The Mumbai ITAT has ruled in favor of the assessee, holding that the liaison office (LO) of a Swiss company’s subsidiary in India does not qualify as a permanent establishment (PE). As a result, the addition of business income of Rs. 1.50 crore, attributed to 50% of the income from repairs and maintenance and integrated …
The Bangalore ITAT has upheld the expenses incurred by the assessee-company, Honeywell Technology Solutions (P) Ltd, for the assessment year 2011-12. The company, engaged in the business of software development and IT enabled services, incurred a total of Rs. 32.87 crore on the maintenance of computer licenses, purchase of software, legal and professional charges, and …
Leave Travel Allowance (LTA) or Leave Travel Concession (LTC) received by an individual from their employer is eligible for income-tax exemption, subject to the conditions outlined in Section 10(5) of the Income-tax Act, 1961, along with Rule 2B. This tax exemption is limited to the actual travel costs incurred by the employee. In order to …
Continue reading “Leave Travel Allowance (LTA): A Guide on LTA Tax Exemption”
The ITAT in Bangalore has recently issued a judgement in the case of Biplab Adhya v. ITO, related to the assessment year 2019-20. In this case, the Assessee, an individual and a non-resident, filed their income tax return declaring an income of Rs. 3,16,670, which was subject to scrutiny. During the assessment, the Assessing Officer …
The Mumbai Income Tax Appellate Tribunal (ITAT) has recently ruled that the income received from domain name registration services provided by a Registrar authorized by the Internet Corporation for Assigned Names and Numbers (ICANN) is not taxable as royalty in India, as long as there is no intellectual property right in the form of a …
The Delhi ITAT has ruled on the issue of residency under the India-Singapore Double Taxation Avoidance Agreement (DTAA) in the case of Sameer Malhotra v. ACIT. The case involved a dispute over the taxation of the Assessee’s income from employment in India and Singapore for the Assessment Year 2015-16. The Assessee initially offered to pay …
In the recent case of Techknowledgy Interactive Partners P. Ltd. v. ITO [ITA No. 350/MUM/2009 dated January 9, 2023], the ITAT, Mumbai has pronounced its judgment on various issues related to the tax deduction at source. The Appellant, Techknowledgy Interactive Partners P. Ltd., is a company engaged in the business of trading in software and …
Continue reading “No TDS on Reimbursement to Director and Software Trading”
The ITAT, Bangalore recently decided the case of M/s Mulberry Textiles LLP v. ITO [ITA No. 757/Bang/2022 dated January 3, 2023]. In this case, the Appellant, M/s Mulberry Textiles LLP, filed an income tax return for the financial year 2020-2021 and claimed exemption under Section 10(2A) of the Income Tax Act, 1961 (the IT Act) …
According to the Finance Act of 2017, individuals or Hindu Undivided Family (HUF) are required to deduct TDS (Tax Deducted at Source) on rent under section 194-IB, if the monthly rent paid to a resident exceeds ₹50,000. However, this does not apply to individuals or HUFs whose business or professional income exceeds the monetary limits …
Continue reading “TDS on Rent: TDS on Rental Income, 194 IB, Limit, Rate, FAQs”
India is home to a thriving startup ecosystem, with a large number of entrepreneurs and innovative companies emerging in recent years. Some of the most successful startups in India include Flipkart, Paytm, Ola, and Snapdeal, among others. These companies have disrupted traditional industries and created new opportunities for growth and innovation. In recent years, the …
Continue reading “Startup Benefits: Benefits to Startups in Union Budget 2023”
