"02 February 2017" Archive - Page 4

Taxation of joint development agreement

The taxability of capital gains arising on transfer of title to land from the land owner to the developer in a Joint Development Agreement (JDA) has always been a heated issue. The taxation of Joint Development Agreement was never jointly agreed by the A.O. and the Assessee. There were a few hiccups in the law that were driving a way for ...

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Posted Under: Income Tax |

Union Budget 2017: Quick Analysis of Proposed Amendments in Tax Laws: (Part-B)

Amendment in Sec.54EC: Investment in long term bonds for claiming exemption under Sec.54EC: Currently, investment in bonds issued by the National Highways Authority of India or by the Rural Electrification Corporation Limited is eligible for exemption under this section....

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Posted Under: Income Tax |

Union Budget 2017: Quick Analysis of Proposed Amendments in Tax Laws: (Part-A)

Under the existing provisions, income by way of dividend in excess of Rs. 10 lakhs is chargeable to tax at the rate of 10% on gross basis in case of a resident individual, HUF or firm....

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Posted Under: Income Tax |

Executive summary of Finance Bill 2017: Customs & Central Excise Duty

This Article is Exhaustive analysis of Amendment related to Central Excise Duty and Custom Duty proposed to be carried out by Finance Act 2017 or Union Budget 2017 ...

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Posted Under: Income Tax |

Executive Summary of Finance Bill 2017 – Direct Taxes

This Article is Exhaustive analysis of Amendment in Income Tax Act, 1961 proposed to be carried out by Finance Act 2017 or Union Budget 2017 in a Tabular Format. Article explain in simple Language Relevant Clause of Finance Bill 2017 as Presented in Lok Sabha, Nature of Amendment, Date of Applicability of Amendment and a […]...

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Posted Under: Income Tax |

Executive Summary of Finance Bill, 2017–Service Tax

This Article is Exhaustive analysis of Amendment in Service Tax related provisions  proposed by Finance Act 2017 or Union Budget 2017 in a Tabular Format. Article explain in simple Language Relevant Clause of Finance Bill 2017 as Presented in Lok Sabha, Nature of Amendment, Date of Applicability of Amendment and a Brief on amendment in [...

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Posted Under: Income Tax |

Budget 2017: No TDS deduction on Insurance Commission on Filing of Form 15G/15H

It is proposed to amend section 197A so as to make them eligible for filing self-declaration in Form.No.15G/15H for non-deduction of tax at source in respect insurance commission referred to in section 194D....

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Posted Under: Income Tax |

Budget 2017- Tax on Foreign Company income from sale of leftover crude oil stock

The existing provisions of clause (48A) of section 10 of the Act, provides that any income accruing or arising to a foreign company on account of storage of crude oil in a facility in India and sale of crude oil therefrom to any person resident in India shall be exempt...

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Posted Under: Income Tax |

Section 9A Conditions of special taxation regime for off shore funds

Section 9A of the Act provides for a special regime in respect of offshore funds. It provides that in the case of an eligible investment fund, the fund management activity carried out through an eligible fund manager acting on behalf of such fund shall not constitute business connection in India of the said fund. ...

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Posted Under: Income Tax |

Budget clarifies on transfer of Share or interest in a foreign company

Section 9 of the Act deals with cases of income which are deemed to accrue or arise in India. Sub-section (1) of the said section creates a legal fiction that certain incomes shall be deemed to accrue or arise in India. Clause (i) of said sub-section (1) provides a set of circumstances in which income accruing or arising, directly or indi...

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Posted Under: Income Tax |