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The Ministry of Corporate Affairs (MCA) has announced new rules regarding the Appointment and Qualifications of Company Directors. These changes apply to directors who hold a Director Identification Number (DIN) under the Companies Act, 2013. The updated regulations aim to simplify compliance requirements for directors, making it easier for them to meet their responsibilities. As […]
The Authority for Advance Ruling, Tamil Nadu, confirmed that non-monetary benefits like gifts, compliments, and foreign or domestic tour packages received by a dealer from its principal manufacturer include supply of service under section 7 of the Central Goods and Services Tax Act, 2017 (CGST Act), and are thus accountable to Goods and Services Tax […]
It was ruled by the Delhi High Court that Fee for Technical Services (FTS) as included u/s 9(1)(vii) of the Income Tax Act, 1961 is related to the transfer of ‘distinctive’, ‘specialized’ knowledge, skill, expertise and know-how by a service provider. Therefore a division bench of Justices Yashwant Varma and Harish Vaidyanathan Shankar noted that […]
The income of the taxpayer company emerged in India, as the payer, Genpact India, was also located in India. Hence, under the source rule u/s 5(2), the income obtained via the taxpayer company accrued or emerged in India. The method of furnishing technical services via the taxpayer and getting the payments that have the source in India […]
An Order passed by the Bombay High Court regarding the issuance of Notice under Section 148A(b) of the Income Tax Act, 1961 to the legal representatives of a deceased taxpayer has been set aside by the Supreme Court of India. A Civil Appeal was instituted to the Supreme Court by Ghanyashyam Anil Dhanani concerning a […]
The Goods and Service Tax Department who passed the attachment order has been quashed by the Calcutta High Court. It was discovered that the taxpayer is unable to file the GST appeal due to illness. The appellate authority is asked to hear out and dispose of the plea on merits, within 8 weeks from the […]
The Delhi bench of Income Tax Appellate Tribunal ( ITAT ) in a case stated that routine support services are not to be categorized under “Fee for Technical Services” (FTS) under the India-UK Double Taxation Avoidance Agreement (DTAA), and therefore are not accountable to taxation in India. Nord Anglia Education Ltd, the assessee/appellant is an […]
The Income Tax Appellate Tribunal (ITAT) of Bangalore in its judgment addressed the problem of whether the payments made via Herbalife International India Pvt. Ltd. to its associated enterprise (AE) abroad are authorized as “Fees for Technical Services” (FTS) under Indian tax laws and the India-USA Double Taxation Avoidance Agreement (DTAA). The case, Herbalife International […]
The New Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) ruled that payment made overseas for delivering a report on Tariff Change is not FTS and set aside the demand of Tax Deducted at Source ( TDS ) under section 195 of the Income Tax Act, 1961. While framing the assessment, AO […]
