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Income Tax - Page 2

Income Tax deduction for procurements from MSMEs only upon actual payment

January 24, 2024

By Shaleen Shah | LinkedIn, assisted by Divyansh Jain Introduction This Note is relevant to computation of income under the head ‘Income from business and profession’. Section 43B of the Income Tax Act provides a list of expenses allowed as deduction, on cash basis irrespective of the year of accounting. It lists some expenses that can be claimed as deduction

Income Tax

Foreign companies may be required to file Tax Returns in India

by Nexdigm Private Limited as published on mondaq.com Impact of increase in withholding tax on rates for Fees for Technical Services and Royalty As per Indian Tax laws1, payments made to Non-Residents/Foreign Companies for Fees for Technical Services (FTS) and Royalties were liable to tax at the effective tax rate of

How Cryptocurrencies Are Taxed In India

[Source: forbes.com; Authors: Justin M Bharucha, Aashika Jain] Cryptocurrencies and non-fungible tokens

Higher rate of TDS in certain situations from 1st July 2021

[By Shaleen Shah (Partner), VNCA] Finance Act 2021, has introduced a new

Sabka Vishwas – Legacy Dispute Resolution Scheme, 2019

August 27, 2019

Income Tax

Govt. urges taxpayers to avail the benefit of Sabka Vishwas (LDR) Scheme, 2019, as it has just 4 months validity from 1-Sep-2019 Press Release, Dated 22-8-2019 In the Union Budget 2019-20, the Hon’ble Finance Minister announced the Sabka Vishwas – Legacy Dispute Resolution Scheme, 2019. The Scheme has now been

Tax changes in 2018 that have affected your personal finances

December 21, 2018

Income Tax

[Source: economictimes.indiatimes.com; By Preeti Motiani, ET Online | Dec 19, 2018] As 2018 comes to an end, a quick run-down of the main tax changes implemented during the year would help us in our tax planning and saving efforts. Most tax changes are usually proposed in the Budget (presented in

Profit On Transfer Of Shares Acquired Under Stock Option Plan Taxable As ‘Capital Gain’ Not ‘Salary’

December 14, 2018

Income Tax

[Source: www.mondaq.com; Article by Vinita Krishnan & Shabnam Shaikh, Khaitan & Co] The Chennai Bench of the Income Tax Appellate Tribunal (Tribunal) in a recent ruling in Dr. Muthian Sivathanu v Assistant Commissioner of Income-tax [ITA No. 553/2018] held that proceeds received on sale of shares acquired pursuant to exercise

The tax that no one saw coming: A rude shock builds up for builders across India

October 14, 2018

Income Tax

[Source: www.economictimes.com] Builders across the country are in for a rude shock. They could be soon saddled with a tax burden that few, or probably none, of them have accounted for. Developers, according to changes in the law that have gone unnoticed so far, will have to pay tax on

Prosecution under Income Tax: Section 278E carves out an exception to the rule of mens rea

October 13, 2018

Income Tax

[By Shaleen Shah (Partner), VNCA] ‘Mens rea’ can be loosely translated as ‘guilty mind’, and it is a vital component when attempting to assess the criminal liability of an individual. The rule of mens rea says that an act itself does not make a person guilty of a crime, unless

Understanding The Benami Law In India: FAQs

March 11, 2018

Featured·Income Tax·Miscellanea

[Source: www.mondaq.com; Article by Bharat Chugh and Kushank Sindhu, Luthra & Luthra Law Offices] In the last few months we have seen a major crackdown on Benami properties and their owners by the Government. Specialised Anti-Benami units have been set up by the Income Tax department across the country and

Overview of restrictions on Cash Transactions under Income Tax law

May 4, 2017

Income Tax

[By Jyotish M. Shah (Partner), VNCA] Section Nature of restriction Consequence of Contravention 40A(3)/(3A) Expenditure in Cash exceeding Rs.10,000/- Expenditure will not be allowed. 43 Payment for Asset exceeding Rs.10,000/- in Cash This payment will not be considered as part of Actual cost of an Asset. 35AD Payment for Capital

Equalisation Levy is going to create a huge problem for startups

January 2, 2017

GST·Income Tax·Service Tax & CBEC·Startup India

[Source: www.forbesindia.com] Tax lawyer Nishith Desai believes the Equalisation Levy, also known as ‘Google Tax’, will have important repercussions for the Indian startup ecosystem As part of the continuing opposition from industry bodies to the ‘Equalisation Levy’ that came into effect earlier this year, the Internet and Mobile Association of

How does the income tax department track high value cash transactions?

November 9, 2016

Income Tax

[By Shaleen Shah (Partner), VNCA] The Income Tax department has over the years put in place several reporting and compliance mechanisms to track high value financial transactions including cash transactions. Measures to track cash transactions are listed hereunder. Filing a Report of specified high value transactions (Form 61A) Business /

India may make the Calendar Year, instead of April-March, as its new Financial Year from as early as 2018

July 13, 2016

Asides·Audits & Assurance·Income Tax

India may make the Calendar Year, instead of April-March, as its new Financial Year from as early as 2018

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Income Tax - Page 2

Income Tax deduction for procurements from MSMEs only upon actual payment

Foreign companies may be required to file Tax Returns in India

How Cryptocurrencies Are Taxed In India

Higher rate of TDS in certain situations from 1st July 2021

Sabka Vishwas – Legacy Dispute Resolution Scheme, 2019

Tax changes in 2018 that have affected your personal finances

Profit On Transfer Of Shares Acquired Under Stock Option Plan Taxable As ‘Capital Gain’ Not ‘Salary’

The tax that no one saw coming: A rude shock builds up for builders across India

Prosecution under Income Tax: Section 278E carves out an exception to the rule of mens rea

Understanding The Benami Law In India: FAQs

Overview of restrictions on Cash Transactions under Income Tax law

Equalisation Levy is going to create a huge problem for startups

How does the income tax department track high value cash transactions?

India may make the Calendar Year, instead of April-March, as its new Financial Year from as early as 2018

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