The Bangalore Special Court for Economic Offenses has acquitted an individual from prosecution under Section 276CC for failure to file a return of income. The court accepted the individual’s claim that they had a bonafide belief that since tax on their salary was deducted by their employer and they had received a Form 16, they …
As per the Income Tax Act, salary, bonus, remuneration, or commission are collectively referred to as “remuneration” for the purpose of Section 40(b)(v) of the Act. This means that the Assessing Officer is not required to make any disallowance when the ‘remuneration’ (aggregate of salary, bonus, commission, and remuneration) paid to working partners during the …
In the case of Tapas Kumar Basak v. Assistant Director of Income Tax, International Taxation-II & Ors., the petitioner, Tapas Kumar Basak, challenged an order by the Director of Income Tax (International Taxation) in Kolkata that treated him as a “Resident” for having stayed in India for 182 days during the relevant previous year under …
The GST Portal has recently implemented a new feature called “Initiate Drop Proceedings” for GST registration numbers that have been suspended due to the non-filing of GST returns. This feature is available for taxpayers who have filed their pending returns, such as 6 months or 2-quarters returns. The implementation of this new feature is aimed …
Due diligence is the process of thoroughly investigating and evaluating a potential investment or product. It is commonly used in business, finance, and law to assess the potential risks and benefits of a proposed transaction or investment. This process involves gathering and analyzing information about the target company, including financial statements, legal documents, and other …
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Permanent Establishment (PE) in India is defined in Section 9 of the Income Tax Act, 1961. Under Indian tax laws, a PE is defined as a fixed place of business through which a foreign company carries on its activities in India. A PE can be a place of management, branch, office, factory, workshop or any …
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DTAA full form is Double Taxation Avoidance Agreement (DTAA). A Double Taxation Avoidance Agreement (DTAA) is a tax treaty signed between two or more countries to prevent taxpayers from being taxed twice on the same income. The primary purpose of these agreements is to provide relief from double taxation, which occurs when the same income …
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Deciding whether to rent or buy a house is a crucial decision with long-term financial and lifestyle implications. It is important to carefully consider the pros and cons of both options before making a decision. Renting provides flexibility and lower upfront costs, but homeownership offers long-term financial benefits, security, and the ability to build equity. …
Salary refers to the amount of money that an employee is paid for their work, usually on a regular basis such as weekly, bi-weekly, or monthly. Salaries can vary widely depending on a number of factors, including the employee’s level of experience, education, and the type of industry or job they are in. Some jobs …
Chartered Accountants (CAs) are not only experts in accounting, taxes and financial regulations, they are also well-versed in various legal compliance requirements that businesses must adhere to. There are several reasons why a startup should consider hiring a Chartered Accountant (CA) for their legal compliances: Hiring a chartered accountant can provide a startup with the …
