Transfer Pricing – Objectives and Approaches
Transfer pricing refers to the valuation assigned to goods or services exchanged between affiliated entities. Put simply, it represents the price paid for goods or services transferred from one division…
Books of account to be maintained by the trusts or institutions
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),…
Tax Liability of a NRI
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…
Everything about SFT
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…
Documents to be maintained by NGo or trust
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…
CBDT notifies books & other documents to be maintained
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…
Checklist for Incorporation of Foreign Subsidiary/WOS in India
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…
TDS Deduction on rental property owned by NRI
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…
Section 50 – Capital Gain on sale of depreciable assets
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…
Taxation of Seafarer/Merchant Navy in India
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…
Taxation of Charitable/Religious Trust
Taxation of Charitable/Religious Trust
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,…
Taxability
Taxability of Health Care services under GST
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…
Taxability on Sale of Agriculture Land under Income Tax Law
Taxability on Sale of Agriculture Land under Income Tax Law
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…
Life Insurance Policy
Section 10(10D) Exemption towards amount received under a Life Insurance Policy
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…