Meaning of Place of Effective Management (POEM)

POEM - Place of Effective Management

Meaning of Place Of Effective Management (i.e. POEM):- Place of effective management (POEM) is a place where : – Key management, and commercial decisions that are necessary for the conduct of the business of an entity as a whole are, in substance made. “Furthermore, the Place of Effective Management is an globally acceptable test. “Moreover, the purpose of this is to … Read more

Section 94A of Income Tax Act

Section 94A of Income Tax Act

OBJECTIVE OF INTRODUCTION OF SECTION 94A OF INCOME TAX ACT The main objective of Section 94A of the Income Tax Act, 1961 is to discourage assessees from entering into transactions with persons located in countries or territories which do not exchange tax information with India. NOTIFIED JURISDICTIONAL AREA – SECTION 94A The Central Government may … Read more

Taxability of Income in the hands of RNOR

Taxation of Resident But Not Ordinarily

RNOR-Resident but not Ordinarily Resident : – RNOR stands for Resident but Not Ordinarily Resident(i.e. full form of RNOR).  Section 6(6) of the Income Tax Act 1961 deals with the conditions to determine the status of Residence. These conditions are defined as under: – If he/she has been a non-resident in India for nine out … Read more

INDIA SINGAPORE TAX TREATY — WITHHOLDING TAX RATES

Singapore India Tax Treaty- Withholding Tax Rates

Overview Income tax Singapore Singapore follows a territorial system of taxation. Additionally, it’s worth noting that Income Tax in Singapore also provides for certain tax incentives and schemes, accordingly businesses and individuals may be eligible for lower effective tax rates. Singapore has an extensive tax treaty network, which provides relief from double taxation for income … Read more

Meaning of Assessee

Meaning of Assessee under Income Tax Act, 1961

Who is an Assessee in Income Tax Act, 1961 ? Assessee means any person (i.e., Individual, HUF, Firm, Company, AOP/BOI, etc.), who are liable to pay any Tax or any other sum of money (i.e., penalty or interest) under the IT Act. Assessee can also include representative Assessee. Further, Assessee also “INCLUDES” the following categories … Read more

Buy Back of Shares

Buy back of shares

An effective scheme of buy back of shares can increase shareholders’ return and aid in distribution of surplus cash. Provision for taxability on buy back of shares Section 115QA of Income Tax Act, 1961 Rate of tax on buy back of shares 20% + surcharge + cess (HEC) Provision governing buy back of shares Section … Read more

Surcharge on Income Tax

Surcharge on Income Tax

Surcharge on income tax Income tax is one of the primary revenue sources of the Indian Government. The Indian Government imposes a surcharge on taxpayers who earn income above a certain threshold to charge a higher rate of tax from high-income earners. Consequently, it is generally calculated as a percentage of the income tax payable … Read more

Reduction of Share Capital

Reduction of Share Capital

Reduction of share capital under Section 66 of the Companies Act, 2013 , involves reducing the issued, subscribed, and paid-up share capital of a company.  Such reduction can take on different forms, such as with or without payout, and can be selective for a specific class of shares. However, it does  not include buy-back of … Read more

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