The Financial Year 2023-24 is coming to an end in fortnight. The books of accounts of all entities are at the closing stage, and wherever a requirement arises, provision as required needs to be created. Let us analyze a recent ruling!
. This budget ("Sabha Saath Sabka Vikas") is only an interim budget where only a vote on account is delivered by the finance minister. Here only a brief summary is given, and when the new government comes, a full budget will be delivered.
Through this write-up, let us analyze key income tax judgments from the income tax appellate tribunal, the high court, and the Supreme Court.
This section even describes that while making payment to non-resident tax has to be deducted at rates under the Act or DTAA whichever is beneficial.
Through this write up changes in domestic taxation will be articulated keeping in mind the Supreme Court judgment's impact in the Income –Tax Act(''ACT") and Income tax Rules(''Rules").
Any payment made to non-resident or to a foreign company whereby tax has to be deducted under Section 195 of Income tax Act ('IT ACT'). There are lot of complexities in dealing with this aspect which will be discussed in this missive.