The finance ministers of the G20 endorsed the agreement reached by 130 countries on fundamental changes to how the profits of the largest multinationals should be taxed. It includes the eye-catching proposal for a global minimum corporate tax rate of at least 15%.
Saturday 31 July 2021
Saturday 17 July 2021
Summary Of Specified Property Chargeable Under Section 56(2)(X) Of Income Tax Act.
PARTICULARS |
POINT OF TAXATION |
AMOUNT TAXABLE |
TAXED INDIVIDUALLY OR CUMULATIVE |
Any sum of money
whether in cash or by cheque/draft/pay order or any other mode |
If received without
consideration |
If the
aggregate value of such sum of money exceeds Rs 50000, then the entire amount |
On aggregate
basis Money received on different dates or from different person to be clubbed to
arrive at the amount of Rs. 50000. |
Any immovable property received
without consideration |
If received without
consideration |
If the stamp
value of such property exceeds fifty thousand rupees, the
stamp duty value of such property |
Taxed
individually. Each transaction will be taxed separately |
Any immoveable property received
for a consideration less than stamp duty value of property |
If received
for a consideration which is less than the stamp duty value of property by
an amount exceeding Rs 50000. |
Stamp value of such property as exceeds such consideration
[ upto assessment year
2018-19]. The
Finance Act 2018 provides that where any person receives, in any previous
year, from any person or persons any immovable property
as exceeds such consideration, if the amount of such excess
is more than the higher of the
following amounts, namely:- (i)
the amount of fifty thousand rupees; and the
amount equal to five per cent of the consideration [ Raised to ten per cent of the consideration from the AY 21-22
by the Finance Act, 2020. ] shall be taxed as income from other
sources. [ from AY 2019-20 |
Taxed
individually Each transaction will be separately taxed
. |
Any property other than immovable property received without consideration |
If received without
consideration |
If the
aggregate fair market value of such property exceeds fifty thousand
rupees the whole of the aggregate fair market value of such property |
Taxed on
aggregate basis. Value of property received on different dates or from different person to be clubbed to arrive at amount of Rs. 50000. |
Any Property other than immoveable property, received for a consideration less than fair market value |
If received
for a consideration which is less than the aggregate fair market value of
the property by an amount exceeding fifty thousand rupees |
Aggregate fair market value of such property as exceeds
such consideration |
—do———– |
Saturday 10 July 2021
Unresolved issues of ITC
It is now 4 years since the groundbreaking legislation changed the whole landscape of indirect taxes in India. But, the GST law is far from perfect and the anomalies become more apparent as the days go by. The legislation at the outset had numerous gaps, and the numerous amendments have played their part in increasing those gaps.
Thursday 1 July 2021
Understand New Concept of Tax Residency
Tax Residency is one of the main decisive factors for establishing the category of taxpayer and devising nexus with a country's tax laws. Globally, the residential status of a person is a key factor in determining his or her taxability in a particular country which is different from citizenship. In India, Tax residency is determined u/s 6 of the Income-tax Act which until the amendment brought in by Finance Act, 2020 did not consider citizenship to be a determining factor/ condition. Indian Government introduced certain major amendments in Sec. 6 as anti-avoidance provisions that largely base its premise on 'citizenship' rather than 'the number of days of stay in India'.
GST on Prize money.??
Contractually, money paid into the pool account is non-refundable. And Payee of the prize (Winner) is one among several Payers (Participants). So, what does consideration procure? Right to participate and stand a chance to win.
Taxation of Intangible assets acquired through business restructuring.
1. Background 1.1 When a company aims to acquire another company's business through amalgamation or demerger, assets or ...
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A new website launched for TDS related matters www.tdscpc.gov.in TRACES – T DS R econciliation A nalysis and C orrection E nabling S yste...
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LEASE-DEED (A brief Introduction) Lease defined. A lease of immovable property is a transfer of a right to enjoy such property, mad...
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Particulars in Part 1 and Part 2 of Step-2 of registration form are required to be exactly the same as reported in the TDS statement. Plea...
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Introduction It's important for taxpayers to have a clear understanding of the available allowances and deductions, as they can grea...
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· Mumbai ITAT in the case of Mukesh Harilal Mehta held that Exemption U/S 54 cannot be denied merely due to mistake by the developer.
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Earlier this year, the Mauritius Government approved the amendment to the India – Mauritius tax treaty, aligning it with the proposal of th...
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Slump sale is transfer of one or more business undertakings for a lump sum consideration, without assigning individual values to the each...
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This Tax Alert summarizes a recent instruction issued by the SEZ Division, Department of Commerce, clarifying various concerns relating t...
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This Tax Alert summarizes a recent judgement of the Delhi High Court (HC) [1] dealing with the issue of denial of input tax credit (ITC) ...
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An eminent concern within the GST framework pertains to the entitlement of Input Tax Credit (ITC) concerning expenditures associated with In...