S .K. Tyagi

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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Reimbursement of Re-location expenses: A Perquisite

Income Tax - 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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Taxability of Income governed by Principle of Mutuality

Income Tax - 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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Taxation of Joint Venture Business

Income Tax - 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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Recent Posts in "S .K. Tyagi"

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...

Read More
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...

Read More
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...

Read More
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 |

S. 10A / 10B Restriction on transfer of technical manpower under Circular Nos.14 and 12 of 2014

The Central Board of Direct Taxes (CBDT) had issued a Circular No.12 of 2014, dt.18.7.2014, by way of clarification regarding allowability of deduction under section 10A / 10AA, on transfer of technical man-power in the case of software industry [366 ITR (St) 1 : 106 DTR (St) 28]. Vide paragraph (4) of the aforesaid Circular No.12 / 2014,...

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Posted Under: Income Tax |

Export Incentive: Can Assessee Opt-in and Opt-out at will?

The provisions of Section 10A and Section 10B of the IT Act, 1961, provide incentive deduction in respect of profits and gains derived by an undertaking from the export of articles or things or computer software for a period of ten consecutive assessment years, beginning with the assessment year relevant to the previous year in which the ...

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Posted Under: Income Tax |

How to lead a happy and purposeful life – Practical Vedanta

1. Who Am I To realize, who am I and why I am here. I am not a body but I am a silent and peaceful Atman residing within the body....

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Posted Under: Income Tax |
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