Lessons learned from SRK's court battle with the IT department..!?
The majority of Mahesh Babu's film 1-Nenokkadine was shot in Britain. It has been said that a lot of the income from the film went back to 14 Reels Entertainment through tax exemption. You can get a lot of tax benefits by making a film in the UK. The government there will give you the money back. There are reports in the media that the producer will get a lot of money from this. Now, a similar cause has helped king Khan Shah Rukh Khan win a court case. The court is hearing the case of UK tax income related to his film Ra.One. Now, king Khan has won the case he filed against the Income Tax Department. The Income Tax Appellate Tribunal (ITAT) has sided with Khan. It has canceled the tax reassessment for the year 2011-12. Khan declared his income that year. He also told the truth about the tax income levied in the UK.
The majority of Mahesh Babu's film 1-Nenokkadine was shot in Britain. It has been said that a lot of the income from the film went back to 14 Reels Entertainment through tax exemption. You can get a lot of tax benefits by making a film in the UK. The government there will give you the money back. There are reports in the media that the producer will get a lot of money from this. Now, a similar cause has helped king Khan Shah Rukh Khan win a court case. The court is hearing the case of UK tax income related to his film Ra.One. Now, king Khan has won the case he filed against the Income Tax Department. The Income Tax Appellate Tribunal (ITAT) has sided with Khan. It has canceled the tax reassessment for the year 2011-12. Khan declared his income that year. He also told the truth about the tax income levied in the UK.
Finally, Khan won the court in the raw One tax relief case. Khan honestly showed his tax income in public. Tax authorities generally cannot review tax returns after four years if the person paying the income does not conceal it. If you can prove that you have already paid tax in another country, india will not tax it again. Foreign tax credit claims are protected by law. Taxpayers are required to maintain records of their foreign income, tax payments, and tax treaty provisions to support their claims. Filing Form 67 on time is essential to avail the benefits of foreign tax credit. Khan's fight with the IT department over Ra. One is now teaching many producers a valuable lesson.
