Indirect Transfer provision-possible multiple taxation of the same income. Circular 41/2016 kept in abeyance considering representations-CBDT
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
New Delhi, 17th January, 2017
PRESS RELEASE
Clarification on Indirect Transfer provision under the Income Tax Act, 1961
Circular No. 41/2016 was issued on 21.12.2016 which dealt with clarification on Indirect Transfer provisions. After the issue of the aforementioned circular, representations have been received from various FPIs, FIIs, VCFs and other stakeholders. The stakeholders have presented their concerns stating that the circular does not address the issue of possible multiple taxation of the same income. The representations made by the stakeholders are currently under consideration and examination. Pending a decision in the matter the operation of the above mentioned circular is kept in abeyance for the time being.
(Dr. Binod Kumar Sinha)
Commissioner of Income Tax
(Media & Technical Policy)
& Official Spokesperson, CBDT
AO not justified in rejecting registered valuer’s report without making a reference to the DVO - ITAT In a recent…
FCRA specifies list of purposes to be selected for which registration is applied. The Ministry of Home Affairs has notified…
Assessee was not liable to withhold tax at source u/s 40(a)(i) on cost-to-cost reimbursement made to parent company In a…
Temporarily blocking public access to Telegram App under section 69A of IT Act 2000 is not disproportionate - Delhi HC…
High Court explains the meaning of term ‘enterprise’ appearing in section 80IA to means a project or an undertaking owned…
Addition deleted as assessee was only a carrier of cash and the real owner had come forward owning the cash…