An Insight On Income Tax Laws in India, double
taxation, foreign tax, sales tax, vat tax, Vat Acts, Filing of Tax Return,
Taxation of Companies, Taxation of Foreign Nationals, Download income tax Forms
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Harmful Effects of Tax Competition:
Tax Competition relates to the phenomenon where a sovereign state having the
ability and competence tends to affect the tax system of another country
intentionally or unintentionally by incorporating various tax differentials in
its domestic tax system.
Goods and Service Tax (GST) Working In India
On passing of 122nd Amendment Bill 2014 from the Parliament GST will get
implemented to subsume the Excise duty, Additional Excise duty, Service
Tax,Countervailing or additional Custom duty besides this the indirect taxes
on State level.
SEZ Eligibility under SEIS Scheme
SEIS is one of the export promotional scheme under FTP2015-20.SEIS are
export promotional scheme to encourage service providers towards export
contribution, thereby helping the country towards inflow of foreign
Taxing Foreign Income of Company:
Taxation of foreign income entails the taxation by one country of income that
its residents earn in another country.
Tax incidence of an individual solely
depends upon his residential status
Pre-requisite of Taxes: A perk is an additional benefit provided by an employer, in cash or in kind, apart from regular salary and allowances.
It may be in cash or in kind and results in a personal benefit to the employee
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Interpretation of taxing statute as strict construction and exemption: Taxation is statutory filed. No tax can be levied and collected except according to the authority
of law. There is fiscal legislation every year much of it prepared in great secrecy and under server pressured of time, and it directly affects most people. This legislation
is complicated and elaborated because of intricate prepositions it has to express, and the verity of circumstances and conditions in which it falls to be applied and the
refined distinctions it embodies in order to attempt to cater expressly for them. Consequently, the body of tax statues as whole is voluminous and complex in structure
as well as in concept and expression. There is another reason for the fiscal legislation being complex and complicated. In fact, taxes are as complex as life.
Feasibility of GAAR for removing the practice of Tax Avoidance: Internationally, tax avoidance has been recognized as an area of concern and several countries have expressed concern over tax evasion and avoidance. This is also evident from the fact that either nations are legislating the doctrine of General Anti-Avoidance Regulations in their tax code or strengthening their existing code. General Anti-avoidance Rule (herein referred as GAAR) is a concept which generally empowers the Revenue Authorities in a country to deny the tax benefits of transactions or arrangements which do not have any commercial substance or consideration other than achieving the tax benefit. Denial of tax benefits by the Revenue Authorities in different countries, often by disregarding the form of the transaction, has been a matter of conflict between the Revenue Authorities and the taxpayers.
The Double Tax Avoidance Agreement between India and Mauritius: The Double Tax Avoidance Agreement ( herein referred as DTAA) entered into between India and Mauritius provides for potential tax exemption to the foreign investors because of which Mauritius is considered as one of the preferred route for making investments into India, which exempts capital gains tax arising on sale of shares of an Indian company.
The Irony of Taxing the Environment to Protect It - A UK Perspective: the hypothesis which I mentioned earlier is proven to be correct because in my hypothesis I mentioned that Exemption Notifications have to be strictly construed; if exemption is available on complying with certain conditions, conditions have to be complied with which is true because if the condition for taking exemption for tax relief is not fulfill then exemption will not be granted, exemption or tax relief will be granted only when the essential condition which are complying with must be fulfilled. In this last chapter I also conclude that the taxing statute is also strictly constructed as all statutes are interpreted strictly because each and every statute should be interpreted in a strict manner.
Deductions Under Section 80d & 80e Of The Income Tax Act: deductions provided by section 80C, which currently has the limit up to `100000/- ; there are deductions provided to the assessee in our income tax law other than these as well. Two significant amongst these are: Firstly, deduction on insurance premium paid on taking Medical insurance policy and Secondly, deduction on interest paid on education loans
Undue Hardship Under Section 35F of the Central Excise Act ANF 129 E of the Customs A: Paper focalizes on Section 35F of the Central Excise Act, 1942 and Section 129E of the Customs Act, 1962. An attempt is made to interpret the word undue hardship which appear in both the sections. Since both the section are verbatim the same and for this reason the author would be using them interchangeably, so that the nerve of the judiciary may be studied in most effective way.
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Silent Features of GST Bill 2016
Detailed discussion on the much awaited and discussed Goods and Services Tax
bill 2016 and its silent features detailed in Question and Answer.
Tax Implications on Business Reorganization Schemes
Corporate reorganization and corporate restructuring are interchangeable terms.
There are various manners in which a corporate reorganization could take place
but let us first look into the reasons as to why a corporation would go for such
a change. One reason could be to reduce the risks involved on business and
others could be to deal with the tough competition in the market.
General Anti Avoidance Rule GAAR
Internationally, tax avoidance has been recognized as an area of concern and
several countries have expressed concern over tax evasion and avoidance