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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.

 

Tax and Regulatory Newsletter_November 2020 Edition

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