FDI rises 15% in April-September to USD 30billion - Taxindiainternational.com

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I-T - Tax on dividends paid by Indian companies to their foreign parents must be capped at rate prescribed under tax treaties instead of one under domestic law: HC (See Breaking News)

TP - Receivable should be netted off against payable from its associated enterprises and net amount should be subject to interest determination of arm's-length price: ITAT (See Breaking News)

I-T - Mere entry in books of account is not determinative of liability towards income tax, as regards charter hire fees for offloading vessel and operation & maintenance services: ITAT (See Breaking News)

TP - If working capital adjustment is granted to assessee, computation of interest on overdue receivable from associated enterprises does not arise: ITAT (See Breaking News)

TP - Wide fluctuations in profit margins of same entity on a year-to-year basis would be offset by taking arithmetic mean of all comparables: ITAT (See Breaking News)

I-T - Amounts paid by resident Indian distributors to non-resident software manufacturers, as consideration for resale/use of computer software through distribution agreements, is not payment of royalty: ITAT (See Breaking News)

TP - ALP is not price which taxpayer is charging or paying for being party in international transaction, but it is the price to be paid or charged in such comparable controlled transaction in comparison to comparable un-controlled transaction: ITAT (See Breaking News)

TP - Price charged to non-AEs in India cannot be used as CUP for determining arm's length price of sales of finished products made to overseas AEs: ITAT (See Breaking News)

TP - Exercise of jurisdiction u/s 263 to revise final assessment order passed in pursuance to directions of DRP is invalid: ITAT (See Breaking News)

Global economy continues to remain fragile: OECD (See Brief)

TP - Notional indirect benefit to AE, due to incurring of certain expenditure by assessee in India, is not covered by TP provisions: ITAT (See Breaking News)

I-T – As per Explanation to Sec 144C(8), DRP is empowered to examine issues arising out of assessment proceedings even if such issues do not form part of variations proposed by AO: ITAT (See Breaking News)

I-T - FPI is free to choose as to how set off of short term capital loss has to be: ITAT (See Breaking News)

I-T - TDS is not applicable on commission payment to foreign agents who have rendered services outside India and whose income is not taxable in India: ITAT (See Breaking News)

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FDI rises 15% in April-September to USD 30billion By TII News Services Nov 28, 2020 , New Delhi
Global investors preferred India's enabling environment, as foreign direct investment (FDI) into the country grew by 15% to USD 30 billion during the first half of the current fiscal compared to the same time period last year, according to government data released today. The Department for Promotion of Industry and Internal Trade (DPIIT) noted that FDI into India had also doubled to USD 28.2 billion in the July-September quarter from USD 14.06 billion in the same period last year. “Despite COVID, FDI doubles year-on-year. Indicating global investors' preference for India's enabling environment under Prime Minister [Mr] Narendra Modiji, ” tweeted Commerce and Industry Minister, Mr Piyush Goyal. In July, India attracted USD 17.5 billion worth of foreign investments. Sectors which attracted maximum foreign inflows during April-September 2020-21 were computer software and hardware (USD 17.55 billion), services (USD 2.25 billion), trading (USD 949 million), chemicals (USD 437 million) and automobile (USD 417 million). Singapore was the top destination for FDI equity inflow during the period, with USD 8.3 billion investments. This was followed by the U.S. (USD 7.12 billion), Cayman Islands (USD 2.1 billion), Mauritius (USD 2 billion), the Netherlands (USD 1.49 billion), UK (USD 1.35 billion), France (USD 1.13 billion) and Japan (USD 653 million). FDI is a major driver of economic growth in the country with states such as Gujarat (USD 18.59 billion), Maharashtra (USD 10.88 billion) and Karnataka (USD 7.94 billion) attracting the highest equity inflows.

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