Preventing misuse of presumptive schemes under section 44BB and section 44BBB BUDGET 2023-24 MEMORANDUM EXPLAINING THE PROVISIONS IN THE FINANCE BILL, 2023 Section 44BB of the Act provides for presumptive scheme in the case of a non-resident assessee who is engaged in the business of providing services or facilities in connection with, or supplying plant… Read More »
Whether receipts on account of service tax were to be included in the gross receipts for the purpose of determining income under section 44BB of the Income-tax Act, 1961 ? Service tax was to be excluded from gross receipts while determining income under section 44BB IN THE ITAT DELHI BENCH ‘G’ Sundowner Offshore International (Bermuda) Ltd. v.… Read More »
Q : Whether the amounts paid by the ONGC to the non-resident assessees/foreign companies for providing various services in connection with prospecting, extraction or production of mineral oil is chargeable to tax as “fees for technical services” under Section 44D read with Explanation 2 to Section 9(1)(vii) of the Income Tax Act or will such payments… Read More »