Interest payable on offshore Rupee Bonds by Indian entities to be exempted from Income Tax

September 17, 2018 : The Ministry of finance Monday exempted from income tax the interest payable on rupee-denominated bonds issued outside India by a company or a trust to a non-resident or a foreign company, a move aimed at increasing dollar inflow. The interest would be exempt on rupee-denominated bond issued outside India during the period from September 17, 2018, to March 31, 2019, the Finance Ministry said in a statement. As per I-T law, interest payable by an Indian company or a business trust to a non-resident, including a foreign company, on rupee-denominated bond issued outside India before the July 1, 2020, was liable for concessional rate of tax of 5 percent.

Income Tax Officer, Mumbai Vs. Venkatesh Premises Cooperative Society Ltd.[ALL SC 2018 MARCH]

KEYWORDS:- Doctrine of mutuality- nonoccupancy charges- DATE:- March 12, 2018 The doctrine of mutuality, based on common law principles, is premised on the theory that a person cannot make a profit from himself. An amount received from oneself, therefore, cannot be…

Sedco Forex International Inc. through it’s Constituted Attorney Mr. Navin Sarda Vs. Commissioner of Income Tax, Meerut & ANR[SC 2017]

Keywords:-Non-resident assessees-Mobilization fee Section 44BB has to be read in conjunction with Sections 5 and 9 of the Act and Sections 5 and 9 of the Act cannot be read in isolation. The aforesaid amount paid to the assessees as…