Who amongst us doesn’t like to save taxes? Or wished to stay at tax haven where you don’t have to pay income tax. While tax is almost an inevitability, globalization a few years ago gave rise to another interesting problem – that of double taxation. If you were working in a country of which you … Continue reading Foreign Tax Credit on Exempt Income
The Authority for Advanced Ruling has held in the case of HM Publishers Holdings Limited that while receipts arising out of a non-compete agreement are taxable as business income under Section 28 (va) of the Income Tax Act, they would not be taxable as per the DTAA between India and UK.