India: Sale of shares and treaty benefits; income tax returns for 2020-21

India: Sale of shares and treaty benefits

The KPMG member firm in India has prepared reports about the following tax developments (read more at the hyperlinks provided below).


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  • Sale of shares: The Authority for Advance Rulings rejected an application for a “nil” withholding certificate, finding an entire arrangement relating to a sale of shares of a company was designed prima facie to avoid tax in India and that a real intention behind the structured transaction was to invoke the benefits of the India-Mauritius tax treaty. The case is: Tiger Global International II Holdings. Read a June 2020 report [PDF 160 KB]

  • Income tax return forms revised for the Assessment Year 2020-21:  The Central Board of Direct Taxes amended the income tax return forms for Assessment Year 2020-21. In general, the revised forms reflect tax law changes. Also, due to the coronavirus (COVID-19) pandemic, various due dates have been extended and therefore a separate schedule is provided to declare investments, deposits, and payments made between 1 April 2020 through 1 June 2020. Read a June 2020 report [PDF 181 KB]

  • Incentive scheme for medical devices: The Ministry of Chemicals and Fertilizers, Department of Pharmaceuticals, and the government of India introduced the “production linked” incentive scheme (PLIS) to boost domestic manufacturing by attracting large investments in the medical devices sector. Read a June 2020 report [PDF 178 KB]

  • Carried-forward losses transferred from demerged company: The Kolkata Bench of the Income-tax Appellate Tribunal addressed the set-off of carried-forward losses transferred from the demerged company to the resulting company. The tribunal held that the resulting company is eligible to apply the carried-forward losses by filing an amended return. The case is: Padma Logistics & Khanji Pvt Ltd. Read a June 2020 report [PDF 190 KB]

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