The Mumbai Income Tax Appellate Tribunal (ITAT) has recently ruled that the income received from domain name registration services provided by a Registrar authorized by the Internet Corporation for Assigned Names and Numbers (ICANN) is not taxable as royalty in India, as long as there is no intellectual property right in the form of a …
The Delhi ITAT has ruled on the issue of residency under the India-Singapore Double Taxation Avoidance Agreement (DTAA) in the case of Sameer Malhotra v. ACIT. The case involved a dispute over the taxation of the Assessee’s income from employment in India and Singapore for the Assessment Year 2015-16. The Assessee initially offered to pay …
In the recent case of Techknowledgy Interactive Partners P. Ltd. v. ITO [ITA No. 350/MUM/2009 dated January 9, 2023], the ITAT, Mumbai has pronounced its judgment on various issues related to the tax deduction at source. The Appellant, Techknowledgy Interactive Partners P. Ltd., is a company engaged in the business of trading in software and …
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The ITAT, Bangalore recently decided the case of M/s Mulberry Textiles LLP v. ITO [ITA No. 757/Bang/2022 dated January 3, 2023]. In this case, the Appellant, M/s Mulberry Textiles LLP, filed an income tax return for the financial year 2020-2021 and claimed exemption under Section 10(2A) of the Income Tax Act, 1961 (the IT Act) …
According to the Finance Act of 2017, individuals or Hindu Undivided Family (HUF) are required to deduct TDS (Tax Deducted at Source) on rent under section 194-IB, if the monthly rent paid to a resident exceeds ₹50,000. However, this does not apply to individuals or HUFs whose business or professional income exceeds the monetary limits …
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India is home to a thriving startup ecosystem, with a large number of entrepreneurs and innovative companies emerging in recent years. Some of the most successful startups in India include Flipkart, Paytm, Ola, and Snapdeal, among others. These companies have disrupted traditional industries and created new opportunities for growth and innovation. In recent years, the …
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TDS on property, also known as TDS on sale of property, refers to the tax that is deducted at source on the sale of immovable property in India. The term “TDS” stands for Tax Deducted at Source, which is a system introduced by the Indian government to collect taxes at the source of income. According …
A Long-Term Incentive Plan (LTIP) is a type of employee benefit program that is designed to motivate and retain key employees by offering them a stake in the long-term success of the company. The purpose of an LTIP is to align the interests of employees with those of the company’s shareholders, and to encourage employees …
Income tax compliance for private limited companies in India involves the following steps: In conclusion, private limited companies in India are required to comply with various income tax regulations and filing requirements. It is important for companies to stay updated on the latest rules and regulations and to comply with them in a timely and …
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What is Corporate Tax Planning Corporate tax planning refers to the process of arranging a company’s financial affairs in a way that minimizes its tax liability while staying within the bounds of tax laws and regulations. This can involve a range of strategies, such as choosing the most favorable tax jurisdiction, deferring income, maximizing deductions, …
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