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NEWS FLASH

Finance Act 2020 (See 'Intl Misc')

RBI goes for 75 basis point cut in repo rate & 100 basis point cut in CRR + permits all lending institutions to grant 3 months moratorium on EMIs for all loans + no impact on assets classification

RBI liquidity injection goes up to 3.2% of GDP

TP - Where transactions fall under Section 92BA(1) which stands repealed, imposition of penalty for failure to furnish report in Form 3CEB in terms of Section 92E, is not sustainable: ITAT (See 'Breaking News')

TP - Where international transactions forming part of manufacturing activity segment is closely linked with distribution & after sales activity, they need to be benchmarked independent of each other & not together: ITAT (See 'Breaking News')

COVID-19 Fall-out - Is PM losing time to 'Flatten The Curve' of mounting economic miseries! (See 'The Cob(Web)')

I-T - Where technical services provided by swedish company for maintenance of existing GSS software to its Indian AE does not result in provision of any technical knowledge, amount received for such services is not taxable u/s 9(1)(vi) & (vii) or under Article 12(3) of India -Sweden DTAA as FTS - YES: ITAT (See 'Breking News')

I-T - Payments made by Indian patent attorney to his foreign associates in respect of consultancy services is taxable in terms of FTS u/s 9(1)(vii) r/w/s 195: ITAT (See 'Breaking News')

Finance Bill 2020 as passed by Lok Sabha (See 'Finance Act' in Intl Misc)

TP - TPO is vested with power u/s 92CA to determine ALP of specified domestic transactions without collecting data available in public domain or collecting data from private domain by issuing notice u/s 133(6): ITAT (See 'Breaking News')

I-T - Salary received by Indian resident for services rendered in Australia, are taxable in India, considering that such income is duly offered to tax in Australia: ITAT (See 'Breaking News')

Income tax return filing for FY 2018-19 - FM announces extension of due date to June 30 & reduction in interest rate from 12% to 9% and also reduction in interest rate for delayed deposit of TDS from 18% to 9%

FM announces extension of due date for linking Aadhaar & PAN to June 30 + Vivad Se Vishwas scheme to be valid till June 30 and waiver of 10% additional tax till June 30 granted + Due date extended till June 30 for all statutory compliance, approval order, notice, report & appeal etc under various laws such as Benami Act, Black Money Act, STT, CTT and Wealth Tax Act

I-T - Payment received for IT support service rendered by assessee, can be treated as Fees for Technical Service, where no information concerning technical, industrial or commercial knowledge, is being imparted: ITAT (See 'Breaking News')

TP - It is fit case for remand where TPO does not record reasons for rejecting CUP method for benchmarking international transactions, as favored by assessee: ITAT (See 'Breaking News')

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TII BREAKING NEWS

Pune, Mar 27, 2020 By TII News Service

TP - Where international transactions forming part of manufacturing activity segment is closely linked with distribution & after sales activity, they need to be benchmarked

Cuttack, Mar 27, 2020 By TII News Service

TP - Where transactions fall under Section 92BA(1) which stands repealed, imposition of penalty for failure to furnish report in Form 3CEB in terms of

Kolkata, Mar 26, 2020 By TII News Service

I-T - Payments made by Indian patent attorney to his foreign associates in respect of consultancy services is taxable in terms of FTS u/s 9(1)(vii)

Pune, Mar 26, 2020 By TII News Service

I-T - Where technical services provided by swedish company for maintenance of existing GSS software to its Indian AE does not result in provision of

< More News >

TII SPECIAL

Feb 06, 2020

India's Tax Reforms Fall Short of Expectations

By Naresh Minocha

HOW to avoid messing up reforms & check slowing down a booming economy? If an international study on this issue is written, Indian taxation reforms would figure in it prominently. And evidence on this count especially on the big-bang goods and service tax (GST) keeps piling up.

A case in point is Indian

View Previous Column >>

TII EDIT

Feb 07, 2020

Changes in the provision relating to deemed accrual of income in India by Budget 2020

By D P Sengupta

Changes in the provision relating to deemed accrual of income in India by Budget 2020

Business Connection:

SECTION 9 of the Income Tax Act deems certain incomes to accrue or arise in India even if these may not accrue under the ordinary interpretation of accrual in India. In the context of a non-resident carrying

View Previous Column >>

BULLETIN BOARD

New Delhi, Mar 04, 2020
Govt inks agreement with Brunei Darussalam for exchange of information & assistance in col...

Mumbai, Feb 21, 2020
Exim Bank's Government of India supported Line of Credit of USD 11.13 million to the Gover...

New Delhi, Feb 12, 2020
Concessional corporate tax rate for domestic companies - CBDT notifies new FORMs 10-IC & 1...

Mumbai, Jan 23, 2020
'Voluntary Retention Route' (VRR) for Foreign Portfolio Investors (FPIs) investment in deb...

< More News >

TII BRIEF

New Delhi, Mar 19, 2020
CbC reports - Govt notifies relevant authority...

Washington, Mar 18, 2020
IMF Urges Govts to Plan Fiscal Stimulus to Fight Covid Impact...

New Delhi, Mar 17, 2020
India notifies exchange of tax information with Brunei...

Paris, Mar 13, 2020
Q4 GDP in G20 economies contracts even before COVID-19 arrives: OECD ...

Paris, Feb 28, 2020
G20 merchandise trade further contracts in Q4: OECD...

More News >>

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GST RO(W)AD AHEAD | Episode 15 | simply inTAXicating

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