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Foreign companies’ obligation to file tax return in India
By Neha Sharma
One of the issues of wide interest and contemplation is whether a foreign company is liable to file a return in India when there is income accruing or arising in India but the same is not liable to tax, either because of an exemption under the Income Tax Act, 1961 (‘Act’) or on account of the beneficial provisions of the Double Taxation Avoidance Agreements ('DTAA'). The article in this issue of Direct Tax Amicus deals with various circumstances under which a foreign company shall be required to file the return of its income. The author analyses in detail both the scenarios – Exemption under the Act and exemption under DTAA. Discussing various case law and Advance Rulings, the author is of the view that the foreign company is liable to file returns in both the circumstances. She notes that procedural provisions relating to filing of returns, etc. are not covered under the DTAA and therefore, even though the taxability of the company may be determined as per the DTAA, the procedural requirements as under the Act shall be applicable...
Notifications & Circulars
Notice under Section 148 of the Income Tax Act – Guidelines issued
Covid-19 tax exemptions – Documents required to be furnished by employees, specified
Covid-19 tax exemptions – Conditions to be satisfied, notified
Charitable entities – Books of Account and other documents to be maintained
Charitable entities registered under Section 10(23C) – Options notified for setting apart funds
Refund of TDS paid under Section 195 – Procedure notified
Ratio decidendi
Second Show Cause Notice issued under Section 148A(b) when valid – Delhi High Court
Payment to AE for purchase of open-source software subscription for reselling does not amount to royalty or FTS – ITAT Mumbai
Depreciation on cars purchased in the name of Directors allowable – ITAT Ahmedabad
Search – Reason to believe/suspect – Constitutional validity of retrospective amendments made in Explanations to Sections 132(1), 132(1A) and 132A upheld – Madras High Court
Addition under Section 56(2)(viia) basis increase in face value after share-acquisition, unsustainable – ITAT Delhi
