"02 December 2017" Archive

Section 44AD Profits and Gains of Business on Presumptive Basis

First we will discuss the business which has been eligible for scheme provided by section 44AD of income tax act, 1961. This scheme covers up almost all small businesses which has total turnover up to 200 lakh. Total turnover is the crux of this section. Here important is total gross turnover; gross turnover is before deducting any expens...

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Posted Under: Income Tax |

VAT in UAE: A comparison of Draft and Final Executive Regulations of the UAE VAT Law

A Comparison of Draft and Final Executive Regulations issued by the Federal Tax Authority of the UAE. Changes and Additions are marked in red and blue colour in a easy to understand way. #VATinUAE #TaxinUAE #UAETaxation #VATawareness #newtaxuae #TaxUAE #VATadvise #taxreformsUAE #indirecttaxuae #taxuae #taxationuae #UAE #taxgcc #UAEtax201...

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Posted Under: Income Tax |

Gold & Silver rates from 01.04.1981 to 31.03.2016

Value of gold contained in gold ornaments should be reduced by 14 to 20 per cent of ruling rates of standard gold, as per the practice prevalent in the bullion market and the amount of reduction has to be worked out in the following manner...

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Posted Under: Income Tax | ,

Benefit to Non- Residents under Income Tax Act,1961

Articles explain who is Non-Resident Individual, Partnership firm, Company for Income Tax Purpose, Taxable Income of Non Residents, Tax on Indirect transfer of a capital asset situated in India by Non-Residents, activities not to constitute business connection in India, Exemption from applicability of Section 206AA to non-residents...

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Posted Under: Income Tax | ,

Income Tax Benefits to Residents & Indian Companies

A resident person is chargeable to tax in respect of his global income. If Income-tax Act enlarges the scope of taxable income of a resident person, it extends certain benefits and privileges to a resident person as well, inter-alia, an option to compute income on presumptive basis...

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Countrywise Withholding Tax rates as per IT Act vis a vis Tax Treaties/DTAA

Certain income of non-resident, inter-alia, dividend, interest, royalty or fees for technical services shall be taxable as per the rates prescribed under the Income-tax Act or as per the rates prescribed under the DTAAs, whichever is more beneficial to such non-resident. ...

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Posted Under: Income Tax |

Two different floors of one house property cannot be treated as two different residential houses

ITO Vs. Nathamuni Krishnaswamy Balaji (ITAT Chennai)

Where assessee purchased Ground Floor of the house property and had also purchased first floor of the said house property and deduction for both the ground floor and the first floor under section 54F by treating both the floors as one single residential unit thus he was entitled to became two different floors of one house property could n...

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FAQs on Statement of Financial Transactions & Reportable Accounts

To keep a watch on high value transactions undertaken by the taxpayer, the Income-tax Law has framed the concept of statement of financial transaction or reportable account (previously called as Annual Information Return (AIR)....

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Posted Under: Income Tax |

Penalty U/s. 271(1)(c) cannot be imposed for receipt of payment against transaction made by husband, of which she had no knowledge

CIT Vs Madhuri Satish Misal (Bombay High Court)

Once the assessee is a beneficiary of the amount received as a consequence of the transfer executed by her husband, of which she had no knowledge, she offered that during the course of the assessment proceedings, that does not mean that her act can be brought within the penalty provision....

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Tax Treatment of Income from Salary in Brief

Salary is defined to include: a) Wages b) Annuity c) Pension d) Gratuity e) Fees, Commission, Perquisites, Profits in lieu of or in addition to Salary or Wages f) Advance of Salary g) Leave Encashment h) Annual accretion to the balance of Recognized Provident Fund i) Transferred balance in Recognized Provident Fund j) Contribution by Cent...

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Posted Under: Income Tax | ,
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