Finance
Mr. BillionhairSupreme Court Shuts Down Foreign Banks on Expense Claims
Folks, let me tell you, the Supreme Court just dropped a bombshell! Foreign banks can’t claim all those head office expenses in India anymore. They’ve capped it—only 5% of total income or actual expenses, whichever is lower! The Revenue wins bigly! No more nonsense deductions, folks! I told you this would happen. It’s a victory for taxpayers, believe me!
few days ago | Bhavini Mishra
Quick rundown
1.Supreme Court restricts foreign bank deductions under Section 44C.
2.Ruling favors Revenue over American Express Bank's claims.
3.Section 44C limits deductions for head office expenses in India.
4.Judgment resolves long-standing legal debate on tax deductions.
5.Finality provided on inter-office expense treatment for foreign banks.
