On 6th June 2024, Singapore’s Minister of Finance has, in exercise of the powers conferred by section 7(1) of the Income Tax Act, 1947, made the Income Tax (Transfer Pricing Documentation) (Amendment) Rules 2024 and the same has come into operation on 10 June 2024.
Section 168A of CGST Act was inserted vide the Taxation and Other laws (Relaxation and Amendment of Certain Provisions) Act, 2020 which gave power to the Government to extend the time limit in respect of any actions which cannot be completed due to force majeure events such as war, epidemic, flood, draught, fire, cyclone, earth quake or any other calamity caused by nature or otherwise.
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Benefit under Treaty cannot be withheld without invocation of GAAR or evidence of impermissible avoidance arrangement where TRC is available
Karnataka HC holds that waiver of loan shall not be taxable as benefit or perquisite under pre-amendment section 28(iv) irrespective of nature of loan
NEW PROTOCOL ENTERED BY INDIA AND MAURITIUS FOR INTRODUCTION OF PRINCIPAL PURPOSE TEST AND AMENDMENT OF PREAMBLE IN TAX TREATY
Guidelines for CGST field formations undertaking investigations to ensure ease of doing business
Mumbai ITAT holds that date of transfer shall be reckoned on the date when shares are delivered and not from SPA execution date for Capital gains purpose
Capital loss pursuant to capital reduction is allowable to shareholders even if no consideration is received by the shareholders
Waiver of loan not used for acquisition fixed assets to be subject to tax under section 28(iv) since the benefit was not in nature of cash or money
ITAT clarifies that provisions of section 56(2)(x) and Rule 11UA would be inapplicable if company buys back its own shares under the buy back scheme
Delhi HC uphelds overriding effect of IBC on claims raised by tax department for period prior to approval of resolution plan
![CBIC Instructions navigating taxability on secondment of employees from overseas group entity. The Hon’ble Supreme Court in the Case of Northern Operating Systems Private Limited (‘NOS’) [2022 (5) TMI 967] confirmed the levy of service t](https://images.squarespace-cdn.com/content/v1/602be9735116c32c97e7ff22/1709271630008-MKJOZVTX63ZNW5JKX3I4/image-asset.jpeg)
CBIC Instructions navigating taxability on secondment of employees from overseas group entity.
Amendments made to the VAT laws by the States, pursuant to introduction of 101st Constitutional Amendment Act are not enforceable
