Tax Bulletin Vol. 3 Issue No. 3

India’s POEM – Further clarifications

The Finance Act, 2016 brought in an important amendment. As per this, some foreign companies could be deemed to have their Place of Effective Management (“POEM”) in India and as a consequence, would be deemed to be an Indian tax resident having to pay tax on global income. A POEM for a foreign company would mean a dual tax residency, one in its home country and the other in India. By definition in the Indian tax law, POEM “means a place where key management and commercial decisions that are necessary for the conduct of business of an entity as a whole are, in substance made”. The POEM rules apply from the Financial Year (“FY”) 2016-17.

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Tax Bulletin Vol. 3 Issue No. 2

Hon’ble Supreme Court holds amendment to Section 40(a)(ia) of the Act to be retrospective in nature

In a recent decision, the Hon’ble Supreme Court has upheld a ruling of the Hon’ble Calcutta High Court to the effect that amendment by Finance Act, 2010 to Section 40(a)(ia) of the Income Tax Act, 1961 (“Act”) is retrospective in nature. The judgement has the effect of relaxing the rigours of Section 40(a)(ia) of the Act to some extent. The decision has been rendered in the case of CIT Kolkata X v/s. M/s. Calcutta Export Company.

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Tax Bulletin - Vol.3 Issue 1

ITAT holds that Permanent Establishment is not created merely on secondment of employees to Indian subsidiary

Brief facts:

The Assessee is Samsung Electronics Co. Ltd. (“Samsung”) which is a company established in Korea. Principle activity of the company is manufacturing and sales of wide range of electronic items globally. Samsung has a wholly owned subsidiary in India named Samsung India Electronics Private Limited (‘SIEL’). A survey was conducted by the income-tax department at the premises of SIEL. Consequently,  a notice u/s 148 of the Act was issued to Samsung for initiating re-assessment proceedings for AY 2004-05 to 2009-10. On the request of Samsung the income-tax department provided the following reasons for issuance of notice u/s 148 of the Act:

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BANK FRAUDS & ITS REPORTING

 

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Union Budget 2018-19 - A Green Signal to Farmers

 

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BUDGET 2018 : FINE PRINT DECODED

Read More at » TaxSutra  taxsutra

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Budget 2018

Union Budget 2018 Insights

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Demystifying Secondary Adjustments

 

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Transfer Pricing Assessment

 

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Registration under the Goods and Service Tax Law

 

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Going Dutch

 

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MCA Tax Calculator-FY2017-18

MCA Tax Calculator-FY2017-18
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Budget-2016

Union Budget 2016 Insights
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Budget-2017

Union Budget 2017 Insights
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The Times They are a Changin’

 

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International Taxation

 

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Pass-Through Costs in Transfer Pricing

 

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A Brief on the Report of the Committee on Taxation of E-Commerce

 

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MCA’s Special Report on Demonetisation

 

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Benefit Test in Transfer Pricing

 

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