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NON-COMPETE FEE BEING A BUSINESS INCOME WON'T BE TAXABLE IN INDIA UNLESS RECIPIENT HAS PE IN INDIA

19 April, 2016

The ITAT Kolkata Bench 'C' in, Trans Global PLC v. Director of Income-tax (International Taxation)-3 (1), Kolkata, held that, where UK-based non-resident company was not having permanent establishment in India and received non-compete fee, same would not be taxed in India
EXP. INCURRED ON RENOVATION OF LEASED PREMISE TO BE TREATED AS CAPITAL EXPENDITURE

19 April, 2016

The ITAT Mumbai Bench 'SMC' in, Alpha Plus Technologies (P.) Ltd. v. Income-tax Officer, 8(1)(1), Mumbai, held that, where assessee acquired leased premises in a semi-finished state which could not be used for its purposes
THOSE EARNING RS.50 LAKH A YEAR MUST DECLARE ASSETS

06 April, 2016

The government has issued a new set of income tax return (ITR) forms that require people with an income of Rs.50 lakh and above per annum to disclose their assets.
GOVT’S RETRO TAX SETTLEMENT SCHEME TO START FROM JUNE 1

23 March, 2016

New Delhi 21.03.2016 (RDI): The government of India will open from June 1 its one-time offer to settle retrospective tax disputes, involving firms like Vodafone and Cairn Energy, after rules are framed for these to pay principal tax and get waiver from interest and penalty.

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