Income Tax Articles

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

Posted by Sundararajan S 30 December 2015 22239 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 46185 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 8266 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 20308 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 15022 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 25348 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

Depreciation allowance under section 32 of the Income Tax Act, 1961

Posted by CA CMA CS Ram Pavan Kumar Melam 17 July 2023 521839 Views

Depreciation is an allowance on capital assets acquired and put to use and not an expenditure unlike repairs to machinery, plant or furniture. It need not be incurred by the assessee

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

Posted by CA Prateek Garg 21 December 2015 24228 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 102329 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 21808 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