Income Tax

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Articles Income Tax

Rate of Withholding Tax on Dividends Paid to Non-residents

In the recent judgement of Hon’ble Delhi High Court, the assessee being M/s Nestle SA, was given relief of lower withholding tax rates on payment of dividend to a non-resident. The Hon’ble High Court relied on ...

Income Tax Alert: Linking of PAN and Aadhaar
Articles Income Tax

Income Tax Alert: Linking of PAN and Aadhaar

As you are aware that the Government of India is requesting taxpayers for linking of PAN and Aadhaar from past year. However, due to the ongoing pandemic, the Government had been extending the deadline further ...

Computation of Fair Market Value of Capital Assets for the purpose of section 50B of the Income-Tax Act
Articles Income Tax

Computation of Fair Market Value of Capital Assets for the purpose of section 50B of the Income-Tax Act

Rule 11UAE of the Income Tax Rules,1962 (herein referred to as “Rule”) was notified by the CBDT as on 24th May,2021 for the computation the fair market value (FMV) of capital assets the purpose of clause (ii) o...

Relaxation of time lines for various Income Tax Compliances
Articles Income Tax

Relaxation of time lines for various Income Tax Compliances

Taking into consideration the hurdles faced by the taxpayers due to Covid-19, CBDT vide its Circular no. 9/2021 dated 20.05.2021 has extended various due dates of compliances. A gist of extended due dates stand...

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...