Income Tax

Changes in TDS/TCS Provisions
Articles Income Tax

Changes in TDS/TCS Provisions

Introduction: The Ministry of Finance through the Finance Act 2021, introduced certain new sections impacting the tax withholding provisions, which are being made effective from 01.07.2021. The changes are a...

Threshold for the Purpose of Significant Economic Presence
Articles Income Tax

Threshold for the Purpose of Significant Economic Presence

The CBDT notified a new Rule 11UD under the Income Tax Rules, 1962 (herein referred to as the “Rule”) which will come into effect from 1st April,2022. It prescribes the threshold limits for defining whether an ...

Relief for Taxpayer – Extension of due dates for Income Tax Compliances
Articles Income Tax

Relief for Taxpayer – Extension of due dates for Income Tax Compliances

In view of challenges faced by taxpayers in meeting the statutory and regulatory compliances due to the devastating second wave of COVID- 19, the CBDT vide its Circular No. 08/2021 dated 30.05.2021 has extended...

LOWER WITHHOLDING TAX RATE ON DIVIDENDS AVAILABLE PURSUANT TO MFN CLAUSE IN CASE OF INDIA – NETHERLANDS DTAA
Articles Income Tax

LOWER WITHHOLDING TAX RATE ON DIVIDENDS AVAILABLE PURSUANT TO MFN CLAUSE IN CASE OF INDIA – NETHERLANDS DTAA

Facts of the case In a recent case the Hon’ble High Court of Delhi held that 5% withholding tax rate on dividend shall be available under India – Netherlands Double Taxtation Avoidance Agreement (India – NL ...

Press Release for Extension of Timelines
Articles Income Tax

Press Release for Extension of Timelines

Vide press release dated 24th April, 2021, the Central Government has announced extension of the time limits to 30th June, 2021 in the following cases where the time limit was earlier ending on 30th, April 2021...

Section 56(2)(viib) is not triggered on the excess consideration/asset received by the amalgamated company in lieu of issue of shares issued
Articles Income Tax

Section 56(2)(viib) is not triggered on the excess consideration/asset received by the amalgamated company in lieu of issue of shares issued

Facts of the case: In the scheme of amalgamation approved by the Gujarat High Court, the assets and liabilities of the amalgamating company was transferred to the Assessee being the amalgamated company.&nbsp...

SETTING UP OF BUSINESS v/s COMMENCEMENT OF BUSINESS
Articles Income Tax

SETTING UP OF BUSINESS v/s COMMENCEMENT OF BUSINESS

Facts of the case: The assessee “Miele India Pvt Ltd.” is a domestic company incorporated on 27th September, 2008 and was engaged in the business of trading goods.  In AY 2010-11, the assessee filed its...

13 april
Articles Income Tax

MAT credit of the transferee company can be carried forwarded and set-off against tax liability of amalgamated company

Facts of the case: The assessee being a domestic company was engaged in the business of providing international telecommunication services, national long-distance services and such other internet related ser...

7 th april update
Articles Income Tax

Changes in CbCR Reporting Threshold Limit

The CBDT on 5th April, 2021 has notified changes in Rule 10DA & Rule 10DB (referred to herein as the “Rule”) effective from 1st April, 2021. The threshold limit for filing CbCR report under Rule 10DB has...

April update 3
Articles Income Tax

Amendments to Income Tax Rules, 1962

Introduction: The CBDT in order to bring the Income Tax Rules, 1962 in line with the new taxation regime (for Individual, HUF and resident co-operative societies) and other changes introduced vide Finance Ac...