Tax & Regulatory Newsletter- March, 2020 Edition
We are pleased to attach herewith the Tax & Regulatory Newsletter – March, 2020 edition highlighting major recent tax and regulatory developments.
Inside this issue…
Payment cannot be construed as ‘royalty’ income in the absence of commercial exploitation of copyright;
ITAT: Assessee has the choice to opt for either “Gross basis” or “Net basis” of taxation as regards FTS;
ITAT allows custom duty adjustment to Indian tested party’s margin while benchmarking imports;
ITAT confirms issue of Letter of Comfort to AE not an international transaction;
Simplification of company incorporation process & facility to obtain multiple statutory registrations – opening of bank account and ease of doing business
Other Regulatory updates
Restriction on input tax credit (’ITC’)
Annual return and reconciliation statement due date extended
Introduction of E-Invoicing
We trust that you will find it interesting and informative.