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.
ITAT allowed increased exemption of Rs. 25 lakhs u/s 10(10A) to non-government employees in view of CBDT retrospective notification. In…
PCIT has revisionary jurisdiction u/s 263 over the cases irrespective of the fact that the relevant assessment was completed physical…
Appellate court interfering with Motor Accidents Claims Tribunal findings on assessment of disability and loss of earning capacity must undertake…
When period of delay is not very huge and involve huge monetary liability on the assessee, a lenient approach should…
Ratification by EoGM of the company can not give legality of the diversion of the fund raised by preferential issue.…
CBIC prescribes procedures for return of export cargo from international waters due to closure of the Strait of Hormuz where…