Tax Audit - Clauses 30C & 44 relating to GAAR & GST - CBDT further defers suspension till March 31, 2020 - Taxindiainternational.com

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DTAA - Payments received by non-resident assessee for licensing standard software & connected incidental services to Indian customer is not royalty, taxable in India u/s 9(1)(vi) or Article 12 of India-Ireland DTAA: ITAT (See Breaking News)

TP - Working capital adjustments are attempt to arrive at adjusted comparables as basis of determining their profit level indicators or comparable uncontrolled prices: ITAT (See Breaking News)

TP - If loan given to AE was non-performing asset, no adjustment can be made for notional interest if there is no possibility of recovering either interest or principal: ITAT (See Breaking News)

I-T - Once certain transaction is accepted at arm's length by TPO in earlier & later AYs, under an agreement unchanged for more than a decade, then absence of TPO reference in current AY cannot prejudice assessee: ITAT (See Breaking News)

I-T -Payments received for distribution, sale, or exhibition of cinematographic films fall within exclusion in Explanation 2(v) to section 9(1)(vi); is excluded from 'royalty' under Article 12 of India–USA DTAA: ITAT (See Breaking News)

Shadow of Litigation on GAAR thus far (See 'TII Edit')

Ageing population to strain European pension systems: OECD (See Brief)

DTAA - Delivery Order Charges are directly connected to transportation of goods; fall within scope of Article 8 of India-Turkey DTAA - such charges not taxable in India, as are collected after transportation at point when goods handed over to consignee: ITAT (See Breaking News)

African GDP may double if USD 155 bn pumped into infra sector: OECD (See Brief)

INTL - CSR contributions, though not allowable as business expenditure u/s 37(1), qualify for deduction u/s 80G if the prescribed conditions are fulfilled: ITAT (See Breaking News)

TP - Ttransaction between assessee and AE is in foreign currency with regard to receivables, then transaction would have to be looked upon by applying commercial principles with regard to international transactions - YES: ITAT (See Breaking News)

TP - If CCDs issued are in nature of debt, then interest paid on same should be benchmarked as per applicable transfer pricing provision after applying most appropriate method considering availability of data: ITAT (See Breaking News)

Illicit trade in tobacco results in revenue loss of over USD 47 billion: WHO (See Brief)

TP - Capital financing between two AE should be benchmarked as loan transaction for noticeably brief period between two related parties where there is minimum risk: ITAT (See Breaking News)

TP - Each international transaction must be separately evaluated u/s 92C; acceptance of benchmarking for basic market-research services does not automatically cover infrastructure service fees & reimbursements: ITAT (See Breaking News)

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Tax Audit - Clauses 30C & 44 relating to GAAR & GST - CBDT further defers suspension till March 31, 2020 By TII News Service May 14, 2019 , New Delhi
GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES TPL DIVISION NEW DELHI CIRCULAR NO 09/2019; Dated: May 14, 2019 Order under section 119 of the Income-tax Act, 1961 Section 44AB of the Income-tax Act, 1961 ('the Act') read with rule 6G of the Income-tax Rules, 1962 ('the Rules') requires specified persons to furnish the Tax Audit Report along with the prescribed particulars in Form No. 3CD. The existing Form No. 3CD was amended vide notification no. GSR 666(E) dated 20th July, 2018 with effect from 20th August, 2018. However, the reporting under clause 30C and clause 44 of the Tax Audit Report was kept in abeyance till 31st March, 2019 vide Circular No. 6/2018 dated 17.08.2018. Representations were received by the Board that the implementation of reporting requirements under clause 30C (pertaining to General Anti-Avoidance Rules (GAAR)) and clause 44 (pertaining to Goods and Services Tax (GST) compliance) of the Form No. 3CD may be deferred further. The matter has been examined and it has been decided by the Board that the reporting under clause 30C and clause 44 of the Tax Audit Report shall be kept in abeyance till 31st March, 2020. [F.No.370142/9/2018-TPL] (Saurabh Gupta) Under Secretary (TPL)-III

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