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