Rationalisation of the provision of Charitable Trust and Institutions The income earned by funds, institutions, trusts, universities, educational institutions, hospitals, or medical institutions falling under sub-clause (iv), sub-clause (v), sub-clause (vi),…
In India, an individual's tax responsibility depends on their residential status, categorized into three types according to the Income Tax Act 1961: Resident (ROR) Resident but Not Ordinarily Resident (RNOR) Non-Resident (NR) Non-Resident Indian…
Section 285BA of the Income Tax Act, 1961, governs the requirement for specified persons, assesses, prescribed officers, and authorities to furnish Statement of Financial Transactions (SFT).The concept of SFT was…
The Central Board of Direct Taxes introduced Rule 17AA through Income Tax Notification No. 94/2022 dated August 10, 2022. This rule outlines the specific books of account and other necessary…
According to the Income-tax Act, regular taxpayers must uphold and audit their books of accounts. Section 44AA outlines the necessity to maintain these accounts. However, the Act does not specifically…
The following information is necessary for the incorporation of WOS (Wholly Owned Subsidiary).Authorized Share CapitalPaid-up CapitalPer share value (Face value)Number of ShareholdersRegistered Office AddressPhone No. & Mail id of the…
Indian citizens should deduct tax on the rent they pay to their landlords in specific circumstances, deposit to the PAN, and give a form to the property manager stating the…
The income derived from selling a capital asset included in the block of assets on which depreciation has been permitted according to the Income Tax Act constitutes a capital gain.The…
DEFINITION OF SEAFARER OR MERCHANT NAVY To begin with, the Income Tax Act, 1961 ('Act') does not explicitly define the terms 'Seafarer' or 'Merchant Navy'. There are no specific provisions within…
Beneficent/strict trusts are the trusts which are shaped with a target of giving help to poor, instruction, clinical alleviation, safeguarding of climate/landmarks , headway of objects of overall population utility,…
India is the biggest maker for generics. In terms of volume and value, the nation's pharmaceutical industry is currently third largest in the world. The demand for better healthcare services…
The transfer of a capital asset is considered a capital gain or loss, depending on the circumstances. The charging section of the Income Tax Act of 1961, Section 45(1), states…
We are aware that the life insurance policy comes with a number of benefits, one of which is a tax benefit. The tax benefit can be taken as a tax…
Background: In accordance with Section 62(1) of the Companies Act of 2013, if the company decides to issue new shares, those shares must be made available to existing shareholders in…