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Income Tax - Page 8

Income Tax deduction for procurements from MSMEs only upon actual payment

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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

MNC liaison offices may get tax breather

January 27, 2009
A ruling that the liaison office of home furnishing multinational Ikea is not liable to pay income tax in India could set an important precedent and benefit for foreign retailers, which have set up similar operations to oversee sourcing of goods from India. In a recent decision, the Authority for
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More professionals to come under TDS

September 26, 2008
To keep pace with the country’s booming services sector, the finance ministry is considering a proposal to expand the scope of tax deduction at source (TDS) to include a host of professionals under it. To this effect, the Central Board of Direct Taxes (CBDT) is planning to broaden the definition
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Sweden to cut income tax again

September 26, 2008
Sweden to cut income tax again Will we ever see reduction of any taxes in India? Even if tax and law compliance procedures are simplified, collected taxes are used with integrity and corruption reduced, it’s more than enough.
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IS INFLATION-ADJUSTED TAX SYSTEM FEASIBLE?

September 25, 2008
Inflation greatly distorts the tax system not only relating to direct taxes such as income-tax, wealth tax, gift tax, estate duty, etc., but other taxes as well. First, there is distortion in the traditional measures of the tax base, that is, the income or wealth concepts to which the tax
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