Date: 15.04.2021 As per Income Tax Act, 1961 (“ITA”) Residential status of a taxpayer determines the incidence of income tax in India. India follows a mix of source based and residence based taxation. Thus, ascertainment of residential status is …
read moreTax on Non-Resident Indians -New Dimensions of ‘liable to tax’
Tax on Non-Resident Indians -New Dimensions of ‘liable to tax’ The Finance Bill, 2021, has introduced a clause (29A) in section-2 of the Income Tax Act, 1961, defining “liable to tax” as under: “(29A) “liable to tax”, in relation to a person, …
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read moreHow to File Declaration – Vivad se Vishwas Scheme 2020
Q.1 What is the procedure to apply for the scheme? Ans.1 Every person, who wants to opt for the scheme has to furnish a declaration in Form – 1 to the designated authority. Along with declaration, the declarant is also …
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read moreInterest under GST
Introduction Interest is meant to be levy on the delayed payment of amount. Payment of taxes like GST can be made out of two ways, one by utilising the credits and second by paying the balance liability in cash. Credit …
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read moreBEPS – Changing Dynamics of International Tax
A: Introduction Primarily, many country enter into Double Taxation Avoidance Agreements (DTAA) with other countries to boost economic relations with that country thereby giving income exemptions or tax credit on doubly tax income of the residents of their respective country. …
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read moreIncorporating a Subsidiary of Foreign Company
FDI (Foreign Direct Investment) Policy in India in the last decade has become very liberal and encourage foreign investment. There are many entry modes by which a foreign company can establish an entity in India. The choice of business form …
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read moreVivad se Vishwas Bill, 2020 – A Sweet pill for Taxpayers?
A: Introduction With the objective of resolving pending Income Tax related disputes at various stages and enhance tax collection out of the blocked huge amount of money to the tune of more than Rupees 9 lakh crores as on date. …
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read moreIndia Getting ready to Tax on Digital Transactions & Income from India source Data
A: Introduction India is leading developing Countries at Global forum OECD/G20 to corner the developed countries to achieve consensus on ‘Digital Tax’. BEPS Action Plan-1: Tax Challenges Arising from Digitalisation to address issues raised by digitalisation of the economy to …
read moreTaxation on Indian Citizen or Persons of Indian Origin – A Paradigm Shift (Post Union Budget-2020)
A: Introduction In this blog, we shall have a detailed analysis of Budget-2020 proposal on residency provision under section-6 of the Income Tax Act, 1961 and its impact on Indian Citizen or persons of Indian origin who are non-residents. They …
read moreE-Assessment – A Transparent Interaction with Tax Payer
In its quest to enhance transparency, promote Ease of doing business and Foreign Direct Investment in India, bring accountability in tax administration and eliminate face-to-face-interactions between taxpayers and Tax Department, the Central Government has introduced the scheme of electronic or …
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