Latest Updates on CBDT | Rajput Jain & Associates

CBDT: Guidance Note on application of Principal Purpose Test

CBDT on application of Principal Purpose Test under amended tax Treaties This clarification from the CBDT on the application of the Principal Purpose Test under amended tax treaties provides much-needed relief to foreign investors, especially those relying on the grandfathering provisions of agreements with Mauritius, Cyprus, and Singapore. Principal Purpose Test (PPT) : The Principal …

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Guidelines Issued By CBDT on Sec 194R

Clarifications/ Guidelines Issued By CBDT on Section 194R 1). The deductor is not needed to check whether the amount of perquisite/ benefit that he is providing would be taxable in the hands of the recipient under section 28. Income tax Section 194R casts an obligation on the person responsible for providing any benefit or perquisite …

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Corporate and Professional Updates on 11th February 2019

Direct Tax Updates: The Income Tax department has come to know about the downstream investments with the US government sharing information on downstream companies that are incorporated there. Since 2012, Indian taxpayers are required to disclose additional information on overseas assets such as joint bank accounts with children who are studying abroad. However, the interpretation …