Category: Income Tax Law

INCOME-TAX COMPLIANCE FOR NON-RESIDENTS PLANNING TO SET UP BUSINESS IN INDIA AND RESIDENTS DEALING WITH THEM

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Essential Provisions under Income Tax Act 1961-2018 S. No. Section Particulars 1. 2 Definitions 2. 4 Charge of income-tax. 3. 5 Scope of total income. 4. 6 Residence in India. 5. 7 Income deemed to be received in India 6.…

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The Karta of a Hindu undivided family earned remuneration as a managing director and fees as a director from a bank

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Syllabus: Wherever remuneration was earned by a member of the family for personal services rendered, the said remuneration would belong to and be assessable in the hands of the individual irrespective of the fact whether or not the aid of…

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Interest payable on offshore Rupee Bonds by Indian entities to be exempted from Income Tax

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September 17, 2018 : The Ministry of finance Monday exempted from income tax the interest payable on rupee-denominated bonds issued outside India by a company or a trust to a non-resident or a foreign company, a move aimed at increasing dollar inflow. The interest would be exempt on rupee-denominated bond issued outside India during the period from September 17, 2018, to March 31, 2019, the Finance Ministry said in a statement. As per I-T law, interest payable by an Indian company or a business trust to a non-resident, including a foreign company, on rupee-denominated bond issued outside India before the July 1, 2020, was liable for concessional rate of tax of 5 percent.