What is reconciliation? The word “reconciliation” has not been defined under the GST Act. Although, in accounting terms, “reconciliation” can be explained as a process of matching balances at the end of a particular period to ensure two sets of accounting records agree with one another. With the amendments brought out in Finance Budget, 2021, […]
Every person who has relocated out of India, has at one point or another faced issues with respect to taxability of his income earned in India. In this article we shall be looking at the aspects that cover taxability of rental income earned from property situated in India for an individual who has been assessed […]
Under the Income Tax Act, 1961, the taxability of an assessee is reliant on the residential status of the assessee. Section 6, which governs the determination of an assessee’s residential status for the relevant assessment year has categorised an assessee into below mentioned four specific sub categories:
With the increase in the complexity and growing enterprise landscape, a number of IT companies engage in creation of databases and soft wares and have also entered in the business of data collection and data systemisation. In return, these vendor companies charge annual subscription fee that can be defined as the amount of money the vendors charge on a consequential basis for providing periodic access to their database and software.
Introduction Any sum payable to a non-resident including a foreign company is liable to withholding of tax under section 195 of the Income Tax Act, 1961. The tax rate may vary in accordance with the nature of the remittance which should fall within the scope of Section 9. Further, in accordance with the penal provisions […]
To have an independent portfolio of work is advantageous and a boon for any freelancer. However, along with it comes the added cautiousness of legal compliances, of which, most of us are completely oblivious to. The chord is struck only when you receive dreadful notices of tax penalties from Tax Authorities. Have you received any […]
