India: Aligning book profit computation, tax purposes | KPMG | GLOBAL

India: Aligning book profit computation for tax, accounting purposes

India: Aligning book profit computation, tax purposes

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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  • “Right person” to be charged for income tax: The Supreme Court of India held that it is the prerogative of the tax authorities to make a decision on who would be the “right person” subject to income tax under section 4 of the Income-tax Act, 1961. The case is: Maneklal Agarwal. Read an August 2017 report [PDF 309 KB]
  • CBDT amends the report on computation of book profit: The Central Board of Direct Taxes (CBDT) issued a revised Form No. 29B and aligned it with the requirements of the Indian Accounting Standards to enable companies to report and accountants to certify the form for computation of book profit under section 115JB of the Income-tax Act, 1961. Read an August 2017 report [PDF 321 KB]
  • Belated tax withheld at source remittances under tax treaties: The Chennai Bench of the Income-tax Appellate Tribunal held that no disallowance can be made under section 40(a)(i) of the Income-tax Act, 1961 for late tax withheld-at-source remittances on payment of professional charges and corporate maintenance charges, thereby applying non-discrimination articles under the respective tax treaties (India-Germany and India-UK tax treaties). The tribunal also addressed payment for server maintenance charges, and testing and development charges under the India-Italy tax treaty. The case is: Cooper Standard Automotive India Pvt Ltd. Read an August 2017 report [PDF 491 KB]

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