section 195 news

Procedural & technical issues on IDS, 2016 clarified

Clarification on certain procedural and technical issues regarding the Income Disclosure Scheme, 2016 (IDS) under section 119 of the Income-tax Act, 1961 read with section 195 of the IDS -reg. F.No.225/ 282/ 2017/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (ITA. II) North Block, New D...

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Posted Under: Income Tax |

Section 195: 6 Suggestions made by ICAI for Rationalization of Provisions

Finance Act, 2012 extended the obligation to withhold taxes to non- residents irrespective of whether the non-resident has -...

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Posted Under: Income Tax |

CA Certificate not required for certain remittances: Govt

(07/08/2015)

Government has recently modified the Foreign Exchange Management (Current Account Transactions) Rules, 2000 and the Liberalized Remittance Scheme (LRS) for resident individuals for further liberalizing the existing guidelines. Accordingly, all resident individuals, including minors, are allowed to freely remit upto USD 2,50,000...

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Posted Under: Income Tax |

Vodafone ruling effect – Exporters question TDS on foreign payment post

The Supreme Court judgement on Vodafone tax case seems to have opened a Pandora's box with exporters too expressing reservation on tax deducted at source (TDS) for payment with regard to overseas transactions. Exporters' body FIEO today questioned the applicability of Section 195 of the Income Tax Act, under which they are asked to pay T...

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Posted Under: Income Tax |

Cross Boarder transactions are subject to tax in India – HC in Vodafone

The Bombay High Court has dismissed a petition filed by Vodafone International Holdings against the tax department, saying the transaction is chargeable to income tax and the department has the jurisdiction over cross-border mergers since the assets lies in India....

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Posted Under: Income Tax |

I-T department asks Sanofi Aventis to Pay 650 Crore withholding Tax over its Acquisition of Shantha Biotech last year

Close on the heels of Vodafone-Essar contesting a tax case in the Bombay High Court, tax sleuths have snared another multi-national company for tax evasion. This time, French pharma firm Sanofi Aventis, that acquired India’s Shantha Biotech last year, has been asked to pay Rs 650 crore as capital gains tax to the Indian government. ...

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Posted Under: Income Tax |

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