Browse Category

Income Tax - Page 7

Income Tax deduction for procurements from MSMEs only upon actual payment

by
January 24, 2024
By Shaleen Shah | LinkedIn, assisted by Divyansh Jain Introduction This Note is relevant to computation of income under the head ‘Income from business and profession’. Section 43B of the Income Tax Act provides a list of expenses allowed as deduction, on cash basis irrespective of the year of accounting. It lists some expenses that can be claimed as deduction

Foreign companies may be required to file Tax Returns in India

by Nexdigm Private Limited as published on mondaq.com Impact of increase in withholding tax on rates for Fees for Technical Services and Royalty As per Indian Tax laws1, payments made to Non-Residents/Foreign Companies for Fees for Technical Services (FTS) and Royalties were liable to tax at the effective tax rate of

Where there is a Will there is a way to save tax

April 17, 2009
Where there is a will, there is tax saving. Many tax advantages are possible only through a will. For example, a separate income-tax file for a Hindu Undivided Family (HUF) can be established by transfer of property through a will. Similarly, bequests can be made to minor children and minor
Read More

Tax is considerably above the global average

April 9, 2009
Yes, corporate tax rate in India is considerably above the global average. The average tax rate globally stands at 25.9% in 2008 while that of India stands at 33.9%. This figure includes a 10% surcharge and a 3% education cess. In other words, corporate tax rate in India is almost
Read More

Relief for export units as CBDT untangles tax net

March 19, 2009
The Central Board of Direct Taxes (CBDT) has instructed income-tax officials to allow export-oriented units (EOUs) approved by development commissioners to claim tax exemption, ending the uncertainty over tax benefits to EOUs. “It has been decided that an approval granted by the development commissioner in the case of an export-oriented
Read More

Personal Tax: 10 things to do before March 31

March 9, 2009
Indian financial year runs from 1 April to 31 March. Accordingly, the Income-Tax Return is to be prepared and filed for the relevant financial year. 31st March is an important date as it marks the end of a financial year. The last few weeks are when we rush for the
Read More

No need for proof to claim LTA, conveyance: SC

February 4, 2009
EMPLOYERS, while assessing the conveyance, and leave and travel allowance (LTA) claims of their staff, are under no statutory obligation to collect supporting evidence and furnish them to the tax authorities, the Supreme Court said on Wednesday. A bench comprising Justice SH Kapadia and Justice Aftab Alam said assessee employers
Read More

Failure to remit tax will invite prosecution: IT dept

January 27, 2009
Noticing instances of non-remittance of Tax Deducted at Source (TDS), the Income Tax department on Thursday said that any failure to remit the tax would attract serious consequences including prosecution. The stipulated dates in respect of tax deducted to be remitted to central government were – "if deduction is by
Read More

1,550 PF trusts may lose I-T benefits

January 27, 2009
Over 1,550 private provident fund trusts run by Indian companies could lose their income tax benefits in less than three months time. These private trusts enjoy tax benefits on the basis of their affiliation to the Employees Provident Fund Organisation (EPFO) through temporary relaxations granted by it. The deadline for
Read More

Time to revisit dividend taxation

January 27, 2009
Taxation of dividends has given rise to an age-old controversy. The classical system taxes dividends in the hands of shareholders. It was thought that this was unfair. Profits distributed by companies have already been taxed. Why tax it again in the hands of shareholders? The argument appealed to the Government.
Read More
1 … 5 6 7 8
GoUp