India: Dividend distribution tax; GST input credit matching

India: Dividend distribution tax

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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  • Levy of penalty for failure to file audit report: The Mumbai Bench of Income-tax Appellate Tribunal upheld a penalty levy for the taxpayer’s failure to file an audit report with respect to its international transaction of receiving foreign remittance from its non-resident Indian director (also a beneficial shareholder) on account of share capital and share premium. The case is: BNT Global Pvt. Ltd. Read a May 2017 report [PDF 318 KB]
  • Expenditure disallowed, dividend income subject to dividend distribution tax: The Supreme Court of India agreed to the disallowance of an expenditure under Section 14A of the Income-tax Act, 1961 with respect to dividend income that is subject to the dividend distribution tax. The case is: Godrej & Boyce Manufacturing Company Limited. Read a May 2017 report [PDF 454 KB]
  • Matching input tax credit under GST: The goods and services tax (GST) in India differs from other indirect tax systems in two important aspects: (1) the levy of an integrated GST on an interstate supply of goods or services, or both; and (2) the requirement for matching the claim of input tax credit. Read a May 2017 report [PDF 301 KB] on the process of matching input tax credit under GST.
  • Taxpayer identification number: The Central Board of Direct Taxes issued guidance listing individuals not required to obtain an Aadhaar number or enrollment identification.  Read a May 2017 report [PDF 276 KB]
  • Real estate transaction disclosures: The draft income computation and disclosure standards concerning real estate transactions is based on a guidance note issued on real estate transactions issued by the Institute of Chartered Accountants of India in 2012. Read a May 2017 report [PDF 372 KB] 

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