Taxable income for salaried employees is calculated by subtracting tax-deductible allowances and expenses from their total taxable salary. This taxable salary is calculated by adding basic salary, any dearness allowances, house rent allowances, and any other taxable allowances, and subtracting any exemptions available under section 10 of the Income Tax Act, 1961. The final taxable …
Continue reading “How Taxable Income is Calculated For Salaried Employees”
A tax nomad is an individual who chooses to live a location-independent lifestyle, earning an income while travelling and living in different countries. This type of lifestyle allows individuals to take advantage of different tax laws and regulations in different countries, allowing them to minimize their tax liability. Tax nomads often work in industries that …
The tiebreaker rule for residential status refers to the criteria used to determine an individual’s primary place of residence, usually for tax purposes. The primary place of residence is important for tax purposes as it is used to determine where an individual must pay income tax. For individuals who live in multiple jurisdictions, it is …
Continue reading “Tie Breaker Rule in International Taxation”
The Delhi High Court has overturned reassessment proceedings against a Singaporean company owned by Blackstone Group holding a Tax Residency Certificate (TRC). The proceedings were initiated due to the claim that the company was not the beneficial owner of the share transactions, as the source of funds and its management was in the US. However, …
The case of Amarnath Aggarwal Builders (P) Ltd. v. DCIT deals with the issue of whether a business loss claimed by the assessee, a real estate developer, could be treated as a bad and doubtful debt by the tax authorities. The assessee had invested Rs. 1,10,00,000/- in the purchase of land and payment of fees …
Continue reading “Nature of Loss Supported By Evidence and Books of Accounts Could Not Be Changed”
The assessee has filed an appeal against the order dated 18/03/2020 passed by the Ld. CIT(A)-3, Bangalore for the assessment year 2017-18. The grounds for appeal are as follows: Grounds of Appeal: Brief facts of the case are as under: The company in question is a private limited company operating in the software publishing, consultancy …
The appeal is filed by the assessee against the order dated 26.07.2021 passed by the Commissioner of Income-tax Appeals (CIT(A)) in a faceless appeal. The grounds of appeal are as follows: The appellant reserves the right to add, alter, rescind, or modify the grounds or present further documents, facts, or evidence before or during the …
Property sale by Non-Resident Indians (NRIs) and Overseas Citizen of India (OCIs) in India is a common transaction. In this regard, NRIs often seek various tax and legal services related to the sale of their property. One of the first services NRIs look for is obtaining a Lower TDS Certificate or Nil TDS deduction Certificate …
Tax planning, tax avoidance, and tax evasion are all related to the payment of taxes, but they represent different approaches and have distinct legal implications. Tax planning refers to the process of legally reducing the amount of tax that a person or company is required to pay. Tax avoidance refers to the legal use of …
Continue reading “Tax planning, Tax Avoidance, and Tax Evasion”
In the recent case of Brinda Rama Krishna v. ITO, the Bangalore Income Tax Appellate Tribunal (ITAT) allowed the assessee’s appeal and held that the requirement to furnish Form No. 67 was directory and that Rule 128 did not provide for the disallowance of foreign tax credit (FTC) on the non-furnishing of Form No. 67 …
Continue reading “Filing Form 67 is Not Mandatory for Claiming Foreign Tax Credit in ITR”
