"22 September 2019" Archive

Taxation of Small Business in India

01/01/1970

1. What are the legal structures that one can use to run a small business in India? Ans: Small businesses in India are usually run as either proprietorship concerns, partnership firms, or small companies. Proprietorship concerns are business run by individuals. Partnership firms are established under the Indian Partnership Act, 1932. Comp...

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Posted Under: Income Tax |

Taxation of Salaries earned abroad by Residents & Relief from Double Taxation

01/01/1970

1. Salary means all remuneration paid or due under an express or implied contract of employment except that received by a partner of a firm from the firm. It includes wages, annuity or pension, gratuity, fess, commission, perquisites or profits in lieu of or in addition to any salary or wages or any advance of […]...

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Posted Under: Income Tax |

Taxability of rental income earned from India

01/01/1970

1. Income that accrues or arises in India is taxable in the hands of both Resident taxpayers as well as Non-Resident taxpayers. Thus, if a Non-Resident has a property located in India, he is liable to be taxed in India on the rental income from that property, as that income accrues or arises in India. […]...

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Posted Under: Income Tax |

No ST under RCM on deployment of Employees of Parent Company & Payment of Salaries to them

Komatsu India Pvt. Ltd. Vs. Commissioner of Service Tax (CESTAT Chennai)01/01/1970

The issue under consideration is whether the service tax under RCM will be levied on deputed employees working under control, direction and supervision of overseas companies?...

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Types of Income Tax Return forms

01/01/1970

ITR-1 (Sahaj) Applicable to : Resident Individual having total income upto Rs. 50 Lakh and where the income includes:- 1. Salary/Pension/Family Pension (excluding claim of deduction u/s 57) 2. Income from only one House property (excluding brought forward loss or loss to be carried forward on HP) 3. Income from other sources (excluding wi...

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Posted Under: Income Tax |

Computation of Income From House Property

01/01/1970

1. WHAT IS TAXED? Under the Income Tax Act what is taxed under the head ‘Income from house Property’ is the inherent capacity of the property to earn income called the Annual Value of the property. This is taxed in the hands of the owner of the property. 2. COMPUTATION OF ANNUAL VALUE This is […]...

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Posted Under: Income Tax |

Interest Payable and Receivable by Tax Payer under Income Tax

01/01/1970

INTEREST PAYABLE & RECEIVABLE BY THE TAXPAYER Do you know? The Income-tax Act requires that Income tax returns be filed in time, Advance tax and regular tax are paid correctly within the time prescribed. In case the assessee fails to do so, interest is chargeable under various provisions and there is no tax benefit on […]...

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Posted Under: Income Tax |

Notice of Annual General Meeting

01/01/1970

Since, every company is required as per section 96 to hold its Annual General Meeting within 6 months of closure of its accounts except in case of newly formed companies. For conducting the Annual General Meeting, a notice under Section 101 of Companies is required to be sent to all the members of the company […]...

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Posted Under: Income Tax |

Recent Key Changes in Direct and Indirect Tax Provisions

01/01/1970

KEY CHANGES IN DIRECT AND INDIRECT TAX:  Key Changes and Recommendations – 37th GST Council Meeting:  On 20th September 2019, as anticipated, the all-powerful Goods & Services Tax Council (hereinafter ‘Council’), in its 37th Meeting held in Goa, took certain key decisions. Recent economic slowdown coupled with industry...

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Posted Under: Income Tax | ,

Section 8 Companies- A Corporate Form of Non-Profit Organisation

01/01/1970

India’s rich experience in philanthropy which received more publicity over last few years and many wealthy individuals are coming forward to donate for country’s poor. Non Governmental organizations (NGO) are also playing great role in this process. Tata Trusts, a CSR wing of Tata Group, is directly involving in charitable activities ...

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Posted Under: Income Tax |

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