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. […]