Section 44B of Income Tax Act 1961 – Shipping Business of Non Residents Section Section 44B of Income Tax Act 1961 Particulars Income from shipping business on presumptive basis Rate of presumptive income/deduction 7.5% Type of business Non-resident engaged in shipping business Who can opt for presumptive tax provisions ? Any non-resident engaged in business … Read more

Presumptive Taxation for Non residents – Introduction In certain cases, it is difficult for the non-resident to maintain India specific books of accounts, which could be due to the  nature of the business or other factors. Preparing a statement of taxable income , for complying with the tax laws of India, would require preparation of … Read more

EXEMPT INCOME OF NON-RESIDENTS – The tax exemptions available to various incomes of a non-resident under Section 10 of the Income Tax Act are discussed as under : – INTEREST INCOME FROM NOTIFIED SECURITIES AND BONDS – SECTION 10(4)(i) OF INCOME TAX ACT Any income by way of interest on specified securities and bonds, payable … Read more

Bird’s Eye view of the ‘Fee for technical services’ Concept of taxation Non-Resident Taxation Provision of Income Tax Act, 1961 Section 9(1)(vii) Provision deals with Fee for technical services Fee for Technical Services – Section 9(1)(vii) of Income Tax Act 1961 – Summary of Key Provisions and Taxability FTS payable to the non- resident , … Read more

Bird’s Eye view of the ‘Deemed to Accrue or Arise of Royalty Income’ Concept of taxation Non-Resident Taxation Provision of Income Tax Act, 1961 Section 9(1)(vi) Provision deals with Deemed to accrue or arise of royalty income DEEMED ACCRUAL/ARISING OF ROYALTY INCOME  – SECTION 9(1)(vi) OF INCOME TAX ACT Royalty payable to the non- resident … Read more

Bird’s Eye view of the ‘Deemed interest income’ Concept of taxation Non-Resident Taxation Provision of Income Tax Act, 1961 Section 9(1)(v) Provision deals with Interest payable deemed to accrue or arise in India Deemed Interest Income – Section 9(1)(v) of Income Tax Act Interest payable to the non- resident , could be from the following … Read more

Income deemed to accrue or arise in India – Section 9 of Income Tax Act Activities confined to display of rough diamonds in SNZS [Explanation 1(e) to Section 9(1)(I) of Income Tax Act] Where a foreign company is engaged in the business of mining of diamonds, no income shall be deemed to accrue or arise … Read more

Bird’s Eye view of Section 9 of Income Tax Act dealing with ‘Income deemed to accrue or arise India’ Concept of taxation Non-Resident Taxation Provision of Income Tax Act, 1961 Section 9 Provision deals with Income deemed to accrue or arise in India Income Deemed to Accrue or Arise in India – Section 9 of … Read more

Bird’s Eye view of the ‘Income deemed to be received in India’ Concept of taxation Non-Resident Taxation Provision of Income Tax Act, 1961 Section 7 Provision deals with Income deemed to be received in India Income Deemed to be received in India – Section 7 of Income Tax Act 1961 Income deemed to be received … Read more

Bird’s Eye view of the ‘Meaning of Income Received or Deemed to be Received’ Concept of taxation Non-Resident Taxation Meaning of “Income Received or Deemed to be Received” Income received or deemed to be received in India, during the previous year is taxable in hands of all Assessees irrespective of – whether the assessee is … Read more