ICAI Guide on Taxation of Non-Residents updated as per Finance Act, 2018
ICAI has published the third edition (September 2018) of its guide for Taxation of Non-Residents which is revised as per law amended by the Finance Act, 2018.
The guide highlights various provisions of the Income tax Act, 1961 (the Act) related to Non Residents in a progressive manner beginning with tests for Residential Status and Scope of total income under section 5 of the Act and touches all relevant provisions including concessions/deductions, Double taxation relief, General Anti Avoidance Rules, TDS and Advance Rulings etc.
Under each section/chapter, the guide incorporates important Judicial Precedents and relevant Circulars issued by the CBDT.
The guide also include a chapter on ‘Base Erosion and Profit shifting’ (BEPS project) which are important tools developed majorly by the G20 countries with the help of OECD to combat the issues arising due to shifting of profits to no or low tax jurisdictions. The guide give a brief on 15 action plans laid down by BEPS project which provides the minimum standards, recommendations and best practices to protect economies.