It's a double-whammy for the IT industry. First, IT
companies were slapped with tax orders on employees who worked at client sites
overseas. And now, the Karnataka High Court has ruled that expenses incurred in
foreign currency, related to technical services rendered abroad, should be
deducted from the figures of export turnover and total turnover for computing
deduction. This pertains to a tax that has been paid by Infosys from 1993-94
through 1997-98, under section 80HHE of the I-T Act. It refers to providing
technical services outside India, in connection with development or production
of computer software. Now, the Karnataka High Court has ruled against Infosys
with the bench saying that Infosys is liable to pay tax for those services,
which have been provided abroad. Though there is no confirmation on the exact
amount which Infosys will be liable for, it could be in the region of about Rs
500 crore.
Subscribe to:
Post Comments (Atom)
Taxability of online games
Introduction: 1. Taxability of online winnings before the introduction of section 115BBJ of the Income Tax Act and section 194BA of the Inco...
-
A new website launched for TDS related matters www.tdscpc.gov.in TRACES – T DS R econciliation A nalysis and C orrection E nabling S yste...
-
This is to update you about an important decision by Tribunal in the case of Filatex India Limited vs. CCE & ST , E A No. 10231 of ...
-
LEASE-DEED (A brief Introduction) Lease defined. A lease of immovable property is a transfer of a right to enjoy such property, mad...
-
Introduction It's important for taxpayers to have a clear understanding of the available allowances and deductions, as they can grea...
-
· Mumbai ITAT in the case of Mukesh Harilal Mehta held that Exemption U/S 54 cannot be denied merely due to mistake by the developer.
-
Particulars in Part 1 and Part 2 of Step-2 of registration form are required to be exactly the same as reported in the TDS statement. Plea...
-
We all are currently in the process of submitting Rectification Applications under Section 161 of GST Laws for errors that are evident fro...
-
Earlier this year, the Mauritius Government approved the amendment to the India – Mauritius tax treaty, aligning it with the proposal of th...
-
Slump sale is transfer of one or more business undertakings for a lump sum consideration, without assigning individual values to the each...
-
The circular of the Board dt. 28.06.1965 No. 17 (XL-36), provides for inspection fees and fees for certified copies of assessment and...
No comments:
Post a Comment