Taxmann's Cross-Border Transactions under Tax Laws & FEMA – Practical Commentary Enriched with—Case Laws | Judicial Interpretations | Cross-References for Holistic Analysis

Taxmann's Cross-Border Transactions under Tax Laws & FEMA – Practical Commentary Enriched with—Case Laws | Judicial Interpretations | Cross-References for Holistic Analysis
Author: Dr. G. Gokul Kishore
Publisher: Taxmann Publications Private Limited
Total Pages: 22
Release: 2024-10-07
Genre: Law
ISBN: 9364553306

This book is a comprehensive guide for managing tax and compliance issues in cross-border business transactions. It focuses on critical laws such as the Income Tax Act, Customs Act, IGST Act, and FEMA, providing practical insights into international taxation, transfer pricing, and the valuation of goods in cross-border trade. The book also covers important areas like withholding tax obligations, customs duty exemptions, and the application of Double Taxation Avoidance Agreements (DTAAs). With a focus on real-world challenges, the book goes beyond basic concepts to address practical issues faced by businesses involved in cross-border operations. Its commentary is enriched with case laws, judicial interpretations, and departmental clarifications, providing a deep understanding of statutory provisions and their practical applications. Including cross-references across chapters ensures that readers gain a holistic view of the subject matter, making it a reliable tool for technical analysis and informed decision-making. This guide benefits exporters, importers, judicial members, legal practitioners, tax professionals, and government authorities. It assists these stakeholders in understanding the complexities of cross-border taxation, customs valuation, GST compliance, and FEMA regulations, helping them achieve tax efficiency and regulatory compliance. The Present Publication is the 4th Edition, amended by the Finance (No. 2) Act, 2024. This book is authored by Dr G. Gokul Kishore & R. Subhashree, with the following key highlights: • [Comprehensive Coverage of Multiple Laws] The book is unique in covering four key laws at once – the Income Tax Act, the Customs Act, the Integrated Goods and Services Tax (IGST) Act, and FEMA – making it an essential resource for understanding cross-border tax implications. It addresses areas such as arm's length pricing, Permanent Establishment (PE), intermediary services, and the role of customs authorities in regulating valuation • [Up-to-date Content] The fourth Edition is fully updated with the latest amendments as per the Finance (No. 2) Act, 2024, and includes relevant judgments and orders to ensure readers are informed of the most current legal landscape • [International Taxation & Transfer Pricing] The book thoroughly examines international taxation, covering essential topics such as transfer pricing and arm's length price (ALP) under the Income Tax Act. It analyses the complexities of associated enterprises, transfer pricing methods and judicial rulings. Additionally, the book explores the concept of marketing intangibles and AMP expenses, key challenges in Transfer Pricing (TP) assessments, and practical remedies for TP adjustments. A comprehensive analysis of the creation of Permanent Establishment (PE) is provided, with reference to relevant Double Taxation Avoidance Agreements (DTAAs) and tax treaty provisions concerning royalty, Fees for Technical Services (FTS), and tax residency • [Focus on Avoiding Profit Shifting] A key concern for tax authorities is shifting profits between jurisdictions. The book examines the Income Tax Department's focus on preventing profit shifting, especially in cross-border transactions involving payments to overseas parties, and provides strategies for businesses to remain compliant • [Customs Valuation & Compliance] The book provides valuable guidance on the valuation of imported goods under the Customs Valuation Rules, addressing challenges faced by importers and exporters when defending declared transaction values. It examines the Customs Department's concerns regarding under-valuation, especially where importers and exporters are related parties, and covers the Customs Valuation Agreement under GATT, along with judicial rulings on valuation • [GST and Cross-border Services] A crucial section is dedicated to analysing cross-border services under GST law, focusing on provisions of the IGST Act related to place of supply, export benefits, and intermediary services. The book also delves into specific challenges faced by online service providers operating across jurisdictions and how businesses can optimise compliance while leveraging export benefits under GST • [FEMA Compliance] The role of FEMA in regulating payments and receipts related to imports and exports is thoroughly discussed. It examines the intersection of FEMA with other tax laws, particularly regarding establishing branch or liaison offices of foreign companies in India. The interplay of FEMA with tax laws becomes especially significant when dealing with transactions between the establishments of the same legal entity in different jurisdictions • [Withholding Obligations & Compliance] The book provides insights into withholding obligations under the Income Tax Act, often dependent on DTAA provisions. Companies dealing with cross-border incomes like royalty and FTS must comply with these obligations, and the book provides practical guidance on how to handle such transactions effectively • [Export Promotion and Incentives] A chapter is devoted to explaining the various customs duty exemptions and export incentives available under the Foreign Trade Policy 2023, offering practical insights for companies aiming to maximise benefits through export promotion schemes • [Case Laws & Judicial Interpretations] The book stands out for its comprehensive analysis of relevant case laws and judicial interpretations. It is essential for practitioners, legal advisors, and departmental officers dealing with cross-border tax disputes. These judicial precedents help in understanding the finer nuances of the laws and their application in real-world scenarios The structure and chapter overview of the book is as follows: • Customs Valuation o This chapter explores Article VII of GATT, the Customs Valuation Agreement, and Section 14 of the Customs Act, 1962. It provides insights into customs valuation for imported goods, transfer pricing issues, and relevant judicial rulings • Transfer Pricing o A deep dive into transfer pricing rules, including international transactions, associated enterprises, and methods for determining ALP. The chapter also addresses challenges related to marketing intangibles, AMP expenses, and other TP-related issues. It also discusses secondary adjustment, Country-by-Country Reporting (CbCr), thin capitalisation, and cost-sharing arrangements • Permanent Establishment & DTAAs o This chapter covers the concept of Permanent Establishment (PE) and its treatment under various DTAAs. It discusses the attribution of profits to PE and includes judicial interpretations and ITAT rulings on the subject • Tax Residency & Withholding Obligations o Practical guidance is provided on residency, taxation of interest, dividends, royalties, Fees for Technical Services (FTS), and foreign tax credit (FTC), along with a discussion on withholding obligations under the Income Tax Act • GST & Cross-Border Services o The fifth chapter focuses on GST provisions relevant to the import and export of goods and services, with an emphasis on the place of supply and the refund mechanism under the IGST Act • Customs Duty Exemptions & Export Schemes o This chapter elaborates on customs duty exemptions and export promotion schemes available under the Foreign Trade Policy 2023 • FEMA Compliance o A concise commentary on FEMA provisions applicable to cross-border transactions, including regulations for payments and receipts in the context of imports and exports • Dispute Resolution Mechanisms o The final chapter discusses the dispute resolution mechanisms available under the IGST Act, the Customs Act, and alternative dispute resolution processes under the Income Tax Act

Taxmann’s Cross-Border Transactions under Tax Laws & FEMA – Practical Commentary covering Income Tax (including International Tax & Transfer Pricing), GST, Customs & FEMA, etc., with Case Laws

Taxmann’s Cross-Border Transactions under Tax Laws & FEMA – Practical Commentary covering Income Tax (including International Tax & Transfer Pricing), GST, Customs & FEMA, etc., with Case Laws
Author: Dr. G. Gokul Kishore
Publisher: Taxmann Publications Private Limited
Total Pages: 64
Release: 2023-05-26
Genre: Law
ISBN: 9357780149

This book provides practical guidance based on judicial interpretation of the law and rules. It also provides an easy-to-understand commentary (with departmental clarifications) on cross-border transactions with respect to the following laws: • Income Tax (including International Tax & Transfer Pricing) • Goods & Services Tax (GST) • Customs • Foreign Exchange Management Act (FEMA) This book will be helpful for practitioners, members of the bar & bench and industry, and assessing officers. The Present Publication is the 3rd Edition, amended by the Finance Act 2023 and updated till 1st May 2023. This book is authored by Dr. Gokul Kishore & R. Subhashree, with the following noteworthy features: • [Easy-to-Understand Practical Commentary] covering: o Income Tax (including International Tax & Transfer Pricing) § Implications of International Transactions § Adoption of Appropriate Transfer Pricing (TP) § Comprehending the Creation of Permanent Establishment (PE) and Double Taxation Avoidance Arrangements (DTAA) § Ensuring Compliance with Withholding Obligations when payment is made to non-resident § Issues relating to Royalty & Fees for Technical Services (FTS), Tax Residency and Foreign Tax Credit (FTC) o GST § Examination of Cross-Border Services by applying Place of Supply & Export of Service provisions under the Integrated Goods and Services Tax Act (IGST), besides analyzing benefits to exporters o Customs § Valuation of Imported Goods under Customs Valuation Rules, when transaction value as declared by importer is not accepted § Availing Customs Duty Exemptions § Duty Remission and Rewards under various Export Promotion Schemes as provided in Foreign Trade Policy 2023 o FEMA § Compliance with Provisions of FEMA on Receipts and Payments for Export and Imports • [Exhaustive Discussion on both Basic Concepts and Issues faced by the Industry] combined with essential commentary on statutory provisions and the jurisprudence. • [Cross-references to other Chapters] wherever implications need to be understood The structure of the book is as follows: • [Chapter 1 | Customs Valuation] discusses Article VII of GATT, Customs Valuation Agreement, Section 14 of Customs Act, 1962, Customs Valuation Rules (for imported goods) and Export Valuation Rules with relevant judgments and orders. Pointers relating to transfer pricing issues have also been mentioned in this chapter • [Chapter 2 | Transfer Pricing] analyzes international transactions, associated enterprises, comparables, methods of determining Arms Length Price, TP challenges in India as per the UN TP Manual and judicial rulings, creation of marketing intangibles and TP issues relating to AMP expenses. TP assessment, adjustment and appellate remedy have also been included. To provide a 360° perspective, secondary adjustment, Country by Country Reporting (CbCr), thin capitalization, Cost Contribution Arrangements, intra-group services and cost-sharing arrangements have been succinctly covered • [Chapter 3 | Permanent Establishment & DTAAs] discusses taxing powers and sources of income. The concept of PE and types of PE have been explained through the relevant articles in various DTAAs, along with treatment by the Indian judiciary and ITAT. The attribution of profits to PE, which has significant practical implications, has also been discussed • [Chapter 4 | Incomes other than Business Income, Withholding Obligations and Foreign Tax Credit] is broad-based and to the extent relevant to cross-border transactions; it provides a commentary laced with practical guidance on residency, the definition of interest, jurisdiction to tax, dividends paid or received, taxation of royalty, FTS, salary, capital gains, other income, withholding obligations, FTC, the requirement to file the return and the concept of the representative assessee • [Chapter 5 | Import & Export under IGST Act] as applicable to import and export of goods, import of services and export of services, along with the provisions on the place of supply and refund mechanism, forms the fifth chapter • [Chapter 6 | Customs Exemption and Export Promotion Schemes under FTP] Considering the relevance to cross-border trade, Customs Duty exemptions and export promotion schemes under Foreign Trade Policy 2023 (FTP) have been discussed in the sixth chapter. • [Chapter 7 | Export and Import under FEMA & Regulations] Knowledge of obligations and provisions applicable to export and import under FEMA and regulations thereunder is integral to cross-border transactions. Therefore, a concise commentary on the same has been provided in Chapter 7 • [Chapter 8 | Dispute Resolution] Dispute resolution mechanisms under IGST Act and Customs Act, along with alternative dispute resolution under Income Tax Act, have been included. Chapter 8 also provides a broad overview of the statutory remedies available to exporters and importers

Model Tax Convention on Income and on Capital: Condensed Version 2017

Model Tax Convention on Income and on Capital: Condensed Version 2017
Author: OECD
Publisher: OECD Publishing
Total Pages: 658
Release: 2017-12-18
Genre:
ISBN: 9264287957

This is the tenth edition of the condensed version of the "OECD Model Tax Convention on Income and on Capital". It contains the full text of the "Model Tax Convention on Income and Capital" as it read on 21 November 2017, but without the historical notes and the background reports included...

The Law of Income Tax

The Law of Income Tax
Author: Alayavalli C. Sampath Iyengar
Publisher:
Total Pages:
Release: 2005
Genre: Capital gains tax
ISBN: 9788177332056

Taxmann’s Law Relating to Search & Seizure – Comprehensive Commentary along with Case Laws on Search & Seizure, FAQs, Checklists, etc. [Finance Act 2023 Edition]

Taxmann’s Law Relating to Search & Seizure – Comprehensive Commentary along with Case Laws on Search & Seizure, FAQs, Checklists, etc. [Finance Act 2023 Edition]
Author: Dr. Raj K. Agarwal
Publisher: Taxmann Publications Private Limited
Total Pages: 69
Release: 2023-04-22
Genre: Law
ISBN: 9356227187

This book discusses and analyses various complicated and controversial legal issues surrounding Search and Seizure. It also aims to comprehend and address various practical aspects with the help of landmark judgements from various courts. This book will help practising tax consultants, taxpayers, academicians, and tax administrators. The Present Publication is the 9th Edition and has been amended by the Finance Act 2023. This book is authored by Dr Raj K. Agarwal & Dr Rakesh Gupta with the following noteworthy features: • [Solutions to Practical Issues] in the form of: o Frequently Asked Questions (FAQs) o Gist of Landmark Judgements of various courts o Significant Checklists on various issues relating to the handling of Search & assessment of search cases • [Balanced View on Controversial Issues via Landmark Judgements (updated till March 2023)] from the point of view of taxpayers & the department • [Discussion on amended Reassessment Provisions] along with a discussion on various issues that may arise in the future The contents of the book are as follows: • Search and Seizure – Nature of Provisions • Circumstances when Search can be Initiated • Authorisation of Search • Validity of Search – Writ Jurisdiction • Actual Conduct of Search Operations • Seizure of Books of Accounts, Documents and Assets • Restraint Order – Section 132(3) and Section 132(8A) • Recording of Statement – Section 132(4) • Presumption under Section 132(4A) & 292C • Sections 132(8)/132(10)/132(9)/132(9A) to 9(D) & 132B • Requisition under Section 132A • New Assessment or Reassessment Scheme of Search Cases as Introduced by the Finance Act, 2021 • Assessment of Search Cases under Section 153A/153C • Handing of Assessments in Search Cases • Attraction of Wealth Tax in Search Cases • Penalties and Prosecution in Search Cases • Application to Settlement Commission in Search Cases • Precautions before Facing Search Action

The Law of Income Tax

The Law of Income Tax
Author: A. C. Sampath Iyengar
Publisher:
Total Pages: 1367
Release: 1990
Genre:
ISBN:

Revised and updated edition of comprehensive treatise of the Indian Income Tax Act, 1961, including amendments made by the Finance Act, 1990. Reference to case law and circulars are included.

Commentary On The Constitution of India

Commentary On The Constitution of India
Author: Dr. P.K. Agrawal & Dr. K.N. Chaturvedi
Publisher: Prabhat Prakashan
Total Pages: 818
Release: 2020-01-01
Genre: Biography & Autobiography
ISBN: 938623176X

Dr. P.K. Agrawal is firstclass first in law and a gold medalist from University of Allahabad in 1973. He started his career as a lecturer in law. He did LL.M. from Calcutta University when he was the District Magistrate in IAS cadre of West Bengal in 1987. He was awarded D.Phil in Law from Allahabad University in 1992 for review of land laws of Uttar Pradesh. Dr. Agrawal worked as Joint Secretary, Department of Justice, Ministry of Law and Justice, Govt. of India from 1997 to 2002, where he tried to implement judicial reforms. He was also a member of threemen drafting committee of the I.T. Act. Dr. Pramod Kumar Agrawal is a prolific writer of Hindi and English and has sixty books to his credit. He worked as an Advocate and partner after retirement with Khaitan & Company, a leading law firm. At present, Dr. Agrawal is the Managing Partner, VAS GLOBAL, a New Delhi based law firm.