Deeming provision of Sec 9 extended to gift received by non-ordinarily resident - Taxindiainternational.com

INTL TAXATION INTL MISC TP FDI LIBRARY VISA BIPA NRI

NEWS FLASH

TP - Adjustment made to interest rate by treating Letter of Credit as bank guarantee cannot be accepted: ITAT (See 'Breaking News')

I-T-The commission income earned by foreign agents cannot be termed to have incurred or arisen in India, and therefore, is not taxable in India: ITAT (See 'Breaking News')

TP- AO does not have the jurisdiction to propose any transfer pricing adjustment in case where he has not made any reference to the TPO: ITAT (See 'Breaking News')

TP - Letter of comfort issued by assessee in respect of credit facility extended to its AEs by banks outside India, which was admitted as liability having bearing on assets, constitutes international transaction: ITAT (See 'Breaking News')

DTAA - Payment made to UAE entities cannot be deemed to be Fees for Technical Service, where no technical knowledge, know-how or skill is made available: ITAT (See 'Breaking News')

DTAA - Payments made from India to UAE are not taxable in India, where UAE-based recipient company has no PE in India, as mandated under India - UAE DTAA: ITAT (See 'Breaking News')

DTAA - Payment received on account of subscription, professional and training services cannot be deemed to be Fees for Technical service and be taxed as Royalty, where no technical know-how is made available: ITAT (See 'Breaking News')

I-T- Onus of establishing receipt of services from Associated Enterprise has to be discharged on year to year basis by assessee company: ITAT (See 'Breaking News')

I-T - If assessee is not making available underlying know-how with respect to research projects as enumerated under DTAA & MOU, then receipts under head ILP membership cannot be reckoned as FIS: ITAT (See 'Breaking News')

TII SEARCH

Home >> News Brief


Deeming provision of Sec 9 extended to gift received by non-ordinarily resident By TII News Service Feb 01, 2023 , New Delhi
NEW DELHI, FEB 01, 2023: BASED on inputs from the income tax field offices that certain persons being not ordinarily residents are receiving the gifts from persons resident in India and not paying tax on it. To overcome the tax avoidance situation, the Finance Bill proposes to amend clause (viii) of sub-section (1) of section 9 of the Act so as to extend this deeming provision to sum of money exceeding Rs fifty thousand, received by a not ordinarily resident, without consideration from a person resident in India. This amendment will take effect from 1st April, 2024 and will accordingly apply to assessment year 2024-25 and subsequent assessment years.

INTL TAXATION	INTL MISC	TP	FDI	LIBRARY	VISA	BIPA	NRI	TII
DTAA Circulars (I-T Act, 1922) Limited Treaties Other Treaties TIEAs Notifications Circulars Relevant Sections of I-T Rules,1962 Instructions Administrative Orders DRP Panel I-T Act, 1961 MLI Relevant Portion of I-T Act,1922 GAAR MAP	OECD Conventions Draft Guidelines DTC Bill Committee Reports FATCA Intl-Taxation Finance Acts Manual on EoI UN Model Taxation Miscellaneous Cost Inflation Index Union Budget Information Security Guidelines	APA Annual Report APA Rules Miscellaneous Relevant Sections of Act Instructions Circulars Notifications Draft Notifications Forms TP Rules APA FAQ UN Manual on TP Safe Harbour Rules US Transfer Pricing	FEMA Act Exchange Manual Fema Notifications Master Circulars Press Notes Rules FDI Circulars RBI Circulars Reports FDI Approved RBI Other Notifications FIPB Review FEO Act	INTELLECTUAL PROPERTY CBR Act NBFC Report Black Money Act PMLA Instruction PMLA Bill FM Budget Speeches Multimodal Transportation Vienna Convention EXIM Bank LoC Manufacturing Policy FTDR Act, 1992 White Paper on Black Money Posting Policy PMLA Cases Transfer of Property MCA Circular Limitation Act	Type of Visa SSAs EPFO Acts FAQs Rules Guidelines Tourist Visa Notifications	Arbitration Model Text Agreements	Relevant Portion of I-T Act I-T Rules, 1962 Circulars MISC Notification	About Us Contact Us


A Taxindiaonline Website. Copyright © 2010-2023 \| Privacy Policy \| Taxindiainternational.com Pvt. Ltd. OPC All rights reserved.

TIOL GROUP WEBSITES