Navigating PPF Rules for NRIs: What You Need to Know
Thinking of safe Investment with good returns? PPF often tops the list with approx 8…
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Blogs
5 Things NRI Should Know Before Investing in Indian Startups
53 percent of NRIs believe that domestic investments offered better returns NRI’s who seek investment…
Webinar External Commercial Borrowings
On the 20th of July 2023, the Taxmann, held an informative and insightful webinar on…
The Secret to Valuing Employee Stock Options
The Secret to Valuing Employee Stock Options Method of Valuation of ESOP ≠ Valuation of…
What is the Perfect Timing to issue ESOPs?
Let’s dive into the world of ESOPs and understand when and who should consider implementing…
Employee Retention Strategy
A strong, talented, and efficient team is the cornerstone of a successful company. However, the…
Applicability and Requirement Of Valuation Under Different Statues
Valuation of a business is the process of determining the current worth of a business,…
Taxation of Share- Based Payment – Taxmann Webinar
Types of Share-based Payments Employees’ Stock Option Plan Sweat Equity Shares SAR/Phantom CSOP/MSOP/TSOP What are…
ITAT – Spandana Sphoorty Financial Ltd. v. DCIT
[2022] 141 taxmann.com 242 (Hyderabad – Trib.) – NBFC converted Debt into Pref. Sh. under…
How can it be different ruling for same provision/benefits available?
SC – Pr. CIT v. Wipro Ltd. [2022] 140 taxmann.com 223 – carry forward of…
WEEKLY UPDATES
1. Companies are set to get alerts and showcause notices from the Registrar of Companies…
STAY of DEMAND at different Authorities
1. APPEAL TO CIT – 20% prescribed through office memorandum F.No. 404/72/93-ITCC dated 31/07/2017. 2.…
WEEKLY TAX NEWS/UPDATE
1. Income Tax Window is now open to file Income Tax return for FY 2019-20…
ITAT – DCIT v. Railtel Corporation of India Ltd.(Delhi – Trib.)
ITAT – DCIT v. Railtel Corporation of India Ltd. [2022] 140 taxmann.com 132 (Delhi –…
Condition for Exemption : whether Mandatory Vs Directory
Taxpayer is entitled for exemption if conditions are fulfilled Conditions can be mandatory or directory,…
Unpopular Deductions Under Income Tax
– Repayment of the principal amount of a home loan: An individual is entitled to…
10 Pointers to Understand Capital Gain Tax on Reconstitution of Partnership Firm
1. Transfer of capital asset or stock on dissolution/reconstitution will be consider as transfer for…
Functioning of Local Committees to Deal with Taxpayers Grievances from High-Pitched Scrutiny Assessment
Recently, in the INSTRUCTION F. NO. 225/101/2021-ITA-II, DATED 23-4-2022, The CBDT provided for constitution of ‘Local Committees…
Beware from Taxman while taking an unsecured loan
Article titled “Beware from Taxman while taking an unsecured loan.” got selected for Publication on Taxguru The article…
No Penalty for non-disclosure of foreign Asset in Indian Return
No penalty u/s 43 of BM Act can be imposed for non-disclosure of foreign…
Highlights of Revisionary Powers of Commissioner u/s 263
CIT can exercise his/her revisionary powers u/s 263 only if 1. The order of the…
Important Tax cases related to Real Estate Industry
1. Sec 54/54F benefit is available in case the new asset is used for business/profession –…
No Gift Tax on Security Premium in Case of Right Issue
1. The tax office says the issue of shares to existing shareholder @ face value…
New Propose SEZ Law can be a booster for Exporters
The present SEZ law extends tax benefits based on performance to the exporters. SEZs are…
Budget Mania 2022 : Highlights of Important Amendments of Reopening Cases
1. Budget 2021 demands officer to enquire/give opportunity/get approval before issue of notice 2. Since…
Budget Mania 2022 : TDS On Perquisite Or Benefit To Resident In Business Or Profession
1. Any benefit or perquisite provided to a resident 2. Arising from carrying out of…
9 Pointers to Know About New Reassessment Regime Under Income Tax
1. Under the new regime reopening is based on Information flagged by risk management strategy…
Taxability Due to Significant Economic Presence (Sep) in India
SEP covers the below-mentioned transactions E-com transaction, E-books, music, video streaming, Online app/software purchase, Online Gaming Service Troubleshooting service Subscription service The Threshold limit recently provided by CBDT for SEP Tax is Aggregate payment for transactions with a person in India exceeds INR 2 crore in a year NR interacts with 3.00 lacs or more…
5 Key Points for Renewal of NGOs Registration
1. Registration and approval of NGOs is made completely electronic under which a 16 digit URN will be issued 2. Registration is valid for 3 years for provisional cases and 5 years for final registration. 3. Application is under form 10A by existing trusts for renewal and new trusts for provisional registration. Deadline is 30/6/2021…
Whether TDS Credits Be Transferred
Sec 199 provides for giving credit only to persons from whose income tax is deducted…
TDS Saga on Purchase of Immovable Property
194A provides for TDS on any sum credited by way of consideration for transfer of any…
7 Issues of Faceless Assessment and Appeals and Their Way Forward
The Faceless Assessment and Appeal Schemes were introduced and made effective from 2020. These Schemes…
10 Important Income Tax Changes Applicable in FY 2021-22
1. TDS/TCS to be deducted/collected at the original (higher) rate – with effect from 01/04/2021…
Income Tax Compliance After Death of Person
Who is responsible to file Income Tax Returns? If a person dies intestate i.e., without writing a will, the estate left behind by him devolves on his legal heirs If deceased person make a will and an executor is being appointed, then the deceased person’s estate is taxed in the hands of the executor The…
Steps for New TDS Compliance – Highly Important
Dear Clients, New TDS provision is applicable as under For entities having turnover > 10 crores below-mention steps to comply Step1. Cross-check with customers to whom sales are> 50 lacs about their TDS obligation TDS is first to be deducted by a buyer who is having turnover > 10 crores, and who purchases from us annually…
Synopsis of Supreme Court Ruling – Tax on Software Payments
Deciding taxability of the software is currently a challenge, fortunately, Supreme court gave some remarks which will be helpful to decide taxability which is summarised below Decision Engineering Analysis Test of charge ability is relevant for sec 195 DTAA definition refers to “royalty means” and therefore it is exhaustive. Income tax definition has wider coverage…
Taxability for NRI due to the extension of stay in India in covid period
Residential status might be getting impacted due to extended stay, in which case DTAA will…
1 More Tax On Business entity From October 2020 – TCS On Sales Transactions
Posted on 08-09-2020
Crisis Management – Core Leadership Behaviour
Being an entrepreneur, being a leader (Taking charge with a Calmer Mind) Core leadership behaviours…
The Direct Tax Vivad Se Vishwas Scheme’2020
SILENT FEATURES OF THE SCHEME FAQ is silent on the coverage of genuine delay in filing of the appeal, which is pending for condonation of whether it should be covered considering the objective of the scheme. FAQ is silent on the coverage of miscellaneous applications filed against the order of tribunal. What still remains out…
Is 20% deduction of interest on Net taxable dividend?
As highlighted in Budget 2020, it proposes to allow deductions of interest expenses to the…
Is Foreign dividend costlier as per Budget 2020
We have made an attempt to analyse proposed provision of section 80M of the budget…
What is relevant in Budget for you
Budget analysis for Individual;Trust;Corporate;NRI.etc Author has summarized on the basis of relevance to reader. Hope…
Mumbai tribunal gives relief to all the builders.
Provision of sec. 43CA not applicable if builder entered into agreement to sell under-construction flats…
CBDT condones delay in filing of audit report by trust/institution
Delay in the filing of audit reports by trusts or institutions have been condonated by…
Co-owned property can’t be held as owned by assessee while allowing section 54F relief
Restrictions on ownership of co-owned property according to section 54F
Benefits of registration under ‘Startup India’
Benefits of registering under Startup india-Tax exemptions,Funding options etc
Capital Gains-Not to be charged on investment in certain bonds(Effect of section 50C)
Bond Investment should be on CG derived as per 50C value
No reassessment could be made merely on basis of information received from investigation wing – Bombay High Court
Assesse filed its return declaring certain taxable income. Assessing Officer completed the assessment under section 143(3). After expiry of four years from the end of the relevant year, the Assessing Officer received Information from the Investigation wing that ‘N’ Ltd. was a penny stock listed in BSE which was used to facilitate the introduction…
Share Premium Received from Non-Resident is not taxable under Income tax Act.
Share Premium Received from Non-Resident is not taxable under Income tax Act.
Recent amendments on property related matters
Recent amendments on property related matters
Tax Relief to Start-up Companies – Funding gets less Taxing
Tax Relief to Start-up Companies – Funding gets less Taxing
Gist of changes in Finance Act 2018 vis-à-vis Finance Bill 2018
Gist of changes in Finance Act 2018 vis-à-vis Finance Bill 2018
Legal position of a shell company after strike-off
Legal position of a shell company after strike-off
Newsletter September – 2017
As we got good response to our Newsletter For July 2017 we continue to present…
Newsletter July – 2017
From this month we have commenced categorising updates in newsletter from readers perspective into personal;…
MAT treatment under IND-AS – Is taxing of Capital Adjustment unintended
MAT treatment under IND-AS – Is taxing of Capital Adjustment unintended
Newsletter June – 2017
News around the financial corner of Indian economy are summarized here. It covers important due…
A Place for Remuneration in Charitable Purpose
A Place for Remuneration in Charitable Purpose
Income Computation & Disclosure Standards (ICDS)
Purpose of introducing ICDS is to reconcile difference which will be created between taxpayer practicing…
Significant changes in Income tax returns for AY 2017-18
With introduction of changes in Finance Act 2017, suitable changes in Income tax return were…
Subdued Matters
Foreign company is completely owned by an Indian company ? Permanent Establishment of a foreign…
Documentation Checklist – Inclusive
Place of business Documents of FCO’s place of business Licenses/trademark of business operations of FCO…
Consequences
CONSEQUENCES Filing of FCO’s regular income-tax returns in India. Global incomes will be taxable in India. FCO’s have…
Definition
DEFINITION ‘Active Business outside India’ is defined as: if the passive income is not more…
Indian Rulings on Poem
INDIAN RULINGS ON POEM The Supreme Court in the case of Erin Estate Vs CIT [1958] 34…
POEM – Place of Effective Management
Place of effective management” is defined in the Act to mean a place where key…
Capital Gain Taxability – Joint Development Agreements (JDA) – whether all issues are addressed in budget 2017?
Joint Development Agreement “JDA” is an arrangement in which land owner introduce land and developer…
Newsletter March – 2017
News around the financial corner of Indian economy are summarized here. It covers important due…