Articles by CA Mehul Thakker

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International Taxation: Relief from double taxation

CA Mehul Thakker 23 January 2021 at 14:47

Double taxation generally means taxation of same income of a person in more than one country. The main reason behind double taxation is that countries across the world different rules for taxing income.

Posted in Income Tax | 3573 Views

International Taxation: Taxation of Non-residents Shipping Business- Section 172 of the Act

CA Mehul Thakker 09 January 2021 at 15:24

In this article, we discuss about another code under the Income Tax Act, that governs the taxation of non-residents' shipping business which has an overriding effect over all the provisions of Income Tax Act including section 44B.

Posted in Income Tax | 5457 Views

International Taxation: Source Rule of Taxation

CA Mehul Thakker 26 December 2020 at 15:08

Section 9 of the Income Tax Act is a deeming fiction. This section provides that in certain situations, the income is deemed to accrue or arise in India despite fact that the actual place of accrual is outside India.

Posted in Income Tax | 2328 Views

International Taxation: Taxation of Non-residents Shipping Business-Section 44B of the Act

CA Mehul Thakker 21 December 2020 at 17:53

In this article, CA Mehul Thakker explains the concept of International Taxation with regard to the Taxation of Non-residents Shipping Business in Section 44B of the Income Tax Act.

Posted in Income Tax | 3855 Views

Direct Tax CA Final (Old syllabus) Nov 2020 Exam - A Meaningful Insight & Suggested Answers

CA Mehul Thakker 09 December 2020 at 14:47

Exams of the CA Final are over and the discussion is on high pitch amongst the students that how was the descriptive part of the Direct Tax (old syllabus) question paper – easy, tough, or moderate? Let us find out following the standard approach called "Dissection".

Posted in Students | 1 comments | 10302 Views

When does the Liability to pay advance tax under Income Tax Act arise?

CA Mehul Thakker 05 December 2020 at 14:40

Understanding the provisions 207, 208, and 209 under the Income Tax Act, 1961 together with analyzing a practical scenario in implementing these provisions.

Posted in Income Tax | 1 comments | 5847 Views

Concept of Deemed Speculation under Income Tax Act, 1961

CA Mehul Thakker 28 November 2020 at 09:56

Speculative transaction means a transaction involving a contract for the purchase and sale of commodities, which is periodically or ultimately settled other than by actual delivery or transfer.

Posted in Income Tax | 3837 Views

Processing of Income Tax Return by CPC Bangalore

CA Mehul Thakker 31 October 2020 at 10:46

Where a return has been filed u/s 139, or in response to a notice u/s 142(1), such return shall be processed by the CPC. The manner of such processing is discussed in this article.

Posted in Income Tax | 6579 Views

Taxability of Business Perquisites under Income Tax Act

CA Mehul Thakker 05 September 2020 at 09:54

Any benefit or perquisite arising from exercise of business or profession shall be taxed under the head “Profits and Gains from Business or Profession”(PGBP).

Posted in Income Tax | 4 comments | 11148 Views

Taxability of various compensations under Income Tax Act

CA Mehul Thakker 22 August 2020 at 10:05

Only those capital receipts would be taxable under the Income Tax Act,1961 which are expressly provided under the definition of term "income" under section 2(24) of the Act.

Posted in Income Tax | 6 comments | 4578 Views