Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: cpt :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: form 3cd :: empanelment :: ACCOUNTING STANDARDS :: VAT RATES
 
 
Direct Tax »
 No escape from fair taxation for firms as info from countries pour in: CBDT
 Income tax department open to reducing withholding tax for companies
 The different ways in which you can verify your income tax return
 Finance Ministry asks taxmen to submit note on high-pitched assessments
 Businesses in a tizzy over tech glitches in filing GST returns
 Haryana tax department turns lens on shell companies
 CBDT denies data inconsistency over new taxpayers after note ban
 No inconsistency in number of tax payers: CBDT
 India will benefit from growing tax revenue in FY2018
 I-T plans to pursue property-holders who have never filed income tax returns
 Direct Tax Collections up to July, 2017 show Growth

FPI's tax returns without balance sheet not to be treated as defective: CBDT
December, 11th 2015

Income tax returns filed by foreign portfolio investors without balance sheet or profit and loss account will not be treated as defective, the Central Board of Direct Taxes has said.

The clarification brings relief to foreign portfolio investors (FPIs) and puts to rest the controversy over imposition of minimum alternate tax (MAT) on them.

Foreign institutional investors or portfolio investors that are registered with Sebi and have no permanent establishment or place of business in India or have provided requisite information will benefit from this move.

This will put to rest a matter which has been a concern for corporate FPIs filing tax returns in India," said Suresh Swamy, partnerfinancial services tax at PwC India. The government accepted the A P Shah panel's recommendation that MAT will not apply to foreign companies that do not have a permanent establishment or a place of business in India and decided to amend the income tax law retrospectively from April 1, 2001.

Subsequently, the CBDT issued a circular to its field officials to take note of the government decision and dispose off pending cases and not pursue tax demands.

But income tax authorities had issued notices of defective returns under Section 139(9) of the Income Tax Act to FIIs and FPIs in cases where balance sheet or profit and loss account were not filled.

"In order to overcome this difficulty, it is clarified that such returns will not be treated as defective," the CBDT said in a statement on Thursday.

"All such cases, where the Sebi registration number has been provided by the FIIs/FPIs in the return for assessment year 2015-16 are being taken up for processing."

For previous assessment years, where the above information is not available in the income tax return, FIIs and FPIs may provide details in their online response on the e-filing portal of the income tax department, the statement added.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Mission

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions