NEUTRALIZING BASE EROSION AND PROFIT SHIFTING BY MULTINATIONAL AND TECH COMPANIES

Overview Due to advent of e-commerce and IoT, the businesses have less of physical trace and therefore its easy for organisation of developed world which largely follows residency-based taxation to shift their headquarters to locations where the tax rates are favourable.Major economies are aiming to discourage multinationals companies (MNC’s) from shifting profits and tax revenues

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TDS at a higher rate on non-filer of Income Tax return (Section 206AB of Income Tax Act, 1961)

TDS at a higher rate on non-filer of Income Tax return (Section 206AB of Income Tax Act, 1961) Background: Section 206AA of the Act provides for higher rate of TDS for non-furnishing of PAN. Similarly, section 206CC of the Act provides for higher rate of TCS for non-furnishing of PAN. Such provisions have served their

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Reduction in GST rates on items being used for covid relief and management (Dated: 12.06.2021)

Reduction in GST rates on items being used for covid relief and management: GST Council has in its 44th GST council meeting dated 12th June, 2021 has reduced GST rates on the specified items being used in Covid-19 relief and management. GST rates on life saving drug being Tocilizumab for treating covid 19 and Amphotericin

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