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International Perspective on Transfer Pricing Regime

In the aftermath of the second world war, the global trade has continued to develop and has resulted in globalization of trade. In the era of globalization, the fixed boundaries within which a firm used to operate have transcended and firms have integrated their operations around the world, taking advantage of cheap labour and technologic...

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Posted Under: Income Tax |

Reduction of Equity Share Capital – Tax Implication

The point of issue, for discussion herein, is whether a reduction of equity share capital by a company, for writing off, in the books of account, the accumulated losses of past years (in a previous year of relevance), is tantamount to a transfer by its shareholder ...

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Posted Under: Income Tax |

Conversion of company into LLP – “Clear road” ahead?

Recently ITAT Mumbai in the case of M/ s Celerity Power LLP has attempted to cover income tax implications arising on conversion of a private limited company into an LLP comprehensively. ...

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Posted Under: Income Tax |

Taxation of Employee Stock Options of Domestic and Foreign Companies

In this Article we will Discuss about Taxation of ESOPS for Employer and Employee and After Sale of Such Esops. Employee Share Options Plan is the option that a company provides to its employees to purchase the company’s shares on future dates at a pre-determined price. It is popular these days and many a times part of salary offer give...

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Posted Under: Income Tax |

Reportable / Cash Transactions and TCS – Limit and Penalty

Article covers Cash Transactions provisions (Section 269SS, 269T, 269ST, 43), Reportable Transaction provisions (Section 285BA, Rule 114E) and Transaction on which Tax has to be collected at Source (TCS) (Section 206C)...

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Posted Under: Income Tax |

Taxation of Income under Business/Profession

Business: It referred to any economic activity carried for earning profits. Economic activity refers to any trade, Commerce, Manufacturing Activity, Trading Activity or any other concern in nature of all. It is not compulsory for continuation of similar transaction or a series of transaction or carried the business permanently. Profession...

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Posted Under: Income Tax |

Tax benefits for education

In order to promote education, the government provides certain relief to the individual tax payers in respect of certain expenses incurred by them for education.  Let us discuss these tax benefits. Tax benefits on Tuition fee for children You can claim deduction upto Rs. 1.50 lakh every year for tuition fee paid for full time […]...

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Posted Under: Income Tax |

Alternative Dispute Resolutions Forum

Settlement Commission: It functions under the Ministry of Finance and allows the applicant an opportunity to undisclosed income and settle its cases. The taxpayer can approach the commission when his/her case is pending before a tax authority. The key reason for a taxpayer to approach the commission is the power of the commission to grant...

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Posted Under: Income Tax |

Compliance Guide for E-Commerce Sellers: TDS vs TCS

E-commerce platforms have been a major boon for new and budding companies, providing pan India customer base and a host of other services in helping them grow. However, working with e-commerce platforms attract lots of compliance issues and complexities which one might be caught unaware. ...

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Posted Under: Income Tax |

Utilized Subsidy Reflected as Current Liabilities in Balance Sheet, Not an Income as per Matching Concept

The judges of the Delhi High Court observed that it is not disputed by the revenue that subsidies were received by the assessee from CSPL against specific obligation to incur expenditure on specific activities and it was not open for the assessee to divert the amount for any purpose other than for which it was remitted. In CIT v. Canon In...

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Posted Under: Income Tax |