Taxationmitra

The Mumbai ITAT ruled that an NRI from Singapore is not liable to pay tax in India on ₹1.35 crore short-term capital gains from mutual fund redemptions, under the India-Singapore tax treaty.

The tribunal clarified that mutual fund units aren't shares and fall under the treaty's 'residual clause', making gains taxable only in the investor's country of residence.

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𝗧𝗮𝘅 𝗳𝗿𝗮𝘂𝗱: ₹𝟮𝟱,𝟬𝟬𝟬 𝗚𝗦𝗧 𝗲𝘃𝗮𝘀𝗶𝗼𝗻 𝗯𝘆 𝟭𝟴,𝟬𝟬𝟬 𝗯𝗼𝗴𝘂𝘀 𝗰𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀 𝘂𝗻𝗰𝗼𝘃𝗲𝗿𝗲𝗱

Tax officials uncovered 18,000 fake companies involved in a GST tax evasion scheme worth around 24,550 crore during a recent nationwide drive. This effort was part of ongoing government action to curb fake registrations, following an earlier drive that detected 24,010 crore in evasion from 21,791 non-existent.

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𝗖𝗕𝗜𝗖 𝗚𝘂𝗶𝗱𝗲𝗹𝗶𝗻𝗲𝘀 𝗳𝗼𝗿 𝗖𝘂𝘀𝘁𝗼𝗺 𝗢𝗳𝗳𝗶𝗰𝗲𝗿𝘀 👮

CBIC has released Instruction No. 27/2024-Customs to Balance Tax Evasion Investigations with Ease of Doing Business. Here are the key directives for Custom Officers-

👉 𝗖𝗼𝗺𝗺𝗶𝘀𝘀𝗶𝗼𝗻𝗲𝗿 𝗢𝘃𝗲𝗿𝘀𝗶𝗴𝗵𝘁
👉 𝗣𝗿𝗲-𝗜𝗻𝘃𝗲𝘀𝘁𝗶𝗴𝗮𝘁𝗶𝗼𝗻 𝗔𝗻𝗮𝗹𝘆𝘀𝗶𝘀
👉 𝗧𝗿𝗮𝗻𝘀𝗽𝗮𝗿𝗲𝗻𝘁 𝗮𝗻𝗱 𝗥𝗲𝘀𝗽𝗲𝗰𝘁𝗳𝘂𝗹 𝗔𝗽𝗽𝗿𝗼𝗮𝗰𝗵
👉 𝗘𝗳𝗳𝗶𝗰𝗶𝗲𝗻𝘁 𝗗𝗼𝗰𝘂𝗺𝗲𝗻𝘁𝗮𝘁𝗶𝗼𝗻 𝗛𝗮𝗻𝗱𝗹𝗶𝗻𝗴
👉 𝗖𝗹𝗮𝗿𝗶𝘁𝘆 𝗮𝗻𝗱 𝗙𝗮𝗶𝗿𝗻𝗲𝘀𝘀
👉 𝗖𝗹𝗼𝘀𝘂𝗿𝗲 𝗣𝗿𝗼𝘁𝗼𝗰𝗼𝗹𝘀
👉 𝗙𝗮𝗰𝗶𝗹𝗶𝘁𝗮𝘁𝗶𝗻𝗴 𝗩𝗼𝗹𝘂𝗻𝘁𝗮𝗿𝘆 𝗣𝗮𝘆𝗺𝗲𝗻𝘁𝘀
👉 𝗔𝗱𝗱𝗿𝗲𝘀𝘀𝗶𝗻𝗴 𝗚𝗿𝗶𝗲𝘃𝗮𝗻𝗰𝗲𝘀

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This balanced approach aims to uphold robust compliance while supporting smooth business operations in the import/export sector.

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