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Insurance Breaking

Digital asset protection payouts exceed ₹150 crore while policy costs stay low

Digital risk policy payouts have crossed ₹150 crore amid rising threats. Despite this heavy financial burden on insurers, policy costs continue to remain soft. Businesses must carefully evaluate their coverage structures.

Effective Not specified in the update

For professionals: Practitioners must verify policy wordings regarding incident response costs, regulatory fines, and business interruption losses before renewal dates arrive. · Risk managers and corporate finance teams should review their current coverage limits to ensure adequate protection against growing digital threats.

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Business Standard4h ago 1 min
GST Govt

Confederation of Indian Industry welcomes goods and services tax decriminalisation as a major reform

The Confederation of Indian Industry has praised the recent goods and services tax decriminalisation initiative. It believes this progressive step will significantly enhance commercial sentiment and encourage corporate investments across the country.

Effective Not specified in the update

For professionals: Tax professionals and corporate advisors must evaluate their current compliance frameworks to align with this evolving regulatory stance and advise clients accordingly. · Monitoring forthcoming official clarifications will be essential for managing legal risks effectively.

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CNBC TV184h ago 1 min
Income Tax Govt

Delhi Tribunal Rules Indian Subsidiary's Promotional Work Fails to Constitute Agency Permanent Establishment

The Delhi bench of the Income Tax Appellate Tribunal concluded that promotional activities carried out by an Indian subsidiary for its foreign parent do not amount to establishing an agency permanent establishment. This ruling provides crucial tax certainty for multinational corporations operating through local marketing affiliates in India. Tax professionals advising foreign entities with Indian subsidiaries can leverage this precedent to protect client operations from aggressive tax assessment

Effective Not specified in the update

For professionals: Marketing support and promotional assistance by a domestic affiliate do not satisfy the legal thresholds required to constitute an agency permanent establishment. · A foreign company does not become liable to local corporate tax through a local affiliate unless the local entity habitually exercises authority to conclude contracts on its behalf. · Advise foreign parent companies operating through Indian subsidiaries that mere marketing, customer outreach, or liaison work without contract-concluding authority does not create an agency permanent establishment.

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Taxguru4h ago 1 min
Income Tax Govt

Delhi Tax Tribunal Clarifies Local Affiliate Lacking Binding Powers Is Not a Dependent Agent

The ITAT Delhi determined that an Indian subsidiary operating without the legal power to bind its foreign parent cannot be treated as a dependent agent permanent establishment. This decision reinforces the legal requirement for actual contract-negotiation powers before domestic tax jurisdictions can tax foreign corporate income. Financial advisors handling cross-border corporate structures must note this precedent when reviewing international tax exposure.

Effective Not specified in the update

For professionals: Advise foreign parent entities that an Indian subsidiary lacking legal authority to negotiate and conclude contracts does not constitute a dependent agent permanent establishment. · Review cross-border client structures to ensure local affiliates do not habitually exercise binding contractual power in the name of the foreign enterprise. · Use the ITAT Delhi ruling to defend against tax authorities attempting to tax global profits of foreign entities through domestic subsidiaries without contract authority.

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Taxguru4h ago 1 min
Business

Larsen and Toubro Targets Over Fifteen Percent Growth for IT and Engineering Services Divisions

Engineering conglomerate Larsen and Toubro is pushing its services subsidiaries, LTM and LTTS, to accelerate annual revenue growth beyond their current ten to eleven percent pace. Management stressed the necessity of scaling operations and capturing new markets while leveraging artificial intelligence disruptions to bridge the gap with competitors. Investors and analysts tracking the conglomerate should monitor how these technology units execute their expansion strategies.

Effective Not specified in the update.

For professionals: Not specified in the update. · Not specified in the update.

Scrips: Larsen & Toubro

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ET Industry4h ago 1 min
Income Tax Govt

Mumbai tribunal rules aircraft lease rentals taxable exclusively in Ireland per tax treaty

The Mumbai bench of the ITAT determined that aircraft lease rentals are taxable only in Ireland according to the Double Tax Avoidance Agreement. This decision clarifies cross-border tax liabilities for international aviation leasing arrangements.

Effective Not specified in the update

For professionals: Tax professionals managing international aviation clients must review their withholding tax positions and treaty eligibility to align with this tribunal ruling. · Practitioners should verify residency certificates and treaty articles before finalizing withholding calculations for offshore aircraft leases. · Keep track of further judicial developments on DTAA interpretations.

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Taxguru4h ago 1 min
Income Tax Govt

Chennai tribunal excuses massive 1,419-day appeal delay citing pandemic disruptions

The ITAT Chennai condoned a substantial delay of 1,419 days in filing an appeal, attributing the shortfall to disruptions caused by the COVID-19 pandemic. The tribunal accepted the taxpayer's rationale, emphasizing fair opportunity in litigation.

Effective Not specified in the update

For professionals: Compile robust documentation including medical or logistical evidence when filing condonation applications for delayed appeals. · Monitor upcoming tribunal orders regarding limitation periods.

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Taxguru4h ago 1 min
Global Finance

Fitch warns hawkish US Federal Reserve and elevated bond yields threaten emerging economies

Fitch Ratings indicates that a hawkish United States Federal Reserve alongside elevated global bond yields may challenge the economic resilience of emerging markets. Capital outflows and currency pressures remain key concerns for vulnerable developing nations.

Effective Not specified in the update

For professionals: Portfolio managers and corporate treasurers must reassess foreign currency exposure and hedge against potential currency depreciation. Closely monitor external debt profiles along with US Federal Reserve rate announcements and domestic inflation indicators.

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ANI News4h ago 1 min 1
Income Tax

Orissa High Court permits petition challenging reassessment notice following Supreme Court remand

The Orissa High Court entertained a legal challenge against Section 147A proceedings after the matter was remanded back by the Supreme Court. The court's green light allows the substantive validity of the reassessment to be scrutinized.

Effective Not specified in the update

For professionals: Review remand orders carefully and verify the exact statutory sections invoked by tax authorities. · Prepare comprehensive writ petitions if procedural safeguards are violated during reassessment proceedings. · Track judicial interpretations of reassessment notices issued under amended tax provisions.

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Taxguru4h ago 1 min
Income Tax Govt

Mumbai tribunal holds arm's length payment to Indian agent precludes extra permanent establishment profit attribution

The Mumbai bench of the ITAT ruled that making an arm's length payment to an Indian agent bars any further profit attribution to a permanent establishment. This provides clarity on transfer pricing and international taxation principles.

Effective Not specified in the update

For professionals: Review agency agreements to ensure compliance with the ITAT Mumbai ruling · Perform rigorous benchmarking studies to support agent compensation · Maintain up-to-date transfer pricing documentation for multinational enterprises

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Taxguru4h ago 1 min
Markets

Sun Pharma shares advance despite thirty six percent September quarter net profit decline

Sun Pharma shares rose 0.87% despite a 36.4% year-on-year drop in September-quarter net profit to ₹1,988.5 crore. Revenue increased 11.9% to ₹16,198.7 crore, driven by India and innovative medicines, while exceptional US litigation and Organon acquisition costs weighed on earnings.

Effective Not specified in the update

For professionals: Examine segment-wise revenue contributions, R&D expenditures, and the trajectory of exceptional costs before advising clients on stock decisions. Monitor subsequent quarterly updates, US market litigation outcomes, and brokerage target price revisions. · Analyze the impact of US litigation and Organon acquisition costs on corporate earnings to provide informed guidance.

Scrips: Sun Pharma

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LiveMint Markets4h ago 1 min 2
Markets

Government alters export duties on diesel and aviation turbine fuel while zeroing petrol levy

Shares of IOCL, BPCL and HPCL remain in focus after the government raised export duties on diesel and aviation turbine fuel while cutting the petrol export levy to zero for the fortnight starting October 31.

Effective Not specified in the update

For professionals: Advise energy sector clients to recalculate export economics and refining margins for the relevant fortnight based on the revised tax adjustments. · Track fortnightly government notifications regarding export duties and windfall taxes to accurately model client portfolios and compliance. · Review the removal of the levy on petrol entirely alongside upward rate revisions for diesel and aviation turbine fuel.

Scrips: Indian OilBPCL

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LiveMint Markets4h ago 1 min

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