Income Tax : Learn about the Annual Information Statement (AIS) and Taxpayer Information Summary (TIS). Find out how to access them and what in...
CA, CS, CMA : Discover the complexities of tax compliance for freelancers and gig workers, from understanding income sources to navigating legal...
Income Tax : Understand the concept of Updated Return under the Income-tax Act, its necessity, tax implications, and filing process. Get insigh...
Income Tax : Explore the legal framework, exemptions, and compliance challenges surrounding the obligation of foreign companies to file income ...
Income Tax : The Income-tax Act has prescribed time limit in respect of various procedures, applications, etc. (like time limit for filing an a...
Income Tax : The Central Government have notified the “Hong Kong Special Administrative Region of the People’s Republic of China” as ‘s...
Income Tax : ITAT Delhi held that advertisement and distribution revenue earned by Discovery Asia Inc. is taxable as per Mutual Agreement Resol...
Income Tax : Punjab and Haryana High Court held that the same assessing officer is required to pass an order under the new scheme after giving ...
Income Tax : In the instant case, assessee had not filed any return within stipulated time framed u/s 139(1), but had filed the return u/s 139(...
Income Tax : ITAT Ahmedabad held that denial of Foreign Tax Credit [FTC] on the ground that corresponding income has not been offered for tax i...
Income Tax : ITAT Ahmedabad rules procedural delays in filing Form 67 cannot deny Foreign Tax Credit under Section 90 of the Income Tax Act. Re...
Income Tax : The Income-tax Act, 1961 (the Act) provides that the Central Board of Direct Taxes may prescribe rules specifying the procedure fo...
Income Tax : Notification No. 3/2011 - Income Tax WHEREAS the annexed Agreement among the Governments of SAARC (South Asian Association for Re...
Income Tax : Notification No. 86/2010-Income Tax Whereas, an Agreement and the Protocol between the Government of Republic of India and the Gov...
Income Tax : Notification No. 36/2010-Income Tax Whereas, an Agreement and the Protocol between the Government of Republic of India and the Gov...
Income Tax : Notification No. 25/2010-Income Tax In exercise of the powers conferred by Explanation 2 to section 90 of the Income-tax Act, 1961...
ITAT Jaipur held that denial of Foreign Tax Credit merely because Form 67 was filed after the due date of filing the return under section 139(1) of the Income Tax Act is unjustified and untenable in law.
ITAT Mumbai held that assessment order passed u/s 143(3) beyond time limit prescribed under section 153 of the Income Tax Act is time barred and bad in law.
ITAT Mumbai held that foreign tax credit duly available even if form no. 67 is filed along with the revised return as the form is filed before the completion of the assessment.
Form 10F is an Income Tax form which reduces Non-resident Tax payer’s TDS rate in India. Learn what details are needed to file Form 10F & how to obtain Tax Residency Certificate.
ITAT held that Rule 128(9) of the Rules does not provide for disallowance of Foreign Tax Credit (FTC) in case of delay in filing Form No. 67; (ii) filing of Form No. 67 is not mandatory but a directory requirement and (iii) DTAA overrides the provisions of the Act and the Rules cannot be contrary to the Act.
Foreign Tax Credit – ITAT held that Rules cannot override the Act and therefore the filing of Form. No 67 is not mandatory but it is directory.
With globalization, people and corporates venturing abroad for work and to explore foreign markets is common. This brings a need to pay taxes on income earned in foreign countries. The question is, if an Indian resident earns income and pays taxes abroad, can he claim credit of the taxes paid in foreign countries and if […]
The provisions of the DTAA cannot be thrusted upon the Assessee simply because the Assessee is a tax resident of a country with which India has entered into a tax treaty or on account of the mere perception of the AO that the Assessee may claim benefits under the tax treaty in subsequent years. 2. Short term losses should be eligible to be carried forward.
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 detail.
Relief Under section 90 if the country in which tax is paid has entered double taxation avoidance agreement with the Government of India. Relief Under section 91 if the country in which tax is paid has not entered into any agreement with the Government of India.
