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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: form 3cd :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: VAT RATES :: due date for vat payment :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: cpt :: empanelment
 
 
News Headlines »
 Infosys to configure GST network for filing returns
 Save income tax through mutual fund investment. All you need to know
 Income tax returns (ITR): On sale of property, here is what you should know
 Section 35 of the Income-tax Act?
 Notification regarding extension of last date w.r.t submission of closing stock by dealer.
 Integrated Goods and Services Tax (IGST) Rules, 2017 (As on 15.11.2017)
 Central Goods and Services Tax (CGST) Rules,2017 (As on 15.11.2017)
  101st Constitution Amendment Act, 2016
 Pr. Commissioner Of Income Tax-6 Vs. Mccain Foods India Pvt. Ltd.
 Section 10 of the Income-tax Act, 1961
 Income tax returns filing: No tax on gift received from relatives in form of cash

I-T dept seeks SC ruling on DTAA
September, 03rd 2007
The Income Tax Department has sought a ruling from the Supreme Court on a High Court decision that dividend income was non-taxable if it came from an entity from a country that has a double taxation avoidance agreement (DTAA) with India.

The department challenged the Madhya Pradesh High Court order exempting Turqouise Investment and Finance Ltd, an Aditya Birla Group promoter firm, from paying tax on dividend received from Pan Century Edible Oil Sdn Bhd, the Group's erstwhile Malaysian unit which it sold in December last year.

An apex court bench headed by Justice S H Kapadia has issued notices on the department's special leave petition.

The High Court had passed the order on a batch of petitions, including that of Turqouise Investment, which challenged the taxability of dividend income received by it in Malaysia.

The tax department challenged the High Court order which held that income accrued or arising outside India was part of the total income of the resident assessee. The department said Turqouise was not entitled to credit of deemed tax deducted at source (TDS) and tax liability in India could not be treated as tax paid by it in view of DTAA between India and Malaysia.

Tax authorities argued that the provisions of DTAA were applicable only where identical tax liability was imposed on the same article in both the countries and where tax exemption does not fall into the ambit of agreement.

The high court was not justified in holding that dividend income earned by Turqouise to the tune of Rs 21.35 lakh from Pan Century was exempted in India, it said. More IB RHP UPD 09021327 DEL According to the tax deparment's petition, the credit of deemed TDS was not admissible under DTAA on the dividend income received by Turquoise from a Malaysian company.

Further, there was no actual deduction at source and as such the question of allowing credit did not arise in this case, the petition said.

The department had rejected its credit claim on the basis of deemed credit on dividend received from Pan Century.

According to the department, Turquoise had filed its tax returns declaring income of Rs 4.30 crore by showing its business as investment and finance.
 
 
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 Vision

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