Income Tax Articles

Interest income from India - Foreign Remittance - Taxation

CA Rohit Gupta 16 March 2015 at 16:41

International Tax UpdateInterest Income from India- Foreign Remittance- TDS u/s 195 A. Taxation as per Domestic Law:A.1. Definition of Interest2(28A) "interest" means interest payable in any manner in respect of any moneys borrowed or debt

How to exercise your taxes to ensure financial health

Sanjit Agarwal 11 March 2015 at 10:21

The Income Tax Act 1961 devotes an entire section to Income Tax Deductions available to Indian tax payers. If we take note of the deductions and invest in the right products at a regular pace, we will inculcate financial discipline that will go a lon

Guideline value on the sale of a property & exemption

Shrinivas (CA, LLB, CISA) 09 March 2015 at 10:25

Land, one of the wonderful gifts of nature is now an item subject to taxes when the land is transferred from one person to another. The next question in hand is, what is the amount on which the taxes are to be paid?Mr. ABC, who resided in Mumbai, sol

Consequence on default in TDS

SAMEER AHMED 09 March 2015 at 10:25

Here we will get to understand that what defaults are oftenly occurs in TDS and how we can prevent ourselves from the penalties and fines in TDS under section 201(1), 201(1A) and 234E of Income tax act 1961.If we do a bit

Place of effective management: Critical analysis

CA Rohit Gupta 07 March 2015 at 18:28

PLACE Of EFFECTIVE MANAGEMENT : Corporate Tax Residence in India: Analysis and Safeguards The India Budget,2015 has proposed the amendment of Section 6 of the Income Tax Act which alters the conditions under which a company is resident in India by in

International Tax Update: Budget 2015

CA Rohit Gupta 01 March 2015 at 17:58

Budget 2015 introduced in India on 28.02.2015 has made significant changes as far as international taxation are concerned. Major ones include:- Reduction in rate of tax on non-residents for royalties/fees for tec

TDS u/s 195: Reimbursement of Expenses

CA Rohit Gupta 27 February 2015 at 10:40

Taxability of Reimbursement of expenses has always been a contentious issue. In most of the cases, assessee get away with non-taxability of reimbursement of expenses on the plea of no profit element. However, in some cases, even without profit elemen

TDS U/S 195- Reimbursement of salary of seconded employees

CA Rohit Gupta 26 February 2015 at 10:39

Secondment of employees by foreign parent company to Indian subsidiary is a regular feature considering the requirements to meet their global standards of quality and to ensure proper functioning and assistance to Indian Subsidary Companies. However,

Section 194DA clarification needed

Rajesh Kumar Gupta 17 February 2015 at 10:42

Applicability of various provisions of Income Tax Act 1961 to Insurance policies: Also a debate over newly inserted section 194DAA brief DescriptionWith a view to inculcate a habit of thrift, GOI, has through Income Tax Act 1961 and various Finance A

Black money

CA Raj K Agrawal 16 February 2015 at 11:05

Black money refers to funds earned on which income and other taxes have not been paid. This money is largely accumulated from: 1. Lower income declared by Businessman in Income tax returns. 2. Money of Politicians & Government official created fr