Taxability of an offshore discretionary trust having resident and non-resident beneficiaries: Implications at time of accrual of income vs distribution of income Know the tax implications on discretionary trusts that are set up outside India. Offshore discretionary trusts can be set up by a resident or a non-resident of India and have resident as well … Continue reading What we added to the Telescope this week!
Data, they say, is the new oil. Much like oil, in its crudest form, data has little use. And while oil needs to be processed in an elaborate refinery, data needs a refinery of no less magnitude. I could go on and this comparison would be fun to stretch but let me get to the … Continue reading The story of an Income Tax Issue
Digital transformation of the world’s economy is changing the way businesses are operating globally. The business models and value creation processes of the digitalized enterprises typically have the following features - Access all the links in this article by signing up for free with Riverus Research Map for income tax here. cross-jurisdictional scale without physical … Continue reading Will OECD’s “Unified Approach” change the way we think tax?
A crucial shift from the use of the London Interbank Offered Rate (LIBOR) is gaining momentum, with news looking at the end of LIBOR by December 2021. This raises an alarm for a closer relook and maybe a tweak, on all transactions involving the use of this historically dependent base rate. Key tax/transfer pricing implications … Continue reading LIBOR Waning – The Countdown has begun – Is India geared up for the transition?
On December 2, 2019, the Lok Sabha passed the Taxation Laws (Amendment) Bill, 2019 (“The Bill”) which inter alia reduces the corporate tax levied on domestic companies. The Bill is yet to be introduced in the Rajya Sabha and once passed by both the houses will replace the ordinance promulgated by the President in September … Continue reading Lok Sabha Passes the Taxation Laws (Amendment) Bill, 2019
Access all the links in this article by signing up for free with Riverus Research Map for income tax here. There are some heads of income which are considered tax-free or exempt for the purposes of the Income Tax Act (“Act”). On the other hand, the Act allows certain expenses incurred exclusively for earning income … Continue reading Disallowance under Section 14A: an Analysis
Case: M-S. SeyyIidmadani charitable trust vs the CIT (EXEMPTIONS), ITAT Bangalore Listen to the case summary M-S. SeyyIidmadani charitable trust vs the CIT (EXEMPTIONS), ITAT Bangalore here Background The assessee is a trust which came into existence vide deed of trust dated 7.1.1981. Its objects are enumerated as providing education. The assessee applied for grant … Continue reading Whether the order of CIT (exemptions) rejecting the grant of registration under section 12AA of the Income Tax Act to the assessee valid or not?
Case: ACIT Khandwa V. M/s. Rajshree Fibres Bistan Road Khargone (M.P) ITAT Indore Listen to the case summary ACIT Khandwa V. M/s. Rajshree Fibres Bistan Road Khargone (M.P), ITAT Indore here Background a) The case of the assessee was reopened for assessment and the assessment under section 147 r.w.s 143(3) of the income tax act, … Continue reading Whether reopening of the assessment is valid on doubts of the authorities under section 147 R/W 143(3) of the Income Tax Act, 1961