India: CBDT guidance cannot apply retroactively | KPMG | GLOBAL

India: Oil rig fees; CBDT guidance cannot apply retroactively

India: CBDT guidance cannot apply retroactively

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

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  • Fees to move oil and gas rig are taxable: The Supreme Court of India held that fees to move an oil and gas rig from a foreign country to the off-shore site in India, for providing services and facilities in connection with the extraction of mineral oil, are taxable. The case is: Sedco Forex International Inc. Read a November 2017 report [PDF 651 KB]
  • Increased maximum age under pension system: The Pension Fund Regulatory and Development Authority issued guidance increasing the maximum age, from 60 years to 65 years, allowed to join the national pension system under the private sector model. Read a November 2017 report [PDF 342 KB]
  • CBDT cannot issue instructions that would apply retroactively: The Supreme Court of India held that the Central Board of Direct Taxes (CBDT) cannot issue circulars that would be effective retroactively. In February 2011, the CBDT revised the minimum monetary threshold for filing revenue (tax) appeals. The taxpayer asserted that this revised monetary threshold would also apply in past or pending cases. The Supreme Court, however, held that the CBDT cannot issue guidance that has retroactive effect. The case is: Gemini Distilleries. Read a November 2017 report [PDF 423 KB]

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