« Top Headlines » Open DEMAT Account in 24 hrs  New Income Tax Act: ITR forms to be issued prior to FY28, says govt  GSTR-9C Explained: Turnover Limit, Due Date, Statement Format & How to Prepare It in Tally Prime (2025 Update)  Will Income Tax Department release new ITR forms by January 2026? Finance Ministry says this  The Government of India has strengthened MSME protection through strict payment rules, ensuring that Micro & Small Enterprises receive timely payments from buyers. Under the MSME Development Act (MSMED Act), 2006, buyers must make payments within:  ITR Refund Delays in India: Why They Happen & How to FastTrack Your Refund in 2025  ITR Refund Delay: From Bank Errors To Department Checks, 5 Big Reasons Your Refund Gets Stuck  Income Tax Slabs 2025: New Vs Old Regime; Which One Is Better For You For FY2025-26?  Seamless Integration: How Tally Prime Connects Businesses to the Digital Economy  Govt to notify new ITR forms, Income Tax Act 2025 rules by January 2026: CBDT chief  Digital Efficiency for MSMEs: The Tally Prime Advantage  5 Ways Tally Prime Reduces Cost and Boosts Productivity for Startups «  New hotels in NCR shed stars to avail tax holiday... "E-payment of taxes mandatory from January"... » Revenue dept moves SC on Morgan Stanley judgment October, 26th 2007 The Income-tax Department on Tuesday moved Supreme Court seeking review of its judgment in the Morgan Stanley case. The revenue department, in its petition prepared by additional solicitor general Mohan Parasaran, has sought to tax the profits of MNC operations in India on the ground that a mere arms length payment (market price) to the captive entity cannot absolve them of tax liability. The remuneration at market price to the BPOs and the taxiblity on the profits of foreign companies are two different things, said the revenue department seeking setting aside the apex courts July 9 verdict in the case of US investment bank Morgan Stanleys captive BPO The Supreme Court had ruled that foreign companies would not be at risk of being taxed in India as long as it was compensating its outsourcing unit on an arms length basis (same payment to the Indian entity as it would to an outside agency). It is respectfully submitted that arms length payment to the service provider cannot extinguish the taxibility of the profits of the foreign principal. A proposition to such effect in the impugned judgement (Mogan Stanley BPO case) goes against the internationally accepted principles on attribution of profits to the PE, said revenue in its 162-page review petition, which includes annexures as well.