International Tax Newsletter - March Edition
CA Arinjay Jain
Tax Advisor & Trainer | International Tax | UAE Corporate Tax | Income Tax Founder @ Sorting Tax .com
Welcome to Sorting Tax International Tax Newsletter.
In our endeavor to provide international tax knowledge, we supplement our International Tax Course by providing latest updates and insights on international tax developments from various jurisdiction.
The latest updates for this week are as under:
- ?Looking beyond traditional tax policies in an increasingly digital world.
- Yellen's proposal for a global minimum tax may benefit Beijing and the European Union's state-owned exemption defense
- OECD: Angola becomes the 166th member to join the Global Forum on Transparency and Exchange of Information for Tax Purposes
- Paraguay and Turkey sign a new tax treaty to avoid double taxation and prevent fiscal evasion
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Income Tax Updates
- Exemption under Section 54F of the Income Tax Act, 1961 cannot be allowed on purchase of plot because the sale deed reflected it as a piece of land and not for construction of residential house. ITAT Jabalpur - Bhag Chand Jain case
- A loss in derivative value on marked-to-marked basis due to fluctuations in foreign exchange rates is permissible as a deduction under Section 37(1) of the Income Tax Act, 1961 because assessee was following mercantile system of accounting. Calcutta High Court - Kesoram Industries Ltd. case
- Additions under Section 68 of the Income Tax Act, 1961 cannot be made since audited balance sheet showed that the amount was received for construction of flats from the members. Delhi ITAT - Gullistan Co-Op Group Housing Society Ltd. case
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Disclaimer: This newsletter is for informational purposes only and is not intended to provide legal, tax, or accounting advice. You should not rely on the information in this newsletter as a substitute for professional advice.
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