Extension of timelines for filing of various reports of audit for the Assessment Year 2024-25 - Taxindiainternational.com

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TP - Issuance of corporate guarantee without charging any commission & not in course of any banking or financial services business does not fall within ambit of capital financing u/s 92B: ITAT (See Breaking News)

DTAA - Consideration received for research, analysis & evaluation services & providing of resulting credit rating or report to its clients, without transferring underlying technical skill, process or know-how used in arriving at the rating, does not constitute fees for technical services: ITAT (See Breaking News)

I-T - Mere fact that Indian resident is payer of cross-border payment does not, by itself, constitute income ‘accruing or arising' in India within meaning of Sec 5(2)(b): HC (See Breaking News)

TP - An isolated expenditure item cannot be carved out when underlying technology & intellectual property agreements are well-established & compliant with RBI press note rates: ITAT (See Breaking News)

I-T - Consideration received for repair services is not FTS, where parts are sent abroad & returned after completion, without transfer of technical knowledge, skill or know-how enabling performance of such activities independently: ITAT (See Breaking News)

I-T - Provisions of Rule 128 & requirement to file Form 67 were introduced prospectively from 01.04.2017; cannot be applied with retrospective effect: ITAT (See Breaking News)

I-T - No additions can be sustained merely based on loose sheets, diary entries or oral statements of third party, unless corroborated with unaccounted transactions: ITAT (See Breaking News)

GDP further shrinks in G20 economies in Q2 (See TII BRIEF)

Live cricket broadcast - is It taxable as 'royalty'? (See TII SPECIAL)

I-T - Issuing a notice u/s 148 to a non-existent, amalgamated entity is void ab initio and a nullity in the eyes of law: ITAT (See Breaking News)

I-T - Detailed ratio payments for shared network services involving brand strategy do not constitute royalty if such services represent distribution of copyrighted articles without transfer of proprietary interest: ITAT (See Breaking News)

TP - If TPO rejected entity on ground of persistent losses but assessee furnished evidence to demonstrate that company has made profit in subsequent year, such entity is to be included in list of comparable: ITAT (See Breaking News)

TP - Commercial expediency & reasonableness of remuneration be judged from perspective of a businessman; AO cannot apply subjective standard or make presumptions: ITAT (See Breaking News)

TP - Omission by AO to make formal reference to TPO is a procedural irregularity & not a incurable illegality; does not warrant outright quashing of assessment order: ITAT (See Breaking News)

I-T - Broadcasting is neither ‘scientific work' nor does any copyright subsist in such rights, and fee received towards live broadcasting rights cannot be classified as royalty: ITAT (See Breaking News)

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Extension of timelines for filing of various reports of audit for the Assessment Year 2024-25 By TII News Service Sep 29, 2024 , New Delhi
Untitled Document GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES NEW DELHI CIRCULAR NO 10/2024; Dated: September 29, 2024 Subject: - Extension of timelines for filing of various reports of audit for the Assessment Year 2024-25- reg. On consideration of difficulties faced by the taxpayers and other stakeholders in electronic filing of various reports of audit under the provisions of the Income-tax Act, 1961 (Act), the Central Board of Direct Taxes (CBDT), in exercise of its powers under Section 119 of the Act, extends the specified date of furnishing of report of audit under any provision of the Act for the Previous Year 2023-24, which was 30th September, 2024 in the case of assessees referred in clause (a) of Explanation 2 to sub-section (1) of section 139 of the Act, to 07th October, 2024. [F. No. 225/205/2024/ITA-II] (Dr. Castro Jayaprakash.T) Under Secretary to the Government of India

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