Home Highlights July 2023 Year 2023 This

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1. Insertion of new Chapter XII-BC- Foreign company said to be resident in India - where a foreign company is said to be resident in any previous year and such foreign...

2. Adjustment made to the income returned in the intimation made by the CPC u/s 143(1) - exemption u/s 11/12 denied as assessee had failed to furnish the necessary Form 10B...

3. Disallowance of exemption claimed u/s 54EC - non filling ROI - investment made in REC - assessee has neither filed return of income u/s 139(1) of the Act, nor in...

4. Non Resident Deposits- Comprehensive Single Return. - Circular

5. Levy of penalty u/s. 271B - default in furnishing of Tax Audit Report - In section 271B of the Act, the only requirement is to get the accounts of assessee audited or...

6. return by a non-resident taxable person - time limit for furnishing the return in FORM GSTR-5, for the months of July to October, 2017 extended till 11-12-2017

7. Taxability of dividend as declared, distributed or paid by a domestic company to a non-resident shareholder(s) which attracts Additional Income Tax (Tax on Distributed...

8. Annual Return on Foreign Liabilities and Assets Reporting by Indian Companies

9. Benefit of accumulation of income u/s.11(2) - denial of claim on non-submission of Form No.10 along with return of income - In this case, the assessee claims that...

10. Penalty u/s 271F - failure to furnish return of income (ITR) - the assessee’s total income without giving effect to the provision of section 54 come to ₹...

11. Amendment of section 206AA. - requirement to furnish Permanent Account Number - the provisions of the said section shall also not apply to a non-resident, not being a...

12. Royalty Income – Finance Act, 2010 has substituted the explanation to section 9 - such income shall be included in the total income of the non-resident, whether or not...

13. Foreign Exchange Management (Deposit) Regulations, 2000-Loans to Non Residents / third parties against security of Non Resident (External) Rupee Accounts [NR (E) RA] /...

14. Reopening of assessment u/s 147 - Return filed was non-est return and not a valid return in the eyes of law as per Section 139(4)- Clause (a) of Explanation 2 would...

15. Assessment of dividend income - hostile discrimination between a resident assessee and a non-resident assessee - Non-residents can be treated differently for the reason...