India: Undisclosed foreign income; cricket TV coverage

India: Undisclosed foreign income; cricket TV coverage

The KPMG member firm in India has prepared reports concerning the following developments (to read more, click on the hyperlinks provided below):

Related content

  • No expense disallowance if no related exempt income is received during the year: The Delhi High Court held that there must be an actual receipt of exempt income during the relevant year, for the purpose of the rules that apply to disallow a deduction for an expenditure incurred in relation to such income. Section 14A of the Income-tax Act, 1961 will not apply if no exempt income is received during the year. The case is: Cheminvest Limited v. CIT. Read a September 2015 report  [341 KB]
  • Undisclosed foreign income and assets: The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 has been introduced to deal with “black money”—undisclosed foreign income and assets held outside India. The Central Board of Direct Taxes (CBDT) issued guidance, and is providing a one-time opportunity, for a limited period, to persons who have undisclosed foreign assets (i.e., not disclosed for income tax purposes). These persons must make their disclosures by 30 September 2015, and pay related taxes and penalties by 31 December 2015. Read a September 2015 report [PDF 393 KB]
  • Payments related to cricket match coverage is not fees for technical services or royalty under treaty with UK: The Mumbai Bench of the Income-tax Appellate Tribunal held that a payment received by the taxpayer for capturing and delivering live audio and visual coverage of cricket matches is not taxable as fees for technical service under Article 13(4)(c) of the India-United Kingdom income tax treaty and is not taxable as royalty because the payment was not made “for the use of, or the right to use any copyright…” Rather, the payment was made to the taxpayer for producing the program content consisting of live coverage of cricket matches. The case is: IMG Media Limited v. DDIT. Read a September 2015 report [PDF 355]

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us

 

Request for proposal

 

Submit

KPMG's new digital platform

KPMG's new digital platform