amendment by one Country

CIT (IT)­ Vs Reliance Infocomm Ltd (Bombay High Court) - Mere amendments in the Act would not over­ride the provisions of Double Tax Avoidance Agreement (DTAA). It was held that: on a final note, India’s change in position to the OECD Commentary cannot be a fact that influences the interpretation of the words defining royalty as they stand today....

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CBDT notifies Revised India -China DTAA Protocol

Notification No. 54/2019-Income Tax [S.O. 2562(E)] - (17/07/2019) - Protocol amending the Agreement between the Government of the Republic of India and the Government of the People’s Republic of China for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and the Protocol thereto Signed at New Delhi on 18th July, ...

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India ratifies Multilateral Convention to Prevent BEPS

NA - (02/07/2019) - India has ratified the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI), which was signed by the Hon’ble Finance Minister at Paris on 7th June, 2017 on behalf of India, alongwith representatives of more than 65 countries....

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Agreement for exchange of information with Marshall Islands notified

Notification No. 40/2019 [S.O. 1789(E).] - (21/05/2019) - Government of the Republic of India and the Government of Republic of the Marshall Islands, desiring to facilitate the exchange of information with respect to taxes have agreed as follows:...

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Amendment of Rules for Profit attribution to PE: CBDT invites comment

F. No. 500/33/2017-FTD.I - (18/04/2019) - Public Consultation on the proposal for amendment of Rules for Profit attribution to Permanent (PE) Establishment invited by CBDT. Under Article 7 in the Indian treaties, profits are to be attributed to the PE as if it were a distinct and separate entity on the basis of the accounts of the PE and wh...

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CBDT Extends CbCR deadline for constituent entities having parent entity in USA

Circular 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...

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Recent Posts in "international taxation"

Fix the global tax system to fix the inequality crisis: ICRICT

The inequality crisis remains unaddressed and out of control. Hundreds of millions of people are living in extreme poverty while large rewards go to those at the very top. In 2019, the world’s billionaires, only 2,153 people, had more wealth than the poorest  4.6 billion people combined, according to Oxfam. A new generation of inequali...

Read More
Posted Under: Income Tax |

Computation of Interest Income Pursuant to Secondary Adjustments

Finance Act, 2017 inserted a new Section 92CE in the Income-tax Act, 1961 with effect from 1st day of April, 2018 to provide for secondary adjustment by attributing income to the excess money lying in the hands of the associated enterprise....

Read More
Posted Under: Income Tax |

Foreign Tax Credit: Online submission of Form 67 and other changes

Section 295(2) (ha) of the Income Tax Act, 1961 provides that the CBDT (Board) may make Rules for the procedure for granting of relief or deduction, as the case may be, of any income tax paid in any country or specified territory outside India, under Section 90 or Section 90A or Section 91, against Income – tax payable under the said Ac...

Read More
Posted Under: Income Tax |

Residential Status – Am I Resident or Non-Resident?

Non-understanding of correct residential status creates a high buzz for persons residing outside India or the persons visiting foreign for most of the year. They remain confuse whether taxes are to be paid in India and quantum of such taxes...

Read More
Posted Under: Income Tax |

Transfer Pricing Documentation Requirements in India

The CBDT has released the final rules through notification (N No. 3497(E) on preparation and filing of Master file by the Constituent Entity of an International group. The brief of the rules as notified and the documentation requirements as needed for the filing are summarized below:...

Read More
Posted Under: Income Tax |

Rule 10DA – Requirements for filing a Master File

The Central Board of Direct Taxes (CBDT), has released the final rules through a notification (N No. 3497(E) on preparation and filing of Master file by the Indian Entity of an International group. The brief of the rules as notified and the documentation/information requirements as needed for the filing are summarized herewith for your re...

Read More
Posted Under: Income Tax |

Tax Havens and Developing Countries: Policy Challenges in post BEPS Regime

Tax havens create huge challenges before countries in terms of shifting of profits, flight of capital, hiding of unaccounted wealth & other assets of tax residents of countries and providing a safe haven for parking corruption proceeds from where it is ultimately laundered back into source countries....

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Posted Under: Income Tax |

International Taxation: A User’s Guide

In today’s globalised world, even officers posted outside the Commissionerate of International Taxation should have working knowledge about basics of International Taxation and the DTAAs. This article tries to develop a working guide to the officers on the issue of payment to non-residents....

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Posted Under: Income Tax |

Taxing multinationals: ICRICT calls for an ambitious global minimum tax to stop the harmful race to the bottom

Since its creation in 2015, ICRICT calls to stop the harmful race to the bottom in both corporate tax rates and the artificial shifting of corporate profits to low-tax jurisdictions by putting a floor to tax rates and attributing taxable profits to the jurisdictions where real economic activity takes place. We therefore welcome the ongoin...

Read More
Posted Under: Income Tax |

Static vs. Ambulatory interpretation of DTAAs – Retrospective amendments to definition of royalty

ACIT Vs Reliance Jio Infocomm Ltd. (ITAT Mumbai)

ACIT Vs Reliance Jio Infocomm Ltd. (ITAT Mumbai) Let us appreciate the nature of development, from the treaty perspective, in case one is to hold that the retrospective amendments defining the expression ‘process’ would be equally applicable for definition of ‘royalties’ under the tax treaty. Thus viewed, situation could be like t...

Read More

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