S .K. Tyagi

Deduction In Respect of Leave Encashment on Resignation

Income Tax - The controversy as to whether the payment received by an employee by way of leave encashment at the time of his resignation from service, is entitled to exemption U/S 10 (10AA) of the Income-Tax Act 1961 ( the Act), still continues, though the Hon’ble High Courts of Bombay and Madras have held that the benefit of S.10(10AA) of the Act i...

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Tax-treatment of share of a company in income of an AOP

Income Tax - An Opinion was sought by a company relating to the tax-treatment of its share of income in an association of persons (AOP). Presently, a trend is visible in the Indian business circles, where certain entities including companies undertake big infrastructure jobs, etc. through the medium of a joint venture (JV) with other entities. In othe...

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Salary Package For Employees – Tax-Planning Measures

Income Tax - As is well-known, income-tax is deducted at source in respect of income from ‘Salaries’. As the income of salaried tax-payers is fixed, they are more susceptible to inflationary pressures. Therefore, there have been progressive attempts in the past, to grant relief to salaried tax-payers. In order to subserve the aforesaid objective, ...

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Foreign Technicians in India : Liability to tax

Income Tax - Of late, the issue regarding the taxability of the remuneration and living allowance, etc. payable to a foreign technician on deputation in India under a Technical Collaboration or Assistance Agreement, has become quite controversial. At the root of this controversy, are the provisions of S. 9(1)(ii) of the Income-Tax Act, 1961 (the Act)....

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Sale of a capital asset converted into stock-in-trade: Tax-treatment

Income Tax - In business there are occasions when a capital asset is converted into stock-in-trade and stock-in-trade is converted into capital asset. There may also be occasions when an asset ceases to be a stock-in-trade. In this context, section 45(2) of the Income-Tax Act, 1961 (the Act) is relevant. For the sake of ready reference, section 45(2) ...

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Recent Posts in "S .K. Tyagi"

Deduction In Respect of Leave Encashment on Resignation

The controversy as to whether the payment received by an employee by way of leave encashment at the time of his resignation from service, is entitled to exemption U/S 10 (10AA) of the Income-Tax Act 1961 ( the Act), still continues, though the Hon’ble High Courts of Bombay and Madras have held that the benefit of S.10(10AA) of the Act i...

Read More
Posted Under: Income Tax |

Tax-treatment of share of a company in income of an AOP

An Opinion was sought by a company relating to the tax-treatment of its share of income in an association of persons (AOP). Presently, a trend is visible in the Indian business circles, where certain entities including companies undertake big infrastructure jobs, etc. through the medium of a joint venture (JV) with other entities. In othe...

Read More
Posted Under: Income Tax |

Salary Package For Employees – Tax-Planning Measures

As is well-known, income-tax is deducted at source in respect of income from ‘Salaries’. As the income of salaried tax-payers is fixed, they are more susceptible to inflationary pressures. Therefore, there have been progressive attempts in the past, to grant relief to salaried tax-payers. In order to subserve the aforesaid objective, ...

Read More
Posted Under: Income Tax |

Foreign Technicians in India : Liability to tax

Of late, the issue regarding the taxability of the remuneration and living allowance, etc. payable to a foreign technician on deputation in India under a Technical Collaboration or Assistance Agreement, has become quite controversial. At the root of this controversy, are the provisions of S. 9(1)(ii) of the Income-Tax Act, 1961 (the Act)....

Read More
Posted Under: Income Tax |

Sale of a capital asset converted into stock-in-trade: Tax-treatment

In business there are occasions when a capital asset is converted into stock-in-trade and stock-in-trade is converted into capital asset. There may also be occasions when an asset ceases to be a stock-in-trade. In this context, section 45(2) of the Income-Tax Act, 1961 (the Act) is relevant. For the sake of ready reference, section 45(2) ...

Read More
Posted Under: Income Tax | ,

Reimbursement of Re-location expenses: A Perquisite

Recently, I was approached by a multi-national company for an opinion regarding tax-treatment of the expenses reimbursed by the company on the re-location of an employee from his present location to the place of employment with the company. Of late, a number of multi-national companies and other big Indian companies have, by way of incent...

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Posted Under: Income Tax | ,

Taxability of Income governed by Principle of Mutuality

There are a number of entities, the income / surplus of which is governed by the principle of mutuality and therefore, such income / surplus is not liable to income-tax. In other words, any surplus in the case of mutual concerns is exempt from income-tax and therefore, it would not form part of the gross total income of such mutual concer...

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Posted Under: Income Tax |

Taxation of Joint Venture Business

Presently we have been witnessing a very different trend in relation to the real-estate development. Earlier, a builder would go for outright purchase of a piece of land from the land-lord and develop the same at his own cost and risk. The scenario in this regard is undergoing a change. The land-lord also desires to have a share in the pr...

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Posted Under: Income Tax |

Tax-treatment in respect of receipt on transfer / sale of Transferable Development Rights (TDRs)

Of late, the concept of Transferable Development Rights (TDRs) has been very much in vogue, in regard to the developers and builders engaged in the business of estate development, as also the Central, State Governments or other semi-Government agencies, which are required to provide civic amenities like roads, playgrounds, parks, etc....

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Posted Under: Income Tax |

Validity of reopening of assessments

There has been prevailing in the Income-Tax Department a very erroneous impression that under the provisions of the amended section 147 of the Income-Tax Act, 1961 (the Act), with effect from 1st April, 1989, the Assessing Officer (AO) has got unbridled powers to assess or reassess income which has escaped assessment. This is so, particul...

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Posted Under: Income Tax |

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