international taxation

Cabinet approves ratification of MLI, What is significance of ratification of MLI?

Income Tax - Cabinet approves ratification of MLI. What is the significance of ratification of MLI?  Government of India through a press release on 12th June, 2019  has brought out the information of ‘Ratification of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting‘. In this...

Read More

Profit Attribution to PE – a game changer

Income Tax - Author in this article discusses proposed taxation regime by CBDT on Profit attribution to a PE in India and recommendations thereon. It is definitely a welcome step as it will reduce the quantum of litigation....

Read More

India-US agreement for Country by Country reporting

Income Tax - India and United States of America signed an inter- governmental agreement for exchange of country- by –country (CbC) reports on March 27, 2019. This enabled both the countries to exchange CbC reports filed by the ultimate parent organizations of multinationals in respect of jurisdictions, pertaining to the years commencing on or after ...

Read More

Checklist for NRIs before Filing Returns in India

Income Tax - With almost 16 million people, the foreign population of India is the largest. Interestingly, the maximum number of these Non-Resident Indians (NRIs) have their own Bank Accounts, they invest good amounts in various sectors, such as Bank Deposits, Shares, House Property. They are free to increase their assets. But at the same time, it bri...

Read More

Key Highlights of the India-Hong Kong DTAA

Income Tax - The India-Hong Kong DTAA enters into force from 30th November, 2018. The same would be effectively applicable from 01st April, 2019.  Accordingly, the benefit of the provisions of the DTAA can be claimed in respect of the income derived in any year starting from April 1, 2019. The companies engaged into cross-border transactions with Hon...

Read More

Ratification of Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting

Income Tax - The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved theratification of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI)...

Read More

Signing of CbC Report Exchange agreement between India & USA

Income Tax - India and the United States of America have today, the 27th March, 2019, signed an Inter-Governmental Agreement for Exchange of Country-by-Country (CbC) Reports. ...

Read More

Proposed Signing of Bilateral Agreement for Exchange of CBCR between India and USA

Income 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 More

Taxation of Non-Residents

Income 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 More

India and Kazakhstan sign Protocol to amend DTAC

Income 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 More

Software purchased across the counter as shrink proof software is not akin to royalty

Opus Software Solutions Pvt. Ltd. Vs ACIT (ITAT Pune) - It was held that where the software is purchased across the counter as shrink proof software, then it is not akin to royalty both under the Income Tax Act or the DTAA. The Tribunal held that since the definition of ‘royalty’ has not been amended under DTAA,...

Read More

Payment for fabric testing would not constitute fee for technical services

Rajesh Kumar Saroj Vs JCIT (ITAT Delhi) - Indo-UK DTAA must be read as forming part of Indo-Spain DTAA as well and, therefore, the payment made by the assessee to the Spanish company for fabric testing would not constitute fee for technical services and consequently, section 195 of the Act has no application to such a receipt....

Read More

Education cess is nothing but an additional surcharge & part of taxes

R.A.K. Ceramics, UAE Vs DCIT (ITAT Hyderabad) - Article 2(1) of the India-UAE DTAA provides that the taxes covered shall include tax and surcharge thereon. Education cess is nothing but an additional surcharge & is also covered by the definition of taxes....

Read More

USA Federal & state tax eligible for tax credit under Income Tax Act, 1961

Pritesh Rajesh Kotak Vs ITO (ITAT Hyderabad) - Assessee was eligible to claim tax credit both federal as well as state taxes paid on the income earned during the year as section 91 did not discriminate between State and Federal taxes, and in effect provides for both the types of Income-taxes to be taken into account for the purpose of tax credit...

Read More

Money routed through AE by assessee to acquire distributorship was not an international transaction

KSS Limited (formerly known as K Sera Productions Ltd.) Vs PCIT (Bombay High Court) - KSS Limited (formerly known as K Sera Productions Ltd.) Vs Pr. CIT (Bombay High Court) Conclusion: Where the money was routed through AE by the assessee for the purpose of acquisition of distributorship, the back to back agreements, the contents thereof and most significantly, the fact that neither ...

Read More

Agreement for exchange of information with Marshall Islands notified

Notification No. 40/2019 - (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:...

Read More

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...

Read More

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

Circular No. 7/2019-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...

Read More

CBDT notifies DTAA between India-Hong Kong

Notification 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 More

Templates of Rulings received from other jurisdictions under BEPS Action 5 -Reg.

Instruction 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 More

Recent Posts in "international taxation"

Cabinet approves ratification of MLI, What is significance of ratification of MLI?

Cabinet approves ratification of MLI. What is the significance of ratification of MLI?  Government of India through a press release on 12th June, 2019  has brought out the information of ‘Ratification of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting‘. In this...

Read More
Posted Under: Income Tax |

Ratification of Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved theratification of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI)...

Read More
Posted Under: Income Tax |

Software purchased across the counter as shrink proof software is not akin to royalty

Opus Software Solutions Pvt. Ltd. Vs ACIT (ITAT Pune)

It was held that where the software is purchased across the counter as shrink proof software, then it is not akin to royalty both under the Income Tax Act or the DTAA. The Tribunal held that since the definition of ‘royalty’ has not been amended under DTAA,...

Read More
Posted Under: Income Tax |

Profit Attribution to PE – a game changer

Author in this article discusses proposed taxation regime by CBDT on Profit attribution to a PE in India and recommendations thereon. It is definitely a welcome step as it will reduce the quantum of litigation....

Read More
Posted Under: Income Tax |

Agreement for exchange of information with Marshall Islands notified

Notification No. 40/2019 (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:...

Read More

India-US agreement for Country by Country reporting

India and United States of America signed an inter- governmental agreement for exchange of country- by –country (CbC) reports on March 27, 2019. This enabled both the countries to exchange CbC reports filed by the ultimate parent organizations of multinationals in respect of jurisdictions, pertaining to the years commencing on or after ...

Read More
Posted Under: Income Tax |

Checklist for NRIs before Filing Returns in India

With almost 16 million people, the foreign population of India is the largest. Interestingly, the maximum number of these Non-Resident Indians (NRIs) have their own Bank Accounts, they invest good amounts in various sectors, such as Bank Deposits, Shares, House Property. They are free to increase their assets. But at the same time, it bri...

Read More
Posted Under: Income Tax |

Key Highlights of the India-Hong Kong DTAA

The India-Hong Kong DTAA enters into force from 30th November, 2018. The same would be effectively applicable from 01st April, 2019.  Accordingly, the benefit of the provisions of the DTAA can be claimed in respect of the income derived in any year starting from April 1, 2019. The companies engaged into cross-border transactions with Hon...

Read More
Posted Under: Income Tax |

Changes in Direct, Indirect & International taxation W.E.F. 01st April, 2019

With the start of the new financial year 2019-20, following are some of the changes that can affect your financial planning as a few changes related to income tax, GST and international taxation came into effect from 01st April, 2019: A) Income Tax  Following are the changes under Income-tax law applicable from April 1, 2019: 1. [&helli...

Read More
Posted Under: Income Tax |

Taxation of Artistes, Entertainers and Sportspersons

Ever wondered, when Virat Kohli hits centuries on cricket grounds situated outside India, which country shall have right to tax his income arising from such play? Or when the audience outside India gets Goosebumps listening to the voice of Arijit Singh, how the said income shall be taxed? The taxation rights of Artistes and Sports [&helli...

Read More
Posted Under: Income Tax |

Browse All Categories

CA, CS, CMA (4,148)
Company Law (4,737)
Custom Duty (7,278)
DGFT (3,931)
Excise Duty (4,195)
Fema / RBI (3,697)
Finance (3,893)
Income Tax (29,914)
SEBI (3,134)
Service Tax (3,452)

Search Posts by Date

June 2019
M T W T F S S
« May    
 12
3456789
10111213141516
17181920212223
24252627282930