Payment to non-resident software manufacturers/suppliers for sale of software under end user license agreements/distribution agreements does not qualify as ‘royalties’ under DTAA and not liable for withholding taxes under section 195.

Union Budget 2021 - Highlights

MCA notifies amendments to CSR provisions under the Companies Act, 2013 and amends Companies (Corporate Social Responsibility Policy) Rules, 2014

Faceless Penalty Scheme

Mumbai bench of Tribunal holds that assets held under an offshore trust structure not subject to wealth tax in the hands of the beneficiaries in India.

Madras HC ruling on contribution of funds received by trust

Service tax demand on liquidated damages set aside by the Tribunal.

IFSC Authority simplifies opening and maintenance of foreign currency bank account in IFSC by notification of International Financial Services Centres Authority (Banking) Regulations, 2020

High Court of Karnataka affirms the ruling of Special Bench of Tribunal, allows discount on issue of Employee Stock Options as revenue expenditure.