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 : The Income Tax Appellate Tribunal (ITAT) Pune dismissed an appeal by the Income Tax Department, affirming that a cooperative credi...
Goods and Services Tax : The Allahabad High Court set aside a tax reassessment order against Central Electronics Ltd., ruling that the proceedings were bas...
Income Tax : Calcutta HC dismisses IT appeal against Subhlabh Steels due to ongoing insolvency under IBC, citing SC ruling in Monnet Ispat. Rea...
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...
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 ...
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?”
It cannot be doubted that the technology/know- how transfer that is contemplated by clause 2 of the `Technology Transfer Agreement’ between the parties gets covered by more than one sub-clause of Explanation 2 to section 9(1)(vi) of the Income-tax Act, 1961 i.e., sub-clauses (i),(ii) and (iv); the services in the form of technical assistance and consultancy connected with those items fall under sub-clause (vi); therefore, the consideration received by the American Company towards technology transfer/technical know-how and the services connected therewith is clearly liable to be taxed as royalty under section 9(1)(vi).
THE much-awaited order of the Karnataka High Court on the question of liability to deduct tax at source on payments made to non-residents for the purchase of software to be used in business is finally out. The order passed on 24th September, 2009 was made available only on 17th November, 2009.
The Central Board of Direct Taxes had issued Circular No. 23 (hereinafter called “the Circular”) on 23rd July 1969 regarding taxability of income accruing or arising through, or from, business connection in India to a non-resident, under section 9 of the Income-tax Act, 1961. 2. It is noticed that interpretation of the Circular by some of the taxpayers to claim relief is not in accordance with the provisions of section 9 of the Income-tax Act, 1961 or the intention behind the issuance of the Circular.
Admittedly there was no DTAA with Hongkong for the relevant year. As such we will restrict ourselves in examining the provisions of section 9(l)(vii) in order to ascertain the deductibility or otherwise of tax at source from the payment so made to the firm of legal advisors at Hongkong.
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 mandatory for all the dealers who are required to get their books of account audited as per the provisions of the section 61 of the MVAT Act, 2002 to file Audit Report in Form-704 electronically.
The fact involved in the present case is that the assessee is a branch of Samsung Electronics Co Company Limited, Korea, engaged in the development, manufacture and export of software for use by its parent company, i.e., Samsung Electronics Co., Ltd., Korea. The assessee develops various kinds of software for telecommunication system for office appliances, for computer systems and for mobile devices etc.,. The software developed by the assessee is for in-house use by the parent company.
12. Section 9(l)(vi)(c) provides that any income by way of royalty payable by a person who is a resident except where the royalty is payable in respect of any right, property or information used or services utilized for the purpose of a business or profession carried on by such person outside India or for the purposes of business or profession carried on by such person outside India or for the purpose
