CBDT outlines recommended approaches to deal with rulings exchanged under BEPS Action 5

The main focus of the BEPS Action Plan 5 issues in October 2015 was on agreeing and applying a methodology to define the substantial activity requirement to assess preferential regimes, looking first at intellectual property (IP) regimes and then other preferential regimes. The work has also focused on improving transparency through the compulsory spontaneous exchange of certain rulings that could give rise to BEPS concerns in the absence of such…

Read More

Not filing a return in India will leave taxpayer in an incredibly vulnerable position

There has been tremendous growth in the number of foreign enterprises which work on short-term projects in India. As per the prevailing tax deducted at source (TDS) provisions, their entire income is subject to TDS at the applicable rates which fully covers their Indian tax liability. The question then arises as to whether filing of a tax return is necessary in India. Enterprises not well versed with the Indian tax…

Read More