taxation system

Comprehending Residential Status

Income Tax - 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:...

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Taxation of non-compete fees

Income Tax - In the era of globalisation, the world of Mergers & Acquisitions is witnessing rapid growth and the race amongst corporates to expand organically and inorganically is seeing significant momentum across the globe. Strategies that focus on core businesses or diversify into new businesses and markets, or even hive-off non-core businesses...

Read More

Taxation of Mutual Funds

Income Tax - Mutual Funds are like a department store where many products are on display and every one can get product suitable to his needs, risk appetite, investment horizon.  From product for parking your overnight funds to investing for decades, mutual funds can cater to needs to all investors. As the products offered by mutual fund houses [&hell...

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Understanding Over Taxation and Ways to reduce it

Income Tax - A Company is a separate legal entity from its shareholders. Under S.2 (7) of the Income Tax Act, all entities can be shareholders. For example, sometimes Companies themselves are shareholders in other companies and draw Inter Corporate Dividends from the other. ...

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Taxation of Bitcoin and Other Crypto Currencies in India

Income Tax - To understand the tax implications of Bitcoin and Other Crypto Currencies in India, the following points need to be understood under the context of the Income Tax Act: 1) Business Income – These are the profits and gains received from any business or profession carried on by the tax payer at any time during the […]...

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India, OECD to discuss tax reforms today

Income Tax - At a time when the government is accelerating efforts to strengthen the country's taxation system , India and rich countries' club OECD will deliberate on challenges to international tax rules on Monday. Co-operation in global tax matters have gained prominence , especially after the G-20 crackdown on tax havens, which are being used to p...

Read More

Government likely to scrap DEPB scheme

Income Tax - One of the most favoured duty reimbursement schemes among exporters - the Duty Entitlement Passbook (DEPB) scheme - is likely to be scrapped, as the government gears up to introduce the Goods and Services Tax (GST) from April 1. The scheme, which was extended till December 31 in the Foreign Trade Policy 2009-2014, is widely viewed as one ...

Read More

Duty Entitlement Passbook (DEPB) scheme likely to be scrapped in Budget

Income Tax - One of the most favoured duty reimbursement schemes among exporters — the Duty Entitlement Passbook (DEPB) scheme — is likely to be scrapped, as the government gears up to introduce the Goods and Services Tax (GST) from April 1. The scheme, which was extended till December 31 in the Foreign Trade Policy 2009-2014, is widely viewed as ...

Read More

DTC likely be tabled in Parliament only in Budget Session

Income Tax - With the mammoth task of garnering support on contentious issues like exempt exempt tax (EET) regime for savings and minimum alternative tax (MAT) still to be done, the Direct Tax Codes Bill, which will replace the archaic Income Tax Act, 1961, is not likely to be introduced in the ongoing Parliament session. According to official sources...

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Government discussing suggestions of stakeholders to modify direct tax code: FM

Income Tax - Government would make all efforts to meet the aspirations and expectations of the taxpayers and the corporate sector before finalisation of the Direct Tax Code. The next steps in this direction would be taken only after a comprehensive review of the draft Direct Tax Code by taking on board the suggestions received. This was stated ...

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Recent Posts in "taxation system"

Comprehending Residential Status

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:...

Read More
Posted Under: Income Tax |

Taxation of non-compete fees

In the era of globalisation, the world of Mergers & Acquisitions is witnessing rapid growth and the race amongst corporates to expand organically and inorganically is seeing significant momentum across the globe. Strategies that focus on core businesses or diversify into new businesses and markets, or even hive-off non-core businesses...

Read More
Posted Under: Income Tax |

Taxation of Mutual Funds

Mutual Funds are like a department store where many products are on display and every one can get product suitable to his needs, risk appetite, investment horizon.  From product for parking your overnight funds to investing for decades, mutual funds can cater to needs to all investors. As the products offered by mutual fund houses [&hell...

Read More
Posted Under: Income Tax | ,

Understanding Over Taxation and Ways to reduce it

A Company is a separate legal entity from its shareholders. Under S.2 (7) of the Income Tax Act, all entities can be shareholders. For example, sometimes Companies themselves are shareholders in other companies and draw Inter Corporate Dividends from the other. ...

Read More
Posted Under: Income Tax |

Taxation of Bitcoin and Other Crypto Currencies in India

To understand the tax implications of Bitcoin and Other Crypto Currencies in India, the following points need to be understood under the context of the Income Tax Act: 1) Business Income – These are the profits and gains received from any business or profession carried on by the tax payer at any time during the […]...

Read More
Posted Under: Income Tax |

India, OECD to discuss tax reforms today

At a time when the government is accelerating efforts to strengthen the country's taxation system , India and rich countries' club OECD will deliberate on challenges to international tax rules on Monday. Co-operation in global tax matters have gained prominence , especially after the G-20 crackdown on tax havens, which are being used to p...

Read More
Posted Under: Income Tax |

Government likely to scrap DEPB scheme

One of the most favoured duty reimbursement schemes among exporters - the Duty Entitlement Passbook (DEPB) scheme - is likely to be scrapped, as the government gears up to introduce the Goods and Services Tax (GST) from April 1. The scheme, which was extended till December 31 in the Foreign Trade Policy 2009-2014, is widely viewed as one ...

Read More
Posted Under: Income Tax |

Duty Entitlement Passbook (DEPB) scheme likely to be scrapped in Budget

One of the most favoured duty reimbursement schemes among exporters — the Duty Entitlement Passbook (DEPB) scheme — is likely to be scrapped, as the government gears up to introduce the Goods and Services Tax (GST) from April 1. The scheme, which was extended till December 31 in the Foreign Trade Policy 2009-2014, is widely viewed as ...

Read More
Posted Under: Income Tax |

Taxability of ESOP for Assessment year 2010-2011

Employee stock options (ESOPs) is a significant employer-granted benefit that too is subject to the above FBT /perquisite-based taxation system. In fact, it almost seems as if the authorities cannot quite make up their minds as to how they wish to tax shares given to employees by their employers on a concessional basis. Having been subjec...

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Posted Under: Income Tax |

DTC likely be tabled in Parliament only in Budget Session

With the mammoth task of garnering support on contentious issues like exempt exempt tax (EET) regime for savings and minimum alternative tax (MAT) still to be done, the Direct Tax Codes Bill, which will replace the archaic Income Tax Act, 1961, is not likely to be introduced in the ongoing Parliament session. According to official sources...

Read More
Posted Under: Income Tax |

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