Articles by CA Mehul Thakker

International Taxation: Relief from double taxation

Posted by CA Mehul Thakker 23 January 2021 4184 Views

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.

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

Posted by CA Mehul Thakker 09 January 2021 10304 Views

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.

International Taxation: Source Rule of Taxation

Posted by CA Mehul Thakker 26 December 2020 2702 Views

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.

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

Posted by CA Mehul Thakker 21 December 2020 5497 Views

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.

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

Posted by CA Mehul Thakker 09 December 2020 10994 Views

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".

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

Posted by CA Mehul Thakker 05 December 2020 7295 Views

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

Concept of Deemed Speculation under Income Tax Act, 1961

Posted by CA Mehul Thakker 28 November 2020 5655 Views

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.

Processing of Income Tax Return by CPC Bangalore

Posted by CA Mehul Thakker 31 October 2020 8682 Views

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.

Taxability of Business Perquisites under Income Tax Act

Posted by CA Mehul Thakker 05 September 2020 14514 Views

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).

Taxability of various compensations under Income Tax Act

Posted by CA Mehul Thakker 22 August 2020 5146 Views

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.