Income Tax Articles
MNCS GET TAX BREATHER ON ASSET SALE
Foreign companies selling assets in India could end up enjoying a concessional rate of capital gains tax of 10% even if these companies enjoy the foreign currency fluctuation benefit.This follows the ruling by the Authority for Advance Rulings (AAR)
Public Documents as 3rd party documents under the RTI Act
How can Public Documents under the Indian Evidence Act be treated as 3rd party documents under the RTI Act to deny its access-Rajib Gupta I was always under the impression that the laws are made to infuse discipline & serve the ends of justice &a
Cyprus: An Alternative Structuring route
Cyprus: An Alternative Structuring route Cyprus is emerging as one of the alternative jurisdictions for structuring of Investments and is fast emerging as one of the most favoured jurisdictions. The advantages that Cyprus offers are many to make
At Arm's Length - A Perspective of the Transfer Pricing Regulations in India
At Arm's Length - A Perspective of the Transfer Pricing Regulations in India The rapid globalization of the Indian economy has seen the entry of the multinationals into India and with it increasingly complex international transactions being entered
Depreciation on leasing
Depreciation on leasing? An ageing puzzleUnder the Income Tax law, two most important conditions for tax depreciation claim pertain to ownership and usage of the asset. As is the case on any other contentious matter, history is replete with judicial
Revenue tries to pierce the corporate veil
Revenue tries to pierce the corporate veil In the recent past, controversy in relation to taxability of offshore sale or transfer of security in a foreigncompany (offshore special purpose vehicle (SPV)) has been consuming the energy of taxpayers and
Income Tax - Modern History of Income Tax
The Income Tax history in modern India dates back to 1860. In this year first Income Tax Act was introduced and which remained in force for a period of 5 years. This Act lapsed in 1865. Thereafter Act-II of 1886 was in force. This Act of 1886 was the
Some issues with Annual Information Return and Income-tax Return
S.285BA of the Income-tax Act (Act) read with Rule 114E of the Income-tax Rules (Rules) requires certain specified persons to file Annual Information Returns (AIR) every year. Income-tax Return Forms, ITR - 1, 2, 3 and 4, applicable to Individuals/H
Gifts - Taxable or Non Taxable
Applicability :Individual and HUFTaxability:Any sum of money,aggregate value of which exceeds Rs.50,000 /- is received during the previous year without consideration,by an Individual or a HUF from any persons on or after 01.04.06 then the whole of th
Sec 43A of the IT Act Vs. AS 11
Suppose a machine was imported for one lakh US dollars when the exchange rate was Rs 45 per dollar. Both in the accounting records as well as in the tax records, the transaction would have been recorded debiting the asset concerned with Rs 45 lakh. B
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