Presumptive taxation provisions for non-residents and NRI taxation
Prepared by Baskar P Presumptive tax provisions framework Section Framework Section 44B Shipping business Section 44BB Business of exploration, etc., of mineral oil Section 44BBA Operation of aircraft Section 44BBB Civil construction business etc., in turnkey projects Section 44DA Royalty and fees for technical services Section 44B -For non-resident engaged in business of operation of ships. […]
Is reduction of Carry forward
Facts / Regulations Section 115JB (‘this section’) of the Income Tax Act, 1962 (‘the Act’) provides the conditions for computing book profits. “Book profit” means the profit as shown in the statement of profit and loss for the relevant previous year including additions and reductions as specified in this section. One of the following reduction […]
Double Taxation a Curse
Double taxation is a term used to describe the situation where the same income or asset is taxed twice. This can occur in various forms, such as income tax, capital gains tax, estate tax, or inheritance tax, and it can be levied by two different taxing authorities, such as two countries or two levels of government […]
India Tax & Regulatory Compliances
Tax and regulatory compliance refers to the adherence to various tax and regulatory requirements that businesses and individuals must follow to ensure that they comply with relevant laws, regulations, and guidelines. It includes the timely payment of taxes, the filing of tax returns, and the adherence to various regulations that govern business operations. Tax and […]
Income Computation and Disclosure Standards
Prepared by Khusbu M Kinger Introduction: ICDS No. ICDS Name Corresponding AS ICDS – 1 Accounting Policies AS-1 ICDS – 2 Valuation of Inventories AS-2 ICDS – 3 Construction Contracts AS-7 ICDS – 4 Revenue Recognition AS-9 ICDS – 5 Tangible Fixed Assets AS-10 ICDS – 6 The Effects of Changes in Foreign Exchange Rates […]
Foreign Tax Credit
Foreign Tax Credit (FTC) is a mechanism that allows taxpayers to reduce their tax liability in India by claiming a credit for taxes paid to foreign governments on income earned abroad. The purpose of FTC is to prevent double taxation of the same income in both the country of origin and the country of residence. Legal […]
Advance Pricing Agreement
Presented by Sanjay Kumar Introduction An Advance Pricing Agreement (APA) is an agreement between a taxpayer and the income-tax authorities on an appropriate transfer pricing methodology for a set of transactions to be entered for a particular time period in future. It offers better assurance on transfer pricing methods and provide certainty and unanimity of approach. […]
Offences and Penalties under GST
Offences will be classified into cognizable (non-bailable) and non-cognizable (bailable) offences. A person with fraudulent intention to evade tax payment will be subjected to higher penalty in comparison to a relatively lower penalty for non-fraudulent offences. Penalty for certain offences There are 21 offences for which a taxable person may be held liable to penalty. […]
GSTR 9 & 9C
GSTR 9 is an annual return filed i.e., summary return of all the returns (GSTR 1 & 3B) filed during the financial year, whereas GSTR 9C is a reconciliation statement between returns and books. We need to address mainly on the applicability of GSTR 9 and 9C along with the important requirements to duly comply […]
Assessment & Audit under GST
Introduction Assessment means determination of tax liability under GST Act and includes self-assessment, re-assessment, provisional assessment, summary assessment and best judgement assessment. Audit means the examination of records, return and other documents maintained or furnished by the registered person under the Act or rules prescribed to verify turnover declared, tax paid, refund claimed, ITC availed, […]
