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Cross-Border Payments For Sale Of Software Not Taxable As 'Royalty': SC

Posted under Taxation, Legal, Top Stories, by Malika Mahajan / 2 hours ago

SC ruled that payments received by non-residents as consideration for sale of license of computer software to Indian companies are not taxable as 'Royalty. Such payments, do not give rise to any "income taxable in India" and, buyers of software are not liable to deduct any tax at source. A Bench of Justices allowed appeals filed by assesses in this regard while dismissing appeals of IT department.

Read more at Bar and Bench

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SC Ruling Backs Taxpayers In Software Royalty Case

Posted under Taxation, Business, Legal, by Neha Sonker / 6 hours ago

The Supreme Court ruled that payments made by an Indian resident to a foreign company for import of computer software for sale in India will not be assessed as “royalty". The judgment, which involved approximately ₹500 crore in tax revenue, will impact companies like IBM India Ltd, Samsung Electronics Co. Ltd, Hewlett Packard India, Mphasis Ltd, Sonata Software Ltd and GE India.

Read more at Live Mint

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Businessman Arrested For GST Evasion Of ₹45 Crore

Posted under Taxation, Business, by Neha Sonker / 6 hours ago

In a major crackdown, DGGI, Coimbatore zonal unit arrested a businessman for evading GST to the tune of ₹45 crores by running a fake bill trading racket. These firms controlled by the businessman have received invoices without a supply of goods with a taxable value of approximately ₹840 crores, thereby availing and passing on fraudulent ITC of around ₹44.85 core to various entities, said the statement.

Read more at The Hindu

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Man Arrested For Input Tax Credit Fraud Of ₹ 38.91 Crore In Delhi

Posted under Taxation, by Neha Sonker / 7 hours ago

In the ongoing drive to counter the fake billing operations, CGST Commissionerate arrested an accused of creating a network of 38 fictitious firms to generate and pass fake ITC of GST amounting to ₹ 38.91 Crore. "The investigation has so far established the issuance of fake bills of ₹ 216.06 Crore involving fake ITC of ₹ 38.91 Crore, which is expected to increase as the investigation progresses."

Read more at NDTV

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Taapsee Pannu And Anurag Kashyap’s Properties Being Raided By The Income Tax Dept

Posted under Taxation, Top Stories, by Neha Sonker / 12 hours ago

In a massive action against the big Bollywood personalities, the Income Tax department carried out searches at the premises of noted film director Anurag Kashyap, actor Taapsee Pannu and filmmaker Vikas Bahl. The investigating agency is conducting the raids at the premises of the film production company — Phantom Films — and people associated with it.

Read more at Times of India