Extension of due date for furnishing return of income for the Assessment Year 2024-25 - Taxindiainternational.com

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I-T - Competent Authority shall issue tax withholding certificate, only after dilating upon nature of transaction and recording prima-facie opinion: HC (See Breaking News)

TP - Interest u/s 234B and 234C is not leviable on incremental income declared in modified return filed pursuant to Advance Pricing Agreement: ITAT (See Breaking News)

I-T - Deprtment is required to issue a tax withholding certificate, after dilating upon nature of transaction and recording prima-facie opinion: HC (See Breaking News)

TP - Transfer pricing adjustment framed by invoking Section 92BA is unsustainable where the provisions were omitted w.e.f. 01.04.2017 & ceased to exist thereafter: ITAT (See Breaking News)

TP - Mere broad functional similarity is insufficient for reliable analysis, even under Transactional Net Margin Method: ITAT (See Breaking News)

TP - AMP expenses cannot be benchmarked independently once entity-level TNMM has been applied, as segregating such expenses would result in double counting & contravene transfer pricing rules: ITAT (See Breaking News)

TP - A per settled legal position, incidental benefit to an AE does not convert routine AMP expenditure into an international transaction: ITAT (See Breaking News)

TP - Once international transaction is covered by binding APA, tax authorities can't make a disallowance u/s 37(1) on basis that expenditure was not incurred wholly & exclusively for purpose of business: ITAT (See Breaking News)

DTAA - Purpose of Art 25(1) of DTAA is limited to elimination of double taxation and cannot be interpreted to impose restrictions of domestic law on specific computational mechanism provided in Art 7(3) : ITAT SB (See Breaking News)

I-T - Apportionment of contract price into different cost centers and milestones, as pre-requisite of tender conditions, does not automatically render those activities severable from main object of contract: ITAT (See Breaking News)

I-T - If right to show cricket matches is confined to live telecast and payment made is only for matches held in series and not subsequent matches, such amount paid for transmission can't be considered as royalty: HC (See Breaking News)

I-T - Once receipts fall within definition of FTS under DTAA as well as domestic law, it becomes immaterial whether assessee has PE in India or not: ITAT (See Breaking News)

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Extension of due date for furnishing return of income for the Assessment Year 2024-25 By TII News Service Oct 26, 2024 , New Delhi
Untitled Document GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES NEW DELHI CIRCULAR NO 13 of 2024, Dated: October 26, 2024 Subject: - Extension of due date for furnishing return of income for the Assessment Year 2024-25- reg. The Central Board of Direct Taxes (CBDT), in exercise of its powers under section 119 of the Income-tax. Act, 1961 ('the Act'), extends the due date of furnishing of Return of Income under sub-section (1) of section 139 of the Act for the Assessment Year 2024-25 in the case of assessees referred to in clause (a) of Explanation 2 to sub-section (1) of section 139 of the Act, which is 31st October, 2024 to 15th November, 2024. [F.No.225/205/2024/ITA-II] (Dr. Castro Jayaprakash. T) Under Secretary to the Government of India

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