Income Tax Articles

Place of Effective Management - a New concept of determining Tax residency

CA Ankit mangla 28 December 2015 at 16:14

Place of Effective Management- a New concept of determining Tax residencyIntroductionAs per OECD model Convention, For the purposes of this Convention, the term "resident of a Contracting State" means any person who, under the laws of that

Learn Section 139(1) with Santa Clause

Karan Khatri 28 December 2015 at 10:49

CA Student: Hi Santa, how are things? Got a minute? I�ve got my list here and I�d like to go over it with you if you don�t mind�Santa Clause: Well, I am busy. And besides, have you been good this year?CA Student: Well, see S

POEM - Redefining taxation of foreign arms managed from India

Tony John 24 December 2015 at 18:27

POEM � is the buzzword of corporates having subsidiaries outside India and foreign firms outsourcing high end critical functons to India . This concept is introduced to tax in India income which has been earned by foreign corporations managed

Concept of Business trust introduced by Finance act 2014-2015

Ankur Gupta 23 December 2015 at 17:08

IntroductionHon'ble Finance Minister introduced the concept of Business Trust. In India, Business Trust would operate as Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs). Real Estate Investment Trusts (REITS) have b

Depreciation allowance under section 32 of the Income Tax Act, 1961

CA CMA CS Ram Pavan Kumar Melam 22 December 2015 at 10:33

Depreciation is an allowance on capital assets acquired and put to use and not an expenditure unlike repairs to machinery, plant or furniture. It need not be incurred by the assessee

Changes introduced in procedures related to furnishing of Form 15CA and 15CB

CA Prateek Garg 21 December 2015 at 10:38

CBDT vide its notification no 93/2015 dated 16th December 2015 substituted the old rule 37BB with entirely new rule 37BB. The new rule 37BB incorporates the following procedures for furnishing of declarations on foreign payments. FURNISHING OF FORM 1

Notable Changes in Form 15CA and 15CB

Gaurav Jain 18 December 2015 at 15:13

The CBDT has amended Rule 37 BB of the Income-tax Rules and made notable changes which are as under:i. No Form 15CA and 15CB will be required to be furnished by an individual for remittance which do not requiring RBI approval under its LRS.ii. Furthe

Understanding Section 54

Tony John 14 December 2015 at 10:39

Capital gains is one of the most complicated heads of income envisaged in the Income Tax Act, 1961.Capital gains tax directly affects the investment decisions one may have to take. There are various options available under law to avoid paying capital

Section 44AD of the IT Act 1961

MANSHI BAID 08 December 2015 at 10:29

SPECIAL PROVISIONS FOR COMPUTATION OF PROFIT AND GAIN OF BUSINESS ON PRESUMPTIVE BASISThis section provides that ELIGIBLE ASSESSEES can in respect of ELIGIBLE BUSINESS can declare 8% or more of the Total turnov

Admission/Retirement from Partnership Firm - Taxability

Member (Account Deleted) 16 November 2015 at 12:22

Amount received by erstwhile partners on Admission of a new partner to the partnership firm � Taxability under the Income Tax Act, 1961.Reduction of share in partnership firm by an existing partner in favour of a new partner does not attract Ca