Query regarding taxation
Dev (Article Trainee.) (613 Points)
05 August 2012
What is 'substantial interest' in taxation(ipcc)? please explain.. I m confused..
1 Replies
khizrakhader
(--)
(22 Points)
Replied 05 August 2012
| Originally posted by : Devesh | ||
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What is 'substantial interest' in taxation(ipcc)? please explain.. I m confused.. |
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Substantial interest in a firm / proprietorship
A person is said to have subs int in a firm or proprietorship concern, if he and/ or his Relatives are entitled to at least 20% of the firm/ proprietorship concern's profits AT ANY TIME DURING THE PY
Substantial interest in a Company
A person is said to have subs int in a compnay if he, and/or his Relatives hold at least 20% of Equity Shares or Voting Power in the Co. at ANY TIME DURING THE PY
NOTE: Relative = Sibling, Spouse, Lineal Ascendant , Lineal Descendant.
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