GIFT City is a acronym for “Gujarat International Finance Tech-City”. GIFT City is a central business district established in Ahmedabad District in Gujarat, India. This is a government promoted greenfield project inaugurated in 2015. GIFT City is the India’s first Operational smart city.
Appeal against order of any authority can be filed by the party aggrieved by the order, i.e., the Assessee or the Department. Filing of appeal involves lots of cost and effort and also takes up the time of the judicial authority. Assessee files appeal after considering various factors such as amount of pre-deposit required, amount involved in dispute, time factor etc. However, for department appeal the CBDT specifies a monetary limit, i.e., upto specified monetary limit, no appeal shall be filed by the department.
During the year of the Central Election, Our present government has come up with an Interim Budget for FY 2024-25. All the financial schemes or Plans proposed in the Interim Budget are temporary until the final budget is presented by the new Government post elections.
For the last many years the government has provided various benefits for MSME (Micro, Small and Medium Enterprises) to boost their business. A separate portal is provided for the entities to register themselves as MSME. MSMEs are encouraged through various benefits such as collateral free loans, subsidy on patent registration, Free ISO certification etc. To take data of dues outstanding to MSME, The Companies Act also introduced Form MSME-1 wherein every company is required to disclose funds outstanding to MSME for more than 45 Days.
“Safe Harbour” means circumstances under which Income-tax authorities shall accept the transfer price declared by the assessee himself. Thus, ‘safe harbour rules’ specifies the various circumstances under which transfer price declared by the Assessee with respect to International transactions shall be accepted by Income tax authorities. Safe Harbour rule is given under Rule TD of Income Tax Rules, 1961.
The Appellant is engaged in providing domain name registration service, website design and web hosting. The Appellant charges a fee for facilitating domain name registration and a part of such fees is kept by the Appellant and a portion is shared with ICANN and the registry. Ld. The Assessing Officer considered such a fee as royalty and issued a demand order accordingly. View of Ld. AO is upheld by DRP and Tribunal. The Appellant contented that the domain name is not owned by the Appellant. Rather, the same is owned by the customer itself. The Appellant is only an intermediary and only renders registration services. The Appellant does not have any right in the property or trademark in the domain name. There is a difference between domain name registration and Trademark. The services offered by the Appellant are similar to those provided by other professionals to their respective clients who seek registration of a company’s name with the RoC or registration of patents and trademarks with the concerned registrars appointed under the relevant statute.
After filing of Income tax return, processing of Income tax return under section 143(1) is the first step wherein return is electronically processed by the Department system and action is taken as per the prima facie validations such as TDS is granted as per information available in Form 26AS irrespective of amount claimed in ITR, computation of interest etc. Refund claimed in Income tax return is processed only after processing under Section 143(1) of Income Tax Act.
The Supreme Court has finally put a full stop on the long going dispute of the Most-Favored Nation (MFN) clause in DTAA. India entered into DTAA with Netherlands, France and Switzerland, members of OECD, containing MFN clauses.
Double Taxation avoidance agreement is entered between two countries to avoid dual taxability of the same income in 2 countries. Section 90 of Income Tax Act, 1961, permits the central government to enter into agreement with any other country to avoid double taxation and maintain mutual economic relations, trade and investments. In accordance with Double Taxation Avoidance Agreement (DTAA), Income is taxed in only one country and the assessee is not required to pay tax in another country.
Finance Act, 2023 amended the provisions of Section 206(1G) to increase the rate of TCS from 5% to 20% for remittance under LRS as well as purchase of tour program packages and removed the threshold limit of INR 7,50,000.
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