Tax & Regulatory Newsletter – November, 2020 Edition
05 November, 2020
Dear Chetan,
Greetings!
We are pleased to attach herewith the Tax & Regulatory Newsletter – November, 2020 Edition highlighting major recent tax and regulatory developments. Inside this issue…
DIRECT TAX
· ITAT holds that assessee cannot be fastened with liability to deduct TDS retrospectively
· ITAT explains that ‘Share Allotment’ activates taxability under Section 56(2)(viib),holds share application money received before enactment of provision immaterial
· ITAT: Income from grant of distribution rights of TV channels is not taxable as royalty under India-USA tax treaty
· ITAT holds that provision of bandwidth services shall not be taxable as ‘Royalty’
TRANSFER PRICING
· ITAT upheld penalty u/s 271AA of Income Tax Act, 1961 (“the Act”) on non-resident, for non-maintenance of documents prescribed u/s 92D of the Act.
· ITAT rules on application of domestic TP while computing profit-linked tax holiday deduction, held inter-unit transactions between two eligible units u/s 10AA outside ambit of TP
REGULATORY
· Company Law Provisions Updates
· Updates under Reserve Bank of India
· FDI Policy Update
· Central Government Incentives Update
GST
· GST Updates
· Other GST Rulings
COMPLIANCE CALENDAR
· Direct Tax
· GST
· Regulatory
We trust that you will find it interesting and informative.