Section 194LC was introduced in the Income Tax Act vide Finance Act 2012 .The provision was introduced in order to facilitate the easy and cheap funds from abroad . The provision u/s 194LC provided for lower withholding tax at the rate of 5% on interest payments by Indian companies on borrowings made in foreign currency…
What is Bond Washing & Is There Any Tax Provision Against it ?
May 19, 2013 by
Bond washing is the popular name for a tax evasion practice under which a person tries to pass on the interest income arising on a security or bond to another person. This is resorted to by certain high net-worth individuals or entities , who … [Continue reading]
Carry forward of loss despite filing late return possible !
May 19, 2013 by
The claim of carry forward of loss is attached to the condition that the income tax return should be submitted u/s 139(3)which clearly provides condition of filing return u/s 139(1) for carry forward of business loss or capital loss .It is also be … [Continue reading]
Meaning of “not for the purpose of profit” for Exemption to educational insututes
May 19, 2013 by
The condition that the exemption to educational institution under section 10(23)(c) of the Income tax Act is allowed only when the educational institution is run "not for the purpose of profit " like the condition "solely for the purpose of … [Continue reading]
Exemption : ‘solely for the purpose of education’ -What does it Mean?
May 19, 2013 by
The tax exemption to an educational institutes or schools or college is allowed only if the educational institution or school or college are solely for the purpose of the education. The questions are generally raised by the department about … [Continue reading]
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