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NEWS FLASH
 
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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TII BREAKING NEWS
 
DTAA - payment made by assessee towards reimbursement of expenses, being salary cost of assigned employees & being subject to TDS u/s 192 of the
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
TP - for correct application of TNMM, it is necessary to select comparables which are functionally similar & engaged in similar line of business as
TP - brand promotion cannot be treated as an international transaction; comparability adjustment using TNMM is invalid: ITAT
< More News >
 
TII SPECIAL Aug 09, 2022
 
G20 Presidency: Changing Paradigm of India's Global Influence
By TIOL Research Team

GLOBAL economy is in the midst of turmoil. Already weakened by the Covid 19 pandemic, nations worldwide have been witnessing several shocks that have led to concerns -higher than expected worldwide inflation triggering tighter financial conditions, slowdown in China and negative impact of the war in Ukraine.

The International Monetary Fund in its

 
TII EDIT Dec 26, 2022
 
FIFA World Cup - InTAXicating but not taxing!
By D P Sengupta

AFTER a month of relentless scrutiny and criticism, particularly in the Western media, the FIFA world Cup, 2022 games finally came to an end on the 18th of December with an incredible display of sportsmanship, grit, and determination by two of the best teams- Argentina and France facing each

 
BULLETIN BOARD
 
New Delhi, Dec 26, 2022
CBDT notifies foreign pension fund u/s 10(23FE)...
New Delhi, Sep 28, 2022
Govt constitutes collegium for deciding deferment of appeals before the Appellate Tribunal...
New Delhi, Aug 16, 2022
CBDT notifies Sovereign Wealth Fund from Qatar as specified person u/s 10(23FE)...
New Delhi, Aug 05, 2022
Sovereign Wealth Fund Qatar Holding LLC notified u/s 10(23FE) ...
< More News >
 
TII BRIEF
 
New Delhi, Feb 01, 2023
Time limit for furnishing TP report reduced...
New Delhi, Feb 01, 2023
TDS u/s 196A - Tax Treaty benefits to be allowed...
New Delhi, Feb 01, 2023
FB proposes to omit double taxation on distribution of income to non-resident ODI holders...
New Delhi, Feb 01, 2023
Sec 44BB - Presumptive tax for non-resident - No set of brought forward loss to be allowed...
New Delhi, Feb 01, 2023
Deeming provision of Sec 9 extended to gift received by non-ordinarily resident...
 
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