Income Tax Articles

Section 35 of Income Tax Act - A Student's Guide

Posted by Tony John 07 January 2016 156890 Views

With roughly 4 months left for May 2016 exams, it is high time the students taking up the exams start their preparations. Direct taxes is arguably the most voluminous of all papers. And In Direct Taxes, Profits and Gains from Business and Professions

Section 44AD of Income Tax Act - a Boon or Harm to the Country

Posted by Sundararajan S 30 December 2015 22208 Views

The history of accounting is thousands of years old and can be traced to ancient civilizations. The early deve

Dividends under Income Tax Act

Posted by Tony John 29 December 2015 46148 Views

Dividend in simple words, refers to the amount paid to shareholder in proportion to the shareholding in the company, out of the total sum so distributed.Let�s look at the meaning of dividend as per Income Tax Act. As per Section 2(22)

Place of Effective Management - a New concept of determining Tax residency

Posted by CA Ankit mangla 28 December 2015 8231 Views

Place of Effective Management- a New concept of determining Tax residencyIntroductionAs per OECD model Convention, For the purposes of this Convention, the term "resident of a Contracting State" means any person who, under the laws of that

Learn Section 139(1) with Santa Clause

Posted by Karan Khatri 28 December 2015 20249 Views

CA Student: Hi Santa, how are things? Got a minute? I�ve got my list here and I�d like to go over it with you if you don�t mind�Santa Clause: Well, I am busy. And besides, have you been good this year?CA Student: Well, see S

POEM - Redefining taxation of foreign arms managed from India

Posted by Tony John 24 December 2015 14999 Views

POEM � is the buzzword of corporates having subsidiaries outside India and foreign firms outsourcing high end critical functons to India . This concept is introduced to tax in India income which has been earned by foreign corporations managed

Concept of Business trust introduced by Finance act 2014-2015

Posted by Ankur Gupta 23 December 2015 25322 Views

IntroductionHon'ble Finance Minister introduced the concept of Business Trust. In India, Business Trust would operate as Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs). Real Estate Investment Trusts (REITS) have b

Changes introduced in procedures related to furnishing of Form 15CA and 15CB

Posted by CA Prateek Garg 21 December 2015 24213 Views

CBDT vide its notification no 93/2015 dated 16th December 2015 substituted the old rule 37BB with entirely new rule 37BB. The new rule 37BB incorporates the following procedures for furnishing of declarations on foreign payments. FURNISHING OF FORM 1

Notable Changes in Form 15CA and 15CB

Posted by Gaurav Jain 18 December 2015 102310 Views

The CBDT has amended Rule 37 BB of the Income-tax Rules and made notable changes which are as under:i. No Form 15CA and 15CB will be required to be furnished by an individual for remittance which do not requiring RBI approval under its LRS.ii. Furthe

Understanding Section 54

Posted by Tony John 14 December 2015 21790 Views

Capital gains is one of the most complicated heads of income envisaged in the Income Tax Act, 1961.Capital gains tax directly affects the investment decisions one may have to take. There are various options available under law to avoid paying capital