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Some Facts Related To Fugitive Economic Offenders Act, 2018
"Fugitive Economic Offender" means any individual against whom a warrant for arrest in relation to a Scheduled Offence has been issued by any court in India.
Whether non gratuitous payment to a shareholder by company is taxable as deemed dividend?
A gratuitous loan given by a company to a shareholder would come u/s 2(22)(e ) but not in case where the loan or advance is given in return to an advantage conferred by such a shareholder.
Is Depreciation allowed when vehicle is not registered in the name of leasing company?
As per the Motor Vehicles Act, the registration of a leased motor vehicle should be in the name of the lessee. However, as per the Income Tax Act, the asset must be owned by the person claiming depreciation.
Income Tax Questions & Answers Series Part II: Section 50C
Section 50C was introduced vide Finance Act. 2002 w.e.f. 01.04.2003, and prescribes similar provisions in the case of transfer of land or building or both, held in the nature of ‘Capital Assets’.
Problems and Answers - Section 115QA & 115F of the Income Tax Act 1961
Section 115QA provides that a domestic company distributing its income through buy back of shares will have to pay income tax/distribution tax @20% (surcharge @12% and education chess @4%).
Unexplained cash credits under provisions of Income Tax Act 1961
Section 68 is a charging section, thus, if it is applicable, the assessee will not only be liable to pay the taxes but also penalty under section 271(1) (c) of the Income Tax Act, 1961.
Problem and Answer on Section 28(va) and Section 40(a)(ia) of the Income Tax Act, 1961
Section 40(a)(ia) is applicable only in case of interest, commission, rent, royalty, fees for professional or technical services etc. Amount taxable in the hands of recipient u/s 28(va) is not covered.
Some Facts related to Fast Track Insolvency Process
The IBC Code, 2016 was introduced in Lok Sabha on 21st December 2015 and passed on 5th May 2016. The upper house of the Parliament passed it on 11th May 2016 and it got the President's assent on 28th May 2016.
Legal position when cheque issued for payment of premium dishonoured
Payment of premium is the consideration in the Contract of Insurance and hence without payment of consideration, any contract will not carry on. The premium must be received before the issue of the insurance policy.
Liability Of Individual / HUF To Deduct Tax At Source - Section 194M
An individual or HUF paying commission, brokerage, contractual fees or professional fees is required to deduct tax at source from the amount paid or to be paid.
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