Section 194IA is inserted by Finance act 2013 and it is applicable from 01st of June, 2013.
In this article, we will discuss the various tax benefits available under Section 56 of the Income Tax Act for startups in India.
Section 80IAC of the Income Tax Act provides tax benefits to eligible startups for their first three years of operations.
Valuation refers to calculation of value of the business/underlying asset/liabilities of entity.
Any payment made to non-resident or to a foreign company whereby tax has to be deducted under Section 195 of Income tax Act ('IT ACT'). There are lot of complexities in dealing with this aspect which will be discussed in this missive.
In India, transfer pricing is regulated by the Income Tax Act 1961 and the rules prescribed thereunder. The Central Board of Direct Taxes (CBDT) is responsible for enforcing India's transfer pricing regulations.
Incidence of Section 112A in the hands of unit-holders of a business trust, to be taxed at maximum marginal rate (MMR) u/s 115UA of the income tax act, 1961
Section 195 of the Income Tax Act of India pertains to the deduction of tax at source on certain incomes received by a non-resident or a foreign company.
Taxability of gift received by any person, i.e., sum of money or property received without consideration or a case in which the property is acquired for inadequate consideration.
An income tax notice is a formal communication from the Income Tax Department stating that there is an issue with your tax return or tax payments.
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