Wednesday , February 1, 2023 |   21:36:32 IST
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Time limit for furnishing TP report reduced (See 'TII Brief') TDS u/s 196A - Tax Treaty benefits to be allowed (See 'TII Brief') FB proposes to omit double taxation on distribution of income to non-resident ODI holders (See 'TII Brief') Sec 44BB - Presumptive tax for non-resident - No set of brought forward loss to be allowed (See 'TII Brief') Deeming provision of Sec 9 extended to gift received by non-ordinarily resident (See 'TII Brief') Personal Income Tax - income slabs reduced to 5 Cigarettes - NCCD on specified cigarettes to be revised - 16% hike in prices Personal Income Tax - sops for middle class - those with income upto Rs 5 lakhs - rebate limit increased to Rs 7 lakhs in new tax regime Govt allows carry forward of losses on strategic disinvestment Salaried class and pensioners - standard deduction under new tax regime - Rs 52500/- standard deduction for income of Rs 15 lakhs Personal Income Tax - highest surcharge rate reduced to 25% in new tax regime Govt to focus on macro economic stability: FM New income tax regime to be default tax regime; citizens can nonetheless choose to avail new tax regime 3 Centres of Excellence for AI development to be set up 50 more airports, helipads to be revived for regional connectivity Union Budget 2023 - 50 destinations to be selected for promotion of tourism Govt to promote coastal shipping for cargo and passengers DTAA - payment made by assessee towards reimbursement of expenses, being salary cost of assigned employees & being subject to TDS u/s 192 of the Act, cannot be treated as Fees For Technical Service u/s 9(1)(vii) r/w Article 12 of India-Japan DTAA: ITAT (See 'Breaking News') I-T - It can't be held that assessee does not have business PE in India, if in case of its group company, it has been judicially held that the said non-resident entities have fixed place business PE in India: ITAT (See 'Breaking News') TP - for correct application of TNMM, it is necessary to select comparables which are functionally similar & engaged in similar line of business as that of assessee: ITAT (See 'Breaking News') TP - brand promotion cannot be treated as an international transaction; comparability adjustment using TNMM is invalid: ITAT (See 'Breaking News') TP - ALP determined after following recognized method of benchmarking and margin, need not be disturbed: ITAT (See 'Breaking News') I-T - If one income is to be taxed in hands of non-resident assessee u/s 5(2), then burden is on AO to show that such income is falling within definition of income chargeable to tax in his hands: ITAT (See 'Breaking News')
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