Income Tax Articles

Process for PAN application for Non Resident in India

Posted by CA Chirag Chauhan 30 December 2014 15850 Views

Indian citizen residing abroad, foreign citizen and other than individual (like company or trust or firm etc.) who wants to apply for PAN should fill the PAN application 49AA. Basically PAN application for Non Resident can be bifurcated into three c

$Interest Under Section 234A\B\C$

Interest Under Section 234A\B\C

Posted by CA Kumar Mukesh 29 December 2014 35686 Views

We all are aware that when the section 234A\B\C, but only few of us are able to compute accurate Interest under these section.The purpose of this article to cross verify the interest calculated by system against our manual workings. Some readers mayt

Benefits of recognition of Inhouse R & D Depart with DSIR

Posted by Utpal Mehta 29 December 2014 36996 Views

What is In-House R&D RecognitionThe Department of Scientific & Industrial Research (DSIR), which is under the Ministry of Science & Technology is operating a scheme for granting recognition and registration to in-house R&D set up of C

Sec. 36(1)(iii) and principle of commercial expediency

Posted by C.A. Mohit Mittal 24 December 2014 46037 Views

Section 36(1)(iii)- Principle of Commercial expediency As per Sec 36(1)(iii), Deduction shall be allowed for The amount of interest paid in respect of capital borrowed for the purposes of business or professionFor the purpose of claim

Benefits related to Research & Development expenses under Income Tax Act

Posted by CA Umesh Sharma 22 December 2014 13151 Views

KARNITI Part 68Benefits related to Research & Development expenses under Income Tax Act.Arjuna (Fictional Character): Krishna, ISRO succeeded in Mars mission by launching the largest rocket GSLV Mark III in space after lot of efforts and spending cro

Construction PE- Finer Aspects

Posted by MOHIT JAIN 22 December 2014 5528 Views

Article 5(3) of UN model provides for existence of construction PE as under;- A building site, a construction, assembly or installation project or supervisory activities in connection therewith, but only if such site, p

Frequently Asked Questions TDS on Non residents u/s.195 of Income tax act

Posted by CMA Ramesh Krishnan 22 December 2014 18678 Views

Introduction: Tax Deducted at Source (TDS) is the first way of collection of any taxes. Under Income tax also TDS is the very important tax collection method. TDS under

Transfer Pricing adjustment on Corporate guarantee

Posted by Rupesh Srivastava 19 December 2014 19349 Views

TP adjustment on Corporate guarantee 1. [TS-208-ITAT-2014(CHNY)-TP] Transfer of shares in subsidiary, by way of 'gift', to an overseas step down subsidiary (in Cayman Island), not taxable as capital gains u/s 45; Such transfer 'without an

TDS Rate on making Foreign Payment

Posted by CA. Amit Daga 16 December 2014 17063 Views

How to determine applicable TDS Rate on making Foreign Payment : TDS on foreign payments depends on two conditions. First, whether deductee provides a valid TRC or not? Second, whether deductee holds a valid PAN in India or not? Below is the matrix

Nobel Prize and other Indian Awards are Tax Free?

Posted by CA Umesh Sharma 15 December 2014 17528 Views

Karniti Part 67Nobel Prize and other Indian Awards are Tax Free?Arjuna (Fictional Character): Krishna, recently Indian resident Mr. Kailash Satyarthi received Nobel Peace Prize with Malala Yusufzai. This consists of a medal and approximately 6 crores