CBDT issues draft notification on interest computation NEW DELHI, JUNE 20 The Central Board of Direct Taxes (CBDT) proposes to provide a relief to MNCs on the interest payable by them on the untaxed profits stashed abroad, requiring to be repatriated back to India under the transfer pricing regime. It...
India’s Prime Minister Narendra Modi made a three day official visit to Singapore late last month. The trip was his first since November 2015, and followed quick visits to Indonesia and Malaysia. The three-nation tour, touted to be part of India’s Act East Policy, laid clear emphasis on closer Southeast...
The New Delhi Bench of the Authority for Advance Rulings (AAR) in the application filed by Saudi Arabian Oil Company held that Aramco India would not create a PE for Saudi Arabian Oil Company as per Treaty b/w India and Saudi Arabia. The applicant is a state owned oil company...
The New Delhi Bench of the Authority for Advance Rulings (AAR) in the application filed by the applicant HM Publishers Holdings Limited held that the receipts arising out of a negative covenant not to carry on a business is taxable as business income under Section 28 (va) of the Income...
The New Delhi Bench of the Authority of Advance Rulings (AAR) in the application filed by International Zinc Association held that membership fee and contribution from members received by the applicant from the Indian members would not be liable to Income-tax in India under the provisions of the Income Tax...
Stepping up efforts to curb illicit fund flows, Switzerland plans to amend its anti-money laundering law wherein financial intermediaries will be required to verify information on beneficial owners. The Alpine nation, known for its banking secrecy practices, has been taking various measures in the fight against black money amid intense...
Switzerland is known for 3 things: cheese, chocolates and banks. While you might understand the affinity for the first two, here’s why everyone wants a slice of Swiss banks: 1. Because of their tight-lipped privacy policy: This isn’t just any policy, but an integral part of the Swiss banking culture...
Ease of doing business and tax reforms are at the center of India’s growth agenda as the country pitches itself as the leading investment destination among global emerging markets. Yet, India’s tax competitiveness record remains mixed. At a time when the U.S., U.K., and Japan have slashed their corporate tax...
The searches which started at the locations pertaining to the Bhopal-based Asnani Group and its business associates have led to the disclosure of around Rs 100 crores undisclosed income. BHOPAL: Five day long searches at 30 premises related to a Madhya Pradesh-based real estate major and business associates in Bhopal,...
In DCIT vs. M/s. Dominos Pizza International Franchising Inc., the Mumbai Bench of the Income Tax Appellate Tribunal ( ITAT ) held that Jubilant Food Works Limited, who holds the Master Franchise for Domino’s Pizza in India is not a Permanent Establishment of the Domino’s Pizza International Franchising Inc. In...
In a major setback to Google India, the Bengaluru bench of the Income Tax Appellate Tribunal (ITAT) held that the payments relating to Adwords made by the Company to its parent firm Google Ireland is subject to TDS provisions in India as the same constitute ‘royalty’ under the Income Tax...
NEW DELHI, MAY 9 Mercedes-Benz India has said it can double its sales if the government gives rebates on tax on each car. “If you take out the cess — 22 per cent — my personal guess would be we can double our volume. This would mean we create many...
Some advantage could be there under Double-Tax Avoidance Agreement: experts MUMBAI, MAY 8 The $15-billion buyout of e-commerce player Flipkart by US retail giant Walmart is likely to attract capital gains tax under Indian laws, similar to the tax imposed on Vodafone, even though the entities are headquartered abroad. Some...
This guideline will, however, help the system move towards invoice matching, which can check tax evasion The new single-page return and the transition process approved by the GST Council in the May meeting is a step in the right direction as it tries to iron some of the difficulties faced...
NEW DELHI, MAY 7 The Central Board of Direct Taxes (CBDT) has notified a protocol to amend the existing double taxation avoidance pact (DTAA) between India and Kuwait. The protocol, which was signed on January 15, 2017, was notified on May 4 this year, an official release said. It had...
MUMBAI, MAY 7 The Delhi High Court has refused to stop the arbitration filed by Vodafone Plc in the UK against the ₹22,000-crore tax claim by the Indian tax department. The court said that the Centre can approach the UK arbitration tribunal under the India-United Kingdom Bilateral Investment Protection Agreement...
In Mahaveer Kumar Jain vs. Commissioner of Income Tax, the Supreme Court held that the income earned by the assessee from lottery prize cannot be subjected to tax under Income Tax Act, 1961 when the same tax was already paid under Sikkim State Income Tax Rules, 1948. The appellant had...
In what appears to be an attempt to test their ability to distribute Bitcoin Gold (BTG), a Coinsecure weakness was apparently exposed, and over 3 million dollars worth of bitcoin were stolen as a result. The large crypto exchange based in India filed a First Information Report (FIR) with police,...
Guwahati The CBI has arrested Swetabh Suman, Commissioner of Income Tax (Audit), Guwahati, Assam from Delhi in connection with a case of tax evasion and criminal conspiracy. The central agency has registered a case against the arrested Commissioner of Income Tax. Similar procedures have been initiated against Income Tax Officer...
The Central Board of Direct Taxes ( CBDT ) has released Central Action Plan for the First Quarter April 2018 to June 2018 of the FY 2018-2019. The Key Result Areas of the Action Plan and the Time Frame in the which it is to be achieved has been categorically...
Swiss authorities have received requests for information concerning potential secret Swiss bank accounts linked to the Delhi-based microfinance NGO Sarvajan Unnati Bodhini. Ironically, the NGO has previously received funding from the Swiss Agency for Development and Cooperation (SDC). Sarvajan Unnati Bodhini (SUB), whose implementation arm is called the Micro Insurance...
India has approved amendments to its double tax agreement with Qatar. The amendments update the information exchange provisions between the two countries in line with current international standards. A new Limitation on Benefits (LOB) provision has been introduced, which is designed to prevent “treaty shopping” (whereby companies or transactions are...
The Indian Central Board of Direct Taxes has issued a statement to defer the filing obligation on surrogate parent entities with regards to country-by-country reporting. Section 286 was inserted into the Income Tax Act 1981 through the 2016 Finance Act to introduce a requirement to furnish a country-by-country report. The...
All international groups operating in the country will have to provide a country-by-country (CbC) report as per the revised Income tax Act, the government clarified in a finance ministry release issued today. The CbC report is to be furnished by the ultimate parent entity of an international group in the...
Granting tax relief to Deloitte India, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the provisions relating to Tax deduction at Source (TDS) are not applicable to the professional fee paid by them to its Group Entities in US and Singapore. The division bench of the...
The Union Cabinet chaired by Prime Minister Narendra Modi today gave its approval for revision of the Agreement between India and Qatar for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income. The existing Double Taxation Avoidance Agreement (DTAA) with Qatar...
Hong Kong (HKSAR) – The Financial Secretary, Mr Paul Chan, on behalf of the Government of the Hong Kong Special Administrative Region, signed in Hong Kong today (March 19) a comprehensive agreement for the avoidance of double taxation (CDTA) with the Ambassador of India to China, Mr Gautam Bambawale, signifying...
The deadline for multinationals to submit a master file and CbC report in India is March 31, 2018, in respect of the 2016-17 financial year. A “master file” must be furnished by multinationals if the total consolidated group revenue exceeds INR5bn and either the aggregate value of international transactions as...
NEW DELHI, MARCH 11 Worried about tax evasion under the Goods and Services Tax (GST), officials are keen that the new returns filing system should ensure that the tax is first paid before the credit is given. Sources said inclusion of such a provision is one of the key differences...
India and Iran signed a Double Taxation Avoidance Agreement (DTAA) in February, during Iranian President Hassan Rouhani’s official visit to India. The ‘Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income’ aims to encourage the movement of investments and services...
India might take the vanguard position all over the world in outlining a possible framework for taxing digital bodies that have a huge business or user base in a nation but do not have a noteworthy physical attendance there. The 2018 Union Budget has, for the initial time, cited the...
NEW DELHI: The Indian and Kenyan governments have revised their double taxation avoidance agreement (DTAA) to bring down the withholding tax rates, protect treaty from abuse and check tax evasion, an official statement said on Thursday. The revised DTAA was notified on February 19, said a Finance Ministry statement. “The...
India and Iran today signed an agreement for Avoidance of Double Taxation and Prevention of Fiscal Evasion with regard to taxes on income. The agreement is on similar lines as entered into by India with other countries, the Central Board of Direct Taxes (CBDT) said in a statement. “The agreement...
India’s Central Board of Direct Taxes (CBDT) has released further information on the long-term capital gains tax announced in the recent budget, in the form of a list of answers to frequently asked questions. Explaining the change, the CBDT noted that, under the existing regime, long-term capital gains arising from...
The Indian Central Board of Direct Taxes on February 7 announced that it entered into its first ever bilateral advance pricing agreement with a US firm, in cooperation with authorities in the US. In total, during January 2018, the CBDT entered into five unilateral APAs and two bilateral APAs. CBDT...
ASTANA. KAZINFORM Kazakhstan has ratified the Protocol between the Governments of Kazakhstan and India on introducing amendments to the Convention on the avoidance of double taxation, the press service of Akorda reports. Head of State Nursultan Nazarbayev signed the Law of the Republic of Kazakhstan “On Ratification of the Protocol...
Finance Ministry’s move under BEPS treaty will impact Google, Facebook, Amazon MUMBAI, FEBRUARY 5 Digital players such as Google, Facebook and mobile application services providers must pay taxes in India on income generated from Indian consumers even if the companies’ infrastructure is physically located abroad. According to a new proposal...
Washington–Ahead of Finance Minister Arun Jaitley’s last full Union Budget, the US-India Business Council (USIBC) has urged him to further reduce tax uncertainty for multinational companies and foreign investors, even as Indian industry has voiced its own areas of concern. In a memorandum submitted to Jaitley, the USIBC has said...
Expects to avoid the mandatory dividend distribution tax BENGALURU, JANUARY 24: Consultancy multinational Accenture Solutions expects to avoid a substantial amount of tax for its Indian operations as it seeks nod from its creditors on Thursday for reduction of its capital from ₹5,361 crore to ₹2,263 crore. It has now...
India’s tax dept. orders investors to pay up after national survey reveals $3.5 billion worth of transactions during a 17-month period. Indian cryptocurrency investors have been issued notices by the income tax department, after a national survey revealed that cryptocurrency transactions during a 17-month period amounted to more than $3.5...
The Income Tax Department recently released a clarification stating that it would accept requests for mutual agreement procedures (MAPs) and bilateral advance pricing agreements (BAPAs) in transfer pricing disputes with all countries regardless of the existence of specific provisions in the Double Taxation Avoidance Agreements (DTAAs). A 2012 survey by...
India entered into three more advance pricing agreements in December, with two unilateral agreements and a bilateral APA concluded with authorities in the United Kingdom. With the signing of these agreements, the total number of APAs entered into by the Central Board of Direct Taxes totals 189, comprising 173 unilateral...
Estonia is expected to get a 100-to-one-euro return on investment for its e-Residency program, which lets anybody start a business from afar. It is even planning to launch ‘estcoins,’ its own cryptocurrency. Becoming a ‘digital resident’ of Estonia, Michael M. Richardson says, was “as easy as getting a fishing license...
On December 13, 2017, the Indian income-tax department reportedly conducted surveys at bitcoin exchanges across the country to assess the risk of individuals who may have evaded taxes. Surveying Indian Exchanges Typically such surveys are conducted by the department without prior warning and include relatively extensive scrutiny of the assessee’s...
Bitcoin is referred as cryptocurrency and would be the first decentralized digital currency, as the system works without a central bank or single administrator. The circulation of Bitcoin has been a cause of concern among central bankers across the world. The Reserve Bank of India too has cautioned users, holders...
Hong Kong recently finalized a series of agreements that, taken together, shift Asia’s trade and investment landscape. On November 12, Hong Kong and ASEAN signed the ASEAN-Hong Kong, China Free Trade Agreement (AHKFTA), and the ASEAN-Hong Kong Investment Agreement (AHKIA). Prior to this, on November 10, Hong Kong and India...
NEW DELHI The Indian Income Tax Department will accept applications for Mutual Agreement Procedure (MAP) in transfer pricing disputes, as well as for bilateral Advance Pricing Agreements (APAs), even for entities resident in countries with which India has double taxation avoidance agreements (DTAA), minus the provision to claim corresponding tax...
Kolkata, Nov 25 (PTI) The revised tax treaty between Indian and Cyprus will promote bilateral investments, a diplomat said here today. The two countries signed the revised India-Cyprus Double Taxation Avoidance Agreement in November, 2016. “I believe with new taxation agreement, investment from both sides will increase,” High Commissioner of...
The I-T department and SEBI are working on a two-pronged approach that involves action against tax evaders and tightening of norms for scrips prone to price manipulation Tightening the noose around companies invloved in tax evasion, the Income Tax department and market regulator SEBI have launched a crackdown on penny...
Switzerland has approved an automatic information exchange pact with India and a number of other countries on black money, a development that would enable authorities in India get instant access to details on Indians with Swiss accounts The Commission for Economic Affairs and Taxes of the Council of States –...
