India: Cash transactions and demonetisation; beneficial treaty rate applies

India: Cash transactions and demonetisation

The KPMG member firm in India has prepared reports about the following tax developments (read more at the hyperlinks provided below).

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  • Guidance for Assessing Officers verifying cash transactions relating to demonetisation: The Central Board of Direct Taxes (CBDT) issued standard operating procedures for Assessing Officers to follow as they verify cash transactions relating to demonetisation. Read a February 2017 report [PDF 354 KB]
  • Lower tax rate under tax treaty applies (even absent a permanent account number): The Special Bench of the Hyderabad Income-tax Appellate Tribunal held that certain tax law provisions do not override provisions of an applicable income tax treaty, to the extent that the treaty provisions are beneficial to the taxpayer. The case is: Nagarjuna Fertilizers and Chemicals Ltd. Read a February 2017 report [PDF 322 KB]

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