international taxation

US Department of Treasury released President Biden’s Made in America Tax Plan

Income Tax - As per the tax plan, following are the flaws in the current tax system: (i) Evidence following the 2017 corporate rate cut from 35 percent to 21 percent, however, did not show an increase in investment or economic growth from trend levels. (ii) The share of federal revenue raised by the corporate tax has fallen […]...

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Claiming credit of taxes paid in foreign countries

Income Tax - Nowadays on account of the globalized environment and expansion of business outside India, a person may earn income from more than one country and sometimes the same income may be taxed twice, once in the source country and other in the resident country as well. Let us know these two methods for taxing income earned by a person in more de...

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Singapore Budget 2021: Highlights of the key tax changes

Income Tax - 1. The option to accelerate the write-off of the cost of acquiring qualifying plant and machinery will be extended to qualifying capital expenditure incurred on the acquisition of plant and machinery in the basis period for YA 2022 i.e. financial year (FY) 2021. 2. Providing an option to accelerate the deduction of qualifying expenditure ...

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Supreme Court ruling backs taxpayers in software royalty case

Income Tax - 1. There have been a lot of ambiguities have arisen regarding the payment made to a non-resident entity for the grant of the use of computer software by a businessman in India for internal business purposes. 2. The Income Tax Department has been treating such payments as royalty and accordingly, bringing the same to tax in India....

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SC Decision on TDS deduction on Computer Software treating as Royalty

Income Tax - Engineering Analysis Centre of Excellence Private Limited Vs CIT (Supreme Court of India); Civil Appeal Nos. 8733-8734 of 2018; Dated: 02/03/2021 Issues Involved : 1. The amounts paid by the residents in India to non-resident, foreign software suppliers; amounts to royalty, there by necessitating withholding of taxes under section 195 of ...

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Background Material of Diploma in International Taxation

Income Tax - Background Material of Diploma in International Taxation (2020 – Fifth edition) containing: -International Tax – Transfer Pricing -International Tax – Practice (Part I & II) Tax laws in India are becoming more and more complex. Globalization of economies, signing and review of free trade agreements, increase in the number of...

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Technical Guide on BEPS Action Plans and Multilateral Instrument

Income Tax - Technical Guide on BEPS Action Plans and Multilateral Instrument (MLI) – 2020 – First edition   Considering the issue that profits should be taxed where the economic activities take place and no profit should suffer double taxation, in September 2013, the Finance Ministers of the G20 nations came out with a comprehensive action p...

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Basics of International Taxation

Income Tax - Basics of International Taxation – 2020 (fourth edition) – (Earlier known as Aspects of International Taxation – A Study) International Taxation due to its dynamic and ever changing nature has always been a complex subject not only to study but to practice. Due to increase in cross border transactions, mergers and acquisitions, ...

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Guidance Note on Transfer Pricing Report U/s. 92E of Income Tax Act, 1961

Income Tax - ICAI has released the 8th Edition (August 2020) of the Guidance Note on Report Under Section 92E of the Income Tax Act, 1961 (Transfer Pricing). This Guidance Note was last revised in November, 2019. The ICAI has revised Guidance note on Report under Section 92E of the Income Tax Act, 1961 (Transfer Pricing) based on […]...

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Income tax Authority before whom particulars of parent entity and alternate reporting entity to file CbC Report

Income Tax - Income Tax Department designates Income tax Authority before whom particulars of parent entity and alternate reporting entity to file Country-by-Country Report would be notified...

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GAAR cannot be invoked merely for being a party to tax avoidance, ‘participation’ is pre-requisite: South Africa HC

ABSA 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...

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Information Technology Services Income not taxable under article 12 of India- Sweden tax treaty

SCA Hygiene Products AB (Essity Hygiene And Health AB) Vs DCIT (ITAT Mumbai) - SCA Hygiene Products AB (Essity Hygiene And Health AB) Vs DCIT (ITAT Mumbai) In order to decide whether or not the services rendered by the assessee fit the definition of ‘fees for technical services’, as applicable under the Indo Swedish tax treaty, the question that we must ask ourselv...

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In absence of PE Training charges cannot be taxed as Business Income under DTAA with Sweden

Sandvik AB Vs DCIT (ITAT pune) - Sandvik AB Vs DCIT (ITAT pune) We find that the assessee characterized the receipt of Training fee as a consideration for `managerial’ services within the overall ambit of Article 12 and the Revenue also accepted the same as falling under that Article but as `consultancy or technical’ service. W...

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DAPE wholly tax-neutral if remuneration to agent was paid at ALP

Additional Director of Income Tax Vs Asia Today Limited (ITAT Mumbai) - Once the existence of dependent agency permanent establishment was wholly tax-neutral, unless it was shown that the agent had not been paid an arm's length remuneration, and when it was not the case of AO that the agents had not been paid an arm's length remuneration, the question regarding the exis...

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Cloud Hosting Services to Indian customers not taxable as ‘Royalty’ as per India-US DTAA

Racksapce US, Inc Vs Deputy Commissioner of Income Tax (Mumbai) - Cloud hosting services provided USA company to its Indian customers were not covered under the definition of ‘royalties’ as per India-US Tax Treaty as the agreement was to provide hosting services simpliciter and was not for the purpose of giving the underlying equipment on hire or lease and acc...

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CBDT notifies amendment in Rule 10DA, 10DB & Form No. 3CEAB

Notification No. 31/2021-Income-tax [G.S.R 250(E).] - (05/04/2021) - Vide Notification No. 31/2021-Income-tax Dated 5th April, 2021 CBDT notifies amendment in Rule 10DA which deals with Maintenance and furnishing of information and document by certain person under section 92D, Rule 10DB which deals with Furnishing of Report in respect of an International Group & ...

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CBDT notifies Provisions of DTAA between India & Iran

Notification No. 29/2021-Income-tax [S.O. 1442(E).] - (01/04/2021) - CBDT notifies Agreement Between The Government Of The Republic Of India And The Government Of The Islamic Republic Of Iran For The Avoidance Of Double Taxation And The Prevention Of Fiscal Evasion With Respect To Taxes On Income. Notification No. 29/2021-Income-tax Dated 1st April, 2021. MINISTRY OF...

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Mutual Agreement Procedure (MAP) Guidance by CBDT

MAP GUIDANCE/2020 - (07/08/2020) - Though erstwhile rules 44G and 44H were in existence for a number of years, detailed information regarding MAP processes and guidance on issues related to such processes were not available in a comprehensive and consolidated manner....

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Clarification in respect of residency – section 6 of Income-tax Act, 1961​

Circular No. 11/2020-Income Tax / Release ID: 1622386 dated 09/05/2020 - (08/05/2020) - CBDT issues Circular No. 11 of 2020 and excluded period of forced stay in India from 22nd March, 2020 to 31st March, 2020 in computation of residential status in India for Financial Year 2019-20. Circular No. 11 of 2020 F. No. 370142/18/2020-TPI, Government of India Ministry of Finance Department of...

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CBDT notifies Protocol Between India And Austria

Notification No. 22/2020-Income Tax [S.O. 1370(E)] - (24/04/2020) - Protocol Between The Government Of The Republic Of India And The Government Of The Republic Of Austria Amending The Convention For The Avoidance Of Double Taxation And The Prevention Of Fiscal Evasion With Respect To Taxes On Income, Which Was Signed At Vienna On 8 November, 1999...

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Recent Posts in "international taxation"

GAAR cannot be invoked merely for being a party to tax avoidance, ‘participation’ is pre-requisite: South Africa HC

ABSA 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 Commissioner, South African Revenue Service (SA...

Read More

US Department of Treasury released President Biden’s Made in America Tax Plan

As per the tax plan, following are the flaws in the current tax system: (i) Evidence following the 2017 corporate rate cut from 35 percent to 21 percent, however, did not show an increase in investment or economic growth from trend levels. (ii) The share of federal revenue raised by the corporate tax has fallen […]...

Read More
Posted Under: Income Tax |

CBDT notifies amendment in Rule 10DA, 10DB & Form No. 3CEAB

Notification No. 31/2021-Income-tax [G.S.R 250(E).] 05/04/2021

Vide Notification No. 31/2021-Income-tax Dated 5th April, 2021 CBDT notifies amendment in Rule 10DA which deals with Maintenance and furnishing of information and document by certain person under section 92D, Rule 10DB which deals with Furnishing of Report in respect of an International Group & Form No. 3CEAB which is Intimation by a ...

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CBDT notifies Provisions of DTAA between India & Iran

Notification No. 29/2021-Income-tax [S.O. 1442(E).] 01/04/2021

CBDT notifies Agreement Between The Government Of The Republic Of India And The Government Of The Islamic Republic Of Iran For The Avoidance Of Double Taxation And The Prevention Of Fiscal Evasion With Respect To Taxes On Income. Notification No. 29/2021-Income-tax Dated 1st April, 2021. MINISTRY OF FINANCE (Department of Revenue) New Del...

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Claiming credit of taxes paid in foreign countries

Nowadays on account of the globalized environment and expansion of business outside India, a person may earn income from more than one country and sometimes the same income may be taxed twice, once in the source country and other in the resident country as well. Let us know these two methods for taxing income earned by a person in more de...

Read More
Posted Under: Income Tax |

Singapore Budget 2021: Highlights of the key tax changes

1. The option to accelerate the write-off of the cost of acquiring qualifying plant and machinery will be extended to qualifying capital expenditure incurred on the acquisition of plant and machinery in the basis period for YA 2022 i.e. financial year (FY) 2021. 2. Providing an option to accelerate the deduction of qualifying expenditure ...

Read More
Posted Under: Income Tax |

Information Technology Services Income not taxable under article 12 of India- Sweden tax treaty

SCA Hygiene Products AB (Essity Hygiene And Health AB) Vs DCIT (ITAT Mumbai)

SCA Hygiene Products AB (Essity Hygiene And Health AB) Vs DCIT (ITAT Mumbai) In order to decide whether or not the services rendered by the assessee fit the definition of ‘fees for technical services’, as applicable under the Indo Swedish tax treaty, the question that we must ask ourselves is not only whether the technical [&h...

Read More

Supreme Court ruling backs taxpayers in software royalty case

1. There have been a lot of ambiguities have arisen regarding the payment made to a non-resident entity for the grant of the use of computer software by a businessman in India for internal business purposes. 2. The Income Tax Department has been treating such payments as royalty and accordingly, bringing the same to tax in India....

Read More
Posted Under: Income Tax |

SC Decision on TDS deduction on Computer Software treating as Royalty

Engineering Analysis Centre of Excellence Private Limited Vs CIT (Supreme Court of India)

Engineering Analysis Centre of Excellence Private Limited Vs CIT (Supreme Court of India); Civil Appeal Nos. 8733-8734 of 2018; Dated: 02/03/2021 Issues Involved : 1. The amounts paid by the residents in India to non-resident, foreign software suppliers; amounts to royalty, there by necessitating withholding of taxes under section 195 of ...

Read More

Need of CFC legislation in India

There is a great need and importance of introducing CFC i.e. controlled foreign corporation legislation in Indian tax law, as it is one of the biggest measures to avoid payment of income tax in India by the resident persons of India. In the current scenario, there are no such provisions existing in income tax act, […]...

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Posted Under: Income Tax |

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