MCA:
MCA has revised Form AOC-4 with effect from 27th October 2016. However, MCA has further clarified that only those Stakeholders who are facing issues with modification of Form AOC-4 are requested to download the revised version of the form from the MCA portal to be deployed on 27th Oct 2016.
DTAA between India and Republic of Korea:
New Revised Double Taxation Avoidance Agreement (DTAA) between India and Republic of Korea has been signed to avoid the burden of double taxation for taxpayers of two countries. The revised DTAA provides for reduction in withholding tax rates from 15% to 10% on royalties or fees for technical services and from 15% to 10% on interest income. To facilitate movement of goods through shipping between two countries and in accordance with international principle of taxation of shipping income, the revised DTAA provides for exclusive residence based taxation of shipping income from international traffic under Article 8 of revised DTAA. The revised DTAA will have effect in India in respect of income derived in fiscal years beginning on or after 1st April, 2017.
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