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Tax Clearance Certificate under Income Tax Act

August 17, 2023 30402 Views 4 comments Print

Understand the income tax rules for individuals departing India. Learn about the forms and procedures for obtaining tax clearance and no objection certificates. Find out the necessary information for domiciled and non-domiciled individuals.

Provisions contained under Income-tax Act for Startups in India

November 6, 2022 2271 Views 0 comment Print

Explore the provisions under the Income-tax Act for startups in India. Learn about the tax benefits and incentives offered by the government to promote entrepreneurship.

Discouragement of Cash Transactions under Various Laws in India

October 8, 2022 5835 Views 0 comment Print

Learn how Indian laws combat cash transactions through measures like demonetization, Benami Transactions Act, and Income-tax Act. Understand penalties and compliance to ensure financial transparency.

Grandfathering clause under India – Mauritius Tax Treaty

August 19, 2022 7053 Views 0 comment Print

Grandfathering clause means an old provision in law continues to apply on certain existing situations corresponding to new provisions which has been introduced to apply to all the future situations.

Residential Status of Individual – Base of Taxability in India

April 18, 2022 7716 Views 0 comment Print

Section 6 of the Income-tax Act [Residential Status] In order to determine the residential status under Income-tax Act, number of days of stay in India is to be calculated in previous year for which residential status is to be determined. Following are the scenarios in order to determine the primary residential status of an Individual: […]

Legal Services under GST Law

November 14, 2021 14508 Views 2 comments Print

1. Definitions a. Legal Service – As per S. No. 2(zm) of Notification No. 12/2017 – Central Tax (Rate), Legal Service means any service provided in relation to advice, consultancy or assistance in any branch of law, in any manner and includes representational services before any court, tribunal or authority. b. Advocate – As per […]

Interplay of section 36 & section 43B [Employee Contribution]

August 31, 2021 6621 Views 0 comment Print

1. Controversy in the past a. Before the amendment in Finance Act 2021, various taxpayers claimed the deduction of employee’s contribution deposited after the due date specified in relevant act but before the due date specified in section 139(1) of the Income-tax Act. b. If tax audit is also applicable on the taxpayer, then the […]

Reporting of Foreign Assets & Income in Income Tax Return

March 12, 2021 318174 Views 100 comments Print

Reporting of Foreign Assets and Income in Income Tax Return 1. In order to report foreign assets and income from a source outside India in Income tax return, firstly you have to determine the residential status of the assessee which is mentioned below in the table along with who is required to report : S […]

Taxability of Employees Provident Fund under Income-tax Act

January 9, 2021 22512 Views 1 comment Print

1. Applicability of Employees Provident Fund Scheme a. As per section 1 read with section 6 of The Employees Provident Funds and Miscellaneous Provisions Act, 1952, an employer of establishment including factory employing 20 or more persons shall required to contribute 12 percent of the basic wages [including dearness allowance and retaining allowance (if any)] […]

Board Meeting under Companies Act 2013

August 31, 2020 387078 Views 1 comment Print

Board Meeting under Companies Act 1. Meetings of Board (Sec 173) a. Every company shall hold its first board meeting within 30 days from the date of incorporation. After the first board meeting, every company shall hold minimum four board meetings in a calendar year. b. In holding board meetings during the year, there shall […]

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