« 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 «  SC defers hearing in Vicco Labs' matter... Luxembourg keen on DTAA with India... » SET can be taxed independently: ITAT April, 24th 2007 The Mumbai income-tax tribunal has stated foreign companies could be taxed independently even if their dependent agents are paid on an arms length basis.    The order has been passed in case of Sony Entertainment Television (SET) based in Singapore whose dependent agent is Sony India. SET- Singapore had earlier obtained a relief from the income-tax commissioner (appeals) for not being taxed in India, citing the advance ruling of Morgan Stanley.    In case of Morgan Stanley, the advance ruling authority has stated that if the dependent agent is paid at an arms length in India, the foreign company (Morgan Stanley parent) could not be taxed in India.    The order assumes significance since it will be applicable to all foreign companies which are operating in India on dependent agent basis. The assessment pertains to 2002-03 and the department has raised a demand of over Rs 100 crore.    A dependent agent is one who is legally and economically dependent on the principal (foreign company) and is authorised to negotiate and secure contracts on behalf of the foreign company.    The tribunal has held that the taxation of foreign company could be done since the permanent establishment of the foreign company and dependent agents are two different entities.    In this case, the authorities could tax the permanent establishment of the foreign company independently of the dependent agent.    The PE and the dependent agent are the same entities but the dependent agent is taxed as an Indian entity and the PE becomes the basis on which the foreign company is taxed on its Indian earnings.