Receipts of advance against Exports
Dear all, This time we have come up with an interesting FEMA Provisions relating to Receipts of advance against Exports. #FEMAkeFUNDAE #FamiliarwithFEMA #export #rbi #rbicompliance
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Tax Withholding rate mentioned in DTAA and Income Tax Act are not the same – JSCO | SITG
Saturday International Tax Gyan!! #taxmadeeasy #taxinpic The withholding rate mentioned in DTAA is inclusive of cess and surcharge whereas we need to add cess and surcharge in withholding tax rate prescribed in Income Tax Act. [Deputy Commissioner of IT International Tax Circle 3(2)(1), Mumbai V. Marubeni Corporation, Japan [2022] 139 taxmann.com 458 (Mumbai – Trib.)]
Loans To Foreign Entity
Dear all, Delighted to share, FEMA provisions relating to Loans to Foreign Entity. #FEMAkeFUNDAE #FamiliarwithFEMA #rbicompliance #rbi
FTC cannot be used to pay tax on Indian source Income – JSCO | SITG
Saturday International Tax Gyan!! #taxmadeeasy #taxinpic Effective tax rate for foreign income needs to be calculated only on income which is doubly taxed and not on gross receipts. FTC cannot be used to pay tax on Indian Income. [Invendis Technologies India (P.) Ltd. v. ACIT Circle 3(1)(1), Bengaluru [2022] 138 taxmann.com 167 (Bangalore – Trib.)]
Indian company receiving Foreign Investments
Dear all, With our FEMA ke FUNDAE series, we have simplified the concept of Indian company receiving foreign investments. FEMA ke FUNDAE #FamiliarwithFEMA
Reimbursement of salary of seconded employees cannot be considered as fees for included service – JSCO | SITG
Saturday International Tax Gyan!! #taxmadeeasy #taxinpic Payment to non resident company for reimbursement of salary of seconded employee in India who are under control of Indian company would not be liable for TDS u/s 195. Flipkart Internet Pvt. Ltd. v. Deputy Commissioner of Income tax, Circle 1(1) WRIT PETITION NO.3619/2021 (T IT)
Foreign Liabilities and Assets(FLA) Return-Fema ke Fundae
Dear All, In this issue, we are simplifying FEMA provisions relating to Foreign Liabilities and Assets(FLA). FEMA ke FUNDAE #FamiliarwithFEMA
Relief from tax withholding as royalty to IT companies in Australia – JSCO | SITG
Saturday International Tax Gyan!! #taxmadeeasy #taxinpic Relief provided in relation to withholding of tax on services provided by IT companies in Australia being taxed as royalty till now.
FEMA Issues related to purchasing immovable property abroad – FEMA ke Fundae
Dear All, In this issue we are simplifying FEMA provisions relating to Acquisition of Immovable Property Abroad by Resident Individual. FEMA ke FUNDAE #FamiliarwithFEMA
Subscription fees paid to non-resident country is not always taxable as Royalty – JSCO | SITG
Saturday International Tax Gyan!! #taxmadeeasy #taxinpic Subscription fees paid for processing of data without having the control of equipment or transfer of knowledge will not be considered as Royalty under Income Tax Act or DTAA. [Salesforce.com Singapore Pte. Vs. Deputy Director of Income Tax (International taxation)] [2022] 137 taxmann.com 3 (Delhi – Trib.)