India: Aligning book profit computation, tax purposes - KPMG Global
Share with your friends

India: Aligning book profit computation for tax, accounting purposes

India: Aligning book profit computation, tax purposes

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


Related content

  • “Right person” to be charged for income tax: The Supreme Court of India held that it is the prerogative of the tax authorities to make a decision on who would be the “right person” subject to income tax under section 4 of the Income-tax Act, 1961. The case is: Maneklal Agarwal. Read an August 2017 report [PDF 309 KB]
  • CBDT amends the report on computation of book profit: The Central Board of Direct Taxes (CBDT) issued a revised Form No. 29B and aligned it with the requirements of the Indian Accounting Standards to enable companies to report and accountants to certify the form for computation of book profit under section 115JB of the Income-tax Act, 1961. Read an August 2017 report [PDF 321 KB]
  • Belated tax withheld at source remittances under tax treaties: The Chennai Bench of the Income-tax Appellate Tribunal held that no disallowance can be made under section 40(a)(i) of the Income-tax Act, 1961 for late tax withheld-at-source remittances on payment of professional charges and corporate maintenance charges, thereby applying non-discrimination articles under the respective tax treaties (India-Germany and India-UK tax treaties). The tribunal also addressed payment for server maintenance charges, and testing and development charges under the India-Italy tax treaty. The case is: Cooper Standard Automotive India Pvt Ltd. Read an August 2017 report [PDF 491 KB]

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us


Want to do business with KPMG?


Request for proposal