Don't Worry Be Happy !
I have added now the capabilities to search simultaneously following databases
Therefore, when you fill the search field and press search , all these are searched simultaneously. I hope you like the idea and effort!
Archived; click post to view.
Excerpt: Yes, Income Tax Act , under the Chapter XIIA provides some special provisions which grants reliefs to Non Resident Indians or Person of Indian Origin. The provisions are contained in section 115C to 115 I .The special relief is regarding special tax rates for two types of income-investment income and income from long term capital gains- of a Non Resident Indian.Investment income Investment income is defined in section 115C to mean that any income generated from following specified assets 
i) shares in an Indian company;(ii) debentures issued by an Indian company which is not a private company (iii) deposits with…
Archived; click post to view.
Excerpt: i) My taxable income from salary = 780000ii) Short term capital gain (from shares) = 115000iii)Long term capital gain (from shares) = 120000 My total income by adding above( i ,ii,iii ) crosses RS 10 lakhs . Am I liable for 10% surcharge.I have no investment for deduction u/s 80C.William Alex Dias, MumbaiThe surcharge is imposed if the total income of an individual exceeds Rs 10 lakhs. It is seen from your question that you have long term capital gains of Rs 1,20,000. If these shares are listed shares , sold through stock exchange and securities transaction tax…
Archived; click post to view.
Excerpt: The answer is Yes and No but before I explain the law , it is importanat to understand that here foreigner means a person not domiciled in India .The answer is NO in case of following persons?Those persons who are not domiciled in India and who come to India on tourist visa or for any purpose other than business,employment or who have no source of income in India , They are not required to obtain a tax clearance certificate from income tax department before leaving India.The answer is YES in case of following persons?The answer is Yes in case the…
Archived; click post to view.
Excerpt: Yes, an Indian resident can give gift of shares of a company to a non resident but only if he fulfills certain conditions laid down in . The Regulation 10 of the Foreign Exchange Management (Transfer or issue of security by a person resident outside India) Regulations, 2000 deals with requirement in case of transfer of security . Sub clause A(a) of Regulation deals with transfer of share by gift . This sub-clause was amended vide notification FEMA. 137/2005- RB Dated 22 July, 2005 . The conditions are 1. Application for approval to gift shares has to be made to…
Archived; click post to view.
Excerpt: One of our client is an NRI . His father holds shares in an Indian Private Company which is trading in / Manufacture of Electronic items. Now my client wants to buy 90% of shares from his father and he wants to remit through banking channels the required money. Now I need a clarification on the following:a. Whether Prior Permission of Reserve Bank of India is required ?b. Whether sale proceeds of these shares in future are freely repatriable?c. Whether there is any ceiling on % of shares to be acquired by NRI in Indian Company either by himself directly…
Archived; click post to view.
Excerpt: The government has notified 15 services associated with the export activities eligible for refund of service tax paid . It is stated in the instruction no 341/15/2007-TRU, DATED 17-4-2008 issued by government as under Accordingly, 16 taxable services have been notified and the service tax paid on these taxable services, which are attributable to exports even if they are not used as input services, shall be refunded to exporters [notification No.43/2007-ST, dated 29.11.07 and notification No.41/2007-ST, dated 06.10.07, as amended by notifications No.42/2007-ST, dated 29.11.07, No.03/2008-ST, dated 19.02.08 & No.17/2008-ST, dated 01.04.08]. However…
Now search for case laws , circulars and taxworry.com in one click only.
How to do it?
No brainy thing. Write any term in the search field on the right side of the blog and hit the button “search “[or just pressing enter in your computer] . The search result will appear just below with three buttons
let me know how is the search.
I will be trying to enhance this search further.
Archived; click post to view.
Excerpt: Indian Company has given loan, to its subsidiaries situated in Canada.Subsidiaries in Canada pays interest, to Indian parent Company after deducting Tax as per Canadian Taxation Laws.My queries are:Will Indian Parent Company be eligible for any benefit of Tax deducted by subsidiaries?Will such interest income will be taxed in the Hands of Indian Company ( resident- global income). Sargam Iyer , MumbaiThe interest income is definitely taxable in the hands of Indian company as the global income of a resident is taxable under Indian Income Tax Act. However , since there is Double Taxation Avoidance Agreement signed between Indian and…
Archived; click post to view.
Excerpt: Payer following cash system , while payee is following mercantile systemThere rises really a complex situation if the payer (deductor ) and the payee (deuctee) follow different methods of accounting. For example following two types of situation may arise Payer following cash system , while payee is following mercantile system. Payeer following cash system , while payere is following mercantile system. For those readers who do not understand the difference between both methods of accounting , it is suffice to understand that in cash methods , all income and exepnese are accounted for only when it is received during the financial;…
