Who Is To Tax If A Non Resident Sells Indian Company’s Shares To Another Non Resident ?

Who will be liable to tax if a non resident sells shares of Indian company to another non resident and all dealing including payments are facilitated outside India ? The general perception is that since the non resident who sells and who buy the shares are having no permanent establishment with India, none is liable [...]

Is Consultancy Fee Paid To Non Resident Director Taxable In India?

A non-citizen of India based in the US is a Director of a PVT LTD company in India. The Director also provides consulting services to the Indian company but such services are solely carried out outside India.If company wishes to pay such Director a consulting fee, are there any special tax consequences [...]

Is TDS Required on Service Charges Related To Rented Property?

Partnership Firm is receiving rent from tenants. We are raising Service tax and Cess on gross rent w.e.f 1.6.07 as per Notification given by Service TAx Dept.Our tenants deducting TDS on Net amount payable to us (Gross Rent and Service Tax). Now we are told to tenants TDS should not be deducted on Service TAx [...]

Why Full Amount Of Insurance Premium Not Allowed Deduction u/s 80C?

I have invested Rs. 54000 in LIC (US 80C ) and my company has qualify tax rs 24000 only . Please let me know the reason for the same. Pradeep Deo
While exact reason can be told by your company only, I presume that they might have invoked sub-section 3 of section [...]

Can An NRI Invest In Firm?

Can an NRI become a partner in a partnership firm in India and invest in that firm? V S A PRASAD, Hyderabad
Any thing related to foreign investments or exchange , RBI is the authority for framing rules. The Master Circular on Foreign Investment in India date 2/7/2007 issued by RBI contains [...]

What Is The Consequance Of Failure To Deliver 15H Declaration?

What is the consequence if a Deducting authority (for TDS purposes) receives Forms 15G/H, but fails to forward the same to the Jurisdictional CIT or CCIT. Rule 29-C only provides to forward the declarations before the 7th of the next month, but is silent about the consequences if the person fails to forward the same.Ravi [...]

Why Is Company Deducting Tax Even Though Salary Payment Is Below Exemption Limit?

TDS under sec 194 J @ 10% is deducted from the salary even though it is below the taxable slab (135000 for women). would that money be refunded when the person files IT Returns at the end of the FY. Her gross anual salary is Rs. 120000. and what actually is this sec 194J. Vivek [...]

CBDT Issues Circular On FBT on ESOP With 25 FAQs .

The Central Board Of Direct Taxes has released a circular Circular No 9/2007 dated 20/9/2007 which contains 25 frequently asked questions on ESOP. The excerpt of the circular is given below for the benefit of readers

Frequently Asked Questions

A number of issues have been raised by trade and industry at [...]

Should You Deduct Tax At Source On Interest Paid To Bank?

Taken Vechicle Loan from ICICI Bank, HDFC Bank , Kotak Bank & OD on Axis Bank , Monthly we are paying Principal & Interest .Whether we have to Deducted TDS for the Interest paid to the above bank. Siva Sankar , Pennadam
Interest paid on loan is covered u/s 194A . Subsection 3 of section 194A [...]

Will You Get Exemption U/s 54 On Sale Of House ,If You Own More Than One House ?

The assesse owns three residential properties. out of which he sells one residential property and invests the profit on sale of property in another residential property within two months of date of sale. Is the assessee liable to pay the long term capital gain? Jamuna ,Chennai
Yes, you will get the exemption u/s 54 t [...]

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