Taxing the Profit from shares are always debateable issue, however CBDT issue circular No. 06/2016 dated 29/02/2016 wherein it provides option to taxpayer that to tax profit as Business Income or Capital Gain. This circular applicable for profit from listed shares only and option once exercised assesse will not allow to change his/her stand again.
INTRODUCTION Section 54 of CGST act provides for grant of refund to any person of any tax and interest if any or any other amount paid by him subject to provision of the act and rules to any person. However, during the course of sanctioning refund, sometimes, refund is adjusted to the outstanding demand under […]
Capital Assets: Section 2(19) of CGST Act, Capital Goods means goods, the value of which is capitalized in the books of account of the person claiming the Input Tax Credit and which are used or intended to be used in the course of furtherance of business. Situation 1: A Registered Person sell used Fixed Assets […]
Present article demonstrate the section 115BBE of Income Tax Act, 1961 which amended from time to time and the relevant case laws of the applicability of amendment prospectively.
Till 16th October, 2019, Foreign Investment was governed, by RBI in consultation with Central Government, by Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2017, called as TISPRO. Pursuant to amendment made in FEMA through Finance Act 2015, Central Government is empowered to make rules for Capital Account […]
Will banks be required to maintain specified securities for the amount received in TLTRO in HTM book at all times? Yes. The banks will have to maintain amount of specified securities for the amount received in TLTRO in its HTM book at all times till maturity of TLTRO.
Trusts have not been defined under the Income-tax Act 1961. The Dictionary meaning of ‘Trust’, in so far as it relates to the realm of law, is ‘an arrangement’ by which property is handed over to or vested in a person, to use and dispose it off for the benefit of another person.’ Trust can […]
As per the Goods and Services Tax (GST) law, cancellation of GST registration can be initiated by both the proper officer or by the taxpayer himself. In case the proper officer has a reason to believe that the GST registration of the taxpayer should be cancelled. Then, the proper officer will begin the cancellation proceedings […]
Following are the types of Bank account which a foreigner can maintain in India: ♦ Non – Resident External Rupee Account (NRE). ♦ Non- Resident Ordinarily Account (NRO). ♦ Foreign Currency (Non – Resident) Account Bank (FCNR (B)). ♦ Non – Resident (Non Repatriable) Rupee Deposit Accounts (NRNR Accounts). ♦ Special Non- Resident Rupee Account […]
Determination of Residential status of Foreign Citizen in India as per Income Tax Act Step 1: First of all we have to identify whether the person is Resident Indian or Non- Resident Indian: An individual shall be treated as Resident in India if he satisfies any one of the below mentioned conditions: a) If, he/she […]
