Withholding tax - Page 5

Section 206AA cannot override beneficial provisions of tax treaty

In this article, author attempts to brief ITAT (Pune) judgement of Serum Institute of India Limited describing the rate of tax deduction on payments made to non-resident recipient who do not have Permanent Account Number (PAN). ...

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Posted Under: Income Tax |

Purchase cannot be treated Bogus based merely on the basis of statements given before Sales tax department

ITO Vs Deepak Popatlal Gala (ITAT Mumbai)

AO was not justified in making the addition on the basis of statements given by the third parties before the Sales Tax Department, without conducting any other investigation. In the instant case also, the assessing officer has made the impugned addition on the basis of statements given by the parties before the Sales tax department....

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Taxability of sale of software and support services under India US DTAA

M/s Halliburton Export Inc. Vs Asstt. D.I.T. (ITAT Delhi)

Assessee, a US company, entered into agreements with various customers in India for rendering software services - Assessing Officer held that payments received by assessee from sale of software and provision of maintenance and other support services to customers in India...

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TDS on interest paid by assessee Indian branch of a Belgian bank to its head Office

Antwerp Diamond Bank NV Vs ADIT (ITAT Mumbai)

Next ground of appeal is about disallowance of interest paid by the assessee to HO amounting to Rs.8.57Crores.During the assessment proceedings, AO found that interest of Rs.8,56,15, 525/- was paid by the assessee to HO on subordinate debts and term borrowing....

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Interest Payment from India- TDS u/s 195 and Tax Planning

Interest Income from India- Foreign Remittance- Taxation and Planning. A. Taxation as per Domestic Law: A.1. Definition of Interest- 2(28A) "interest" means interest payable in any manner in respect of any moneys borrowed or debt incurred (including a deposit, claim or other similar right or obligation) and includes any service fee or oth...

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Posted Under: Income Tax |

Effect of BEPS project on common tax structures used by MNEs in digital economy

The legal structures adopted by MNEs for tax planning purposes in the traditional businesses are often applied even in the digital businesses. These structures can essentially be broken down into four elements as elaborated in the February 2013 OECD Report on ‘Addressing Base Erosion and Profit Shifting’:...

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Posted Under: Income Tax |

Additional Income-tax on distributed income by company for buy-back of unlisted shares

20% Withholding Tax Rate on profits distributed by unlisted companies to shareholders through buy-back of shares Existing provisions of Section 2(22)(e) provide the definition of dividends for the purposes of the Income-tax Act. Section 115- O provides for levy of Dividend Distribution Tax(DDT) on the company at the time when company dist...

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Posted Under: Income Tax | ,

Role of Chartered Accountant in Your Growth

What a chartered accountant does exactly is something unknown, which is of course if you’re not an accountant yourself. For many people, an accountant is something that they feel they only need once a year when they are doing their taxes returns. But business and CA are more than just taxes. If you are only using your CA for your tax re...

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Posted Under: Income Tax |

Vodafone pays over USD 400 mn more to buy Essar's 33 per cent stake

Ending year-long battle, UK-based Vodafone has agreed to pay USD 400 million more to its Indian partner Essar for buying its 33 percent stake in the joint venture Vodafone-Essar. With this, Essar closed the deal to sell its 33 percent stake at USD 5.46 billion as against USD 5 billion decided earlier. ...

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Posted Under: Income Tax |

Withholding tax need not to be deducted on payments made for services like transcription and data processing –AAR

R.R. Donnelley India Outsource Private Limited (AAR Delhi)

Indian firms outsourcing routine work to their overseas subsidiaries would not have to deduct withholding tax on the payments made to them. In a landmark ruling, the Authority of Advance Ruling (AAR) ( A.A.R. No.883 of 2010 dated 16.05.2010 - Applicant R.R. Donnelley India Outsource Private Limited) held that firms are exempted from dedu...

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