Tax & Regulatory Newsletter: January, 2021 Edition

07 January, 2021

Dear Chetan,

​​Greetings!

We are pleased to attach herewith the Tax & Regulatory Newsletter – January, 2021 Edition highlighting major recent tax and regulatory developments.

Inside this issue…

Direct Tax

· ITAT: Income from supply of equipment taxable in India as Indian Subsidiary constituted Permanent Establishment of the assessee in India

· Karnataka High Court allows ESOP discount as deductible business expendituret

· Karnataka High Court: No TDS on reimbursement of expenses to non-residents

Transfer Pricing

· ITAT confirms CIT(A) rejection of recharacterization of OCD/CCD issue as ‘shareholder activity’; further discards reliance placed on Thin-capitalization Rules/ GAAR

· TAT: Compliance of Accountants Report u/s 92E is not substitute of Documentation u/s 92D.

Regulatory

· Financial Services Updates

· Updates under FEMA

· Companies Act Updates

GST

· GST Updates

· Other GST Rulings

Compliance Calendar

· Direct Tax

· GST

· Regulatory

We trust that you will find it interesting and informative.

Regards,
Nangia Andersen LLP