Under the capital gain the period of holding is an important criteria to determine Long term capital gain and Short term capital gain. Capital gain is taxable either a short-term capital gain or a long-term capital gain. The short-term capital gain means a capital asset which is held by the taxpayer for not more than …
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It is said that Nothing is certain except death and taxes. This statement is true because we can make an effort to avoid all incidents, but death and taxes cannot be avoided. It is well-known fact that nothing is free in any country. Anything that you receive in form of infrastructure, roads, bridges, parks, and …
Continue reading “A brief history of Income tax in India and its extraordinary limbs”
The selling of immovable property i.e land and building by the non-resident is becoming common in megacities like Delhi, Gurgaon, Mumbai and Bangalore. People are being shifted to foreign countries permanently and they are selling their properties and taking the sale consideration out of India. Selling property is a time taking process and it needs …
The Indian income tax law determines the NRI status on the basis of the number of days an individual stays in India, not on the basis of citizenship in India. An individual gets confused when he comes to India for a few days and calculates his residential status. As per the Indian tax law, it …
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Determination of residential status is equally as important as the calculation of income tax liabilities. Even before the calculation of income tax an individual taxpayer has to first determine his residential status as per the income tax act 1961. Section 6 of the income tax act specifically deals with residential status. It prescribed the way …
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Facts of the case: Mais India Medical Devices Private Limited (MAIS India) was incorporated in the year 2012 under a joint venture agreement between M/s Sysmech Industries LLP, a resident of India and M/s Demas Company, a non-resident. MAIS India developed in-house all the Assembly Machines & Packing Machines used in the product manufacturing like …
Facts of the case The assessee is an NRI and he has deposited cash of Rs.1144000 in his bank account. He has been a resident of Auckland, New Zealand since 2003. There was a mismatch in the time of deposit of cash in the bank account. The assessing officer has the doubt the cash was …
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The residential status of the company is determined as per section 6(3) of the income tax act 1961. Residential status is important because the determination of income and income tax liability all depend on the residential status. It is a first step that every taxpayer must follow either a resident or non-resident. Indian company An …
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Freelancing is a particular assignment done by an individual of a company. You may call it a self-employed person who works either individually or hires a few more people to work with him on a particular assignment. Freelancing is a commercial term, but under the income tax act, there is no term like freelancer and …
Income tax provisions for the non-resident are not straightforward. There are many provisions which in itself are difficult to understand. To understand the provision applicable to non-residents it is important to first determine the residential status. The residential status is divided into 3 categories- Non-Resident (NR) Resident and Ordinarily Resident (ROR) Resident but not Ordinarily …
