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Double taxation sword hangs over NRIs heads, SC relief to be sought again Double taxation sword hangs over NRIs heads, SC relief to be sought again Sugata Ghosh | ET Bureau | Updated: Mar 6, 2021, 15:33 IST Highlights NRIs stuck in India were hoping for a relief from govt CBDT simply assured there would be no “double taxation” This has no consequence for NRIs from Gulf where there is no income tax Baid, who works in Dubai, would either move a fresh petition or file an application challenging the recent com.Read More (This story originally appeared in on Mar 5, 2021) Gaurav Baid, the 27-year old NRI chartered accountant, whose writ petition before the Supreme Court triggered a reaction from India’s direct tax authority, will once again knock at the court’s door. Baid, who works in Dubai, would either move a fresh petition or file an application challenging the recent communiqué from the Central Board of Direct Taxes (CBDT) which ....
CBDT note to face fresh Supreme Court challenge from NRI SECTIONS Share NRIs stuck in India were hoping for a relief from govt CBDT simply assured there would be no “double taxation” This has no consequence for NRIs from Gulf where there is no income tax Gaurav Baid, the 27-year old NRI chartered accountant, whose writ petition before the Supreme Court triggered a reaction from India’s direct tax authority, will once again knock at the court’s door. Baid, who works in Dubai, would either move a fresh petition or file an application challenging the recent communiqué from the Central Board of Direct Taxes (CBDT) which gave no relief to NRIs who, having overstayed in India due to the pandemic, now fear that their overseas earnings would be taxed by the Indian government. ....
Mumbai: The tax uncertainty faced by non-resident Indians (NRIs) which the Budget didn’t address and difficulties that companies may run into following the proposal to dismantle Income Tax Settlement Commission (ITSC) have triggered court cases. On Wednesday, the Supreme Court directed the apex tax body Central Board of Direct Taxes (CBDT) to respond to a representation from an NRI, who may be exposed to higher tax, for having overstayed in India due to Covid-19. And, on Tuesday, Saravana Bhavan, the largest chain of restaurants serving South Indian food, filed a petition before the Madras High Court to direct ITSC, which was formed to settle complex tax disputes, to accept its application. ....
Many companies will have to fork out higher tax on past M&A deals while some may renegotiate valuations of ongoing and future transactions with the budget ending Corporate India’s age-old practice on ‘goodwill’ accounting. In a balance-sheet, goodwill is typically captured as the extra amount a company pays either as stock or cash over the net worth of the entity that is acquired. After the acquisition or merger, the goodwill is treated as an ‘intangible asset’ and the depreciation claimed on it lets the acquiring company or resulting or surviving entity lower its taxable income. That depreciation on goodwill will now be disallowed not just for future deals but even those cut during the financial year 2020-21. Also, depreciation on goodwill on M&A deals done earlier cannot be claimed from 2020-21. The measure proposed in the budget would hurt profitability of several listed and unlisted companies. ....
Companies that undertook mergers are now stuck with tax credit issue SECTIONS Share Synopsis Tax credits on the amount paid to revenue authorities when the process is on are getting stuck as the tax department undertakes a detailed scrutiny in merger cases which take long to conclude. Several companies that had initiated mergers are now facing issues in recovering tax credits due to delays in getting necessary approvals and conclusion of the process after the lockdowns disrupted the timelines. Tax credits on the amount paid to revenue authorities when the process is on are getting stuck as the tax department undertakes a detailed scrutiny in merger cases which take long to conclude. ....