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Tax transparency through FATCA and CRS

December 12, 2019 2061 Views 0 comment Print

Foreign Account Tax Compliance (FATCA) is a U.S. federal tax law which promotes cross border tax compliance through an international standard for the automatic exchange of information related to U.S. persons. FATCA requires that foreign financial institutions (FFIs) and certain other non-financial foreign entities (NFFEs) report to the Internal Revenue Service information about financial accounts on foreign assets held by their U.S. account holders or by foreign entities in which U.S. persons hold a substantial ownership interest.

Employers! Do not miss PF Contribution on allowances

August 9, 2019 8172 Views 1 comment Print

Supreme Court’s ruling on Provident Fund on February 28,2019 stated that employers can’t segregate special allowances from basic salary rather it is to be included for Provident Fund deduction under the Employees Provident Fund and Miscellaneous Provisions Act, 1952. The court held that variable earning which may vary from individual to individual according to their […]

Are You Paying GST or Income Tax on Exchange of Assets?

June 24, 2019 11877 Views 6 comments Print

Sometimes we exchange assets such as immovable property and ignore the taxation aspect thinking that as there is no money transaction, no tax is applicable.  Let us understand the correct tax implications in such cases. What is the meaning of exchange?  In exchange, the transfer of property takes place for a consideration other than money, […]

GST & Direct Tax on Online Information Database Access & Retrieval Services (OIDAR)

May 18, 2019 22026 Views 3 comments Print

In this hi-tech, age business has undergone major transformation and new methods of transactions have evolved which are fast paced and require little physical effort. Out of many one is the concept of OIDAR services which are provided through internet and received by the recipient online without physical interface with the supplier of such services. […]

How to easily calculate tax on Shares and Mutual Funds

April 30, 2019 3360 Views 0 comment Print

In order to incentivize the equity markets Government has given various sops to this sector. Under Section 10(38) of Income Tax Act, exemption to long term capital gains arising from sale of equity shares in a company or unit of an equity oriented fund has been provided. Equity oriented fund is the one where the […]

Check if Your Deposit is Illegal

March 26, 2019 8250 Views 0 comment Print

President of India has promulgated the BANNING OF UNREGULATED DEPOSIT SCHEMES ORDINANCE, 2019 w.e.f. February 21, 2019. This law has been brought to safeguard the hard-earned money of ignorant depositors from scrupulous deposit takers. Scope: – This ordinance is applicable to every person in respect of following three offences: – 1. Running an unregulated deposit […]

New Facts about Business Connection

March 22, 2019 3561 Views 0 comment Print

In order to align the domestic laws with the modifications being done by Organisation for Economic Co-operation and Development (OECD) through Base Erosion and Profit Shifting (BEPS) and the Multilateral Instruments (MLI) some very significant amendments have been done in international taxation. Business connection as defined in section 9 has been further aligned with the […]

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