Income Tax : The Income Tax Act 1961 is the legal framework governing taxation related matters in India. According to section 9 of the Income T...
Corporate Law : Enforceability of Arbitration Clause in an Unstamped Arbitration Agreement Vis-À-Vis Section 9 and Section 11 of the Arbitration ...
Income Tax : in the case of Ishikawajima-Harima (Supra) in Para 2 above. We wonder whether the proposed amendment is sufficient to provide the ...
Income Tax : Finance Minister Pranab Mukherjee took the first step towards implementation of the Direct Taxes Code (DTC) on Friday. While retai...
Income Tax : THE much-awaited order of the Karnataka High Court on the question of liability to deduct tax at source on payments made to non-re...
Income Tax : ITAT Delhi held that availment of web hosting services do not constitute royalty or FTS and hence payments made thereof for such s...
Income Tax : DIT Vs. Rio Tinto Technical Services (HC Delhi) - The payment in the present case is for furnishing of evaluation report. The fee...
Income Tax : Income deemed to accrue or arise in India-Under section 9(1)(vi)-Income from supply of software to clients in India-Where assessee...
Income Tax : For the purposes of this clause, fees for technical services means any consideration (including any lump sum consideration) for th...
Income Tax : The applicant is a US-based manufacturer engaged in manufacturing of engineering goods and is also an R&D-based service provider. ...
Goods and Services Tax : In the principal Act, in Section 10, after sub-section (4), the following subsection shall be inserted, namely:- “(5) Where the ...
Income Tax : The Central Board of Direct Taxes had issued Circular No. 23 (hereinafter called "the Circular") on 23rd July 1969 regarding taxab...
Goods and Services Tax : Any dealer who files Audit Report on or after 1st October 2009 for any period shall file the same in the new Form-704. Now, it is ...
ITAT Delhi held that availment of web hosting services do not constitute royalty or FTS and hence payments made thereof for such services are not chargeable to tax in India. Accordingly, TDS not deductible on the same.
The Income Tax Act 1961 is the legal framework governing taxation related matters in India. According to section 9 of the Income Tax Act, any income received by a taxpayer, either in cash or in kind, that is deemed to accrue or arise in India shall be liable to tax.
Enforceability of Arbitration Clause in an Unstamped Arbitration Agreement Vis-À-Vis Section 9 and Section 11 of the Arbitration and Conciliation Act, 1996; A Conundrum
DIT Vs. Rio Tinto Technical Services (HC Delhi) – The payment in the present case is for furnishing of evaluation report. The fee paid is for the said purpose. To collect and collate the information and furnish evaluation report, the assessee was required and it was necessary to undertake certain tests, mapping and studies.
Income deemed to accrue or arise in India-Under section 9(1)(vi)-Income from supply of software to clients in India-Where assessee was engaged in sale of copyright software then income from such sale cannot be treated as royalty under section 9(1)(vi) particularly where assessee did not have any PE in India.
in the case of Ishikawajima-Harima (Supra) in Para 2 above. We wonder whether the proposed amendment is sufficient to provide the territorial nexus enunciated in the aforesaid decision and override the said decision of the Supreme Court. This amendment could lead to litigation. Further, the amendment is not clear as regards its applicability on income by way of interest or royalty earned by a non-resident outside India, where there is no nexus between such interest and royalty and the Indian state.
Finance Minister Pranab Mukherjee took the first step towards implementation of the Direct Taxes Code (DTC) on Friday. While retaining the basic exemption limits for all income levels (as in the DTC), he increased the other slabs. For instance, while the basic exemption limit for individuals has been retained at Rs 1.6 lakh, the 10 per cent rate will now be applicable for the Rs 1.6 lakh-Rs 5 lakh bracket. Earlier, the 10 per cent rate was applicable for income of Rs 1.6-Rs 3 lakh. The hike in the slab means that the taxpayer is going to save Rs 20,600 for incomes up to Rs 5 lakh.
For the purposes of this clause, fees for technical services means any consideration (including any lump sum consideration) for the rendering of any managerial, technical or consultancy services (including the provision of services of technical or other personnel) but does not include consideration for any construction, assembly
In the principal Act, in Section 10, after sub-section (4), the following subsection shall be inserted, namely:- “(5) Where the goods which have been purchased by a dealer are sold at a price lower than the price at which it was purchased by the dealer, the tax credit on such purchases shall be reduced proportionately in the tax period during which the goods are sold.
The applicant is a US-based manufacturer engaged in manufacturing of engineering goods and is also an R&D-based service provider. It entered a cost al ocation agreement with its India-based group company. The applicant raises invoices on the Indian group company for services rendered based on the formula given in the agreement. The question before the Authority for Advance Ruling was: “Whether payments made for availing services listed out in the agreement are taxable in India and if taxable whether it is liable to TDS under Section 195 of the Act?”
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