« Top Headlines » Open DEMAT Account in 24 hrs  Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money «  Project, service exporters can open multi-currency a/c: RBI... Deemed income concept may settle FBT row... » No tax on income from overseas operations:SC January, 09th 2007 In a significant judgement, the Supreme Court has ruled that only the income earned by foreign firms from their operations in India is taxable and that no tax can be levied on work done outside the country.    Only such part of the income, as is attributable to the operations carried out in India, can be taxed in India, a Division Bench of Justice SB Sinha and Justice Dalveer Bhandari said.    The judgement came on an appeal filed by a Japanese engineering firm, Ishikawajma-Harima Heavy Industries Ltd (IHHIL), challenging the decision of the Authority for Advance Rulings (Income Tax), that had asked it to pay taxes.    The company had formed a consortium with Ballast Nedam International BV, Itochu Corporation, Mitsui & Co Ltd, Toyo Engineering Corporation and Toya Engineering (India) Ltd for setting up an LNG plant at Dahej in Gujarat on a turnkey basis in 2001.    The contract involved offshore and onshore supply and services and construction of storage tanks.    The apex court ruled that since all parts of the transaction were carried out outside India, it could not have been taxed in the country.    The fact that the contract was signed in India was of no consequence as all activities of offshore supply were outside India, it said and added that the income-tax authority made a mistake.    The company had argued it was not liable to pay tax as India had a Double Taxation Avoidance Agreement with Japan and it did not receive any income for offshore supply and services in India.    The turnkey project would not mean that the entire contract must be considered to be an integrated one so as to make the Japanese company pay tax in India, the judges said.    According to the contract, while prices for offshore and onshore supply and services were paid in dollars, the construction and erection was partly to be paid in dollars and partly in Indian rupees.