« 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 «  US cos arms too can MAP tax disputes in India... Vodafone I-T case put off till December 11... » Tax relief for firms engaged in trade with US November, 03rd 2007 In a relief to Indian companies, the Income-Tax Department has decided to suspend collection of taxes if the Mutual Agreement Procedure is invoked by a US-based entity under the Indo-US Double Taxation Avoidance Convention (DTAC).   Article 27 of the Indo-US DTAC provides for Mutual Agreement Procedure for avoidance of double taxation.   To avoid hardship to taxpayers, the competent authorities of India and the US had entered into a memorandum of understanding (MoU) regarding suspension of collection during the pendency of MAP in 2003.   The collection of outstanding taxes in the case of a resident of the US, whose request under MAP is under consideration of the competent authorities, was kept in abeyance, subject to furnishing a bank guarantee of an amount equal to the amount of tax under dispute and the interest accruing thereon according to the provisions of the Income-Tax Act.   Now references have been received for extending the applicability of the MoU to Indian resident entities in the cases where Mutual Agreement Procedure is invoked by the US resident, a source said.   In order to avoid hardship to Indian resident taxpayers especially in cases involving transfer pricing, where the Indian resident entity is liable to pay taxes on such income which may have been charged to tax in the hands of the associated entity in the US, it has been decided to extend the applicability of the MoU to such Indian entities during the pendency of the MAP.   This clarification will be helpful as there were instances where the MoU benefit was sought to be denied at India in respect of the demands raised as a result of transfer pricing adjustments made in the hands of Indian entity for which the US Resident invoked the MAP option, said Samir Gandhi of Deloitte.