Introduction The idea of clubbing of income of a spouse is significant in the Indian tax system. It is referred to as combining one spouse’s income with another spouse’s income for tax purposes. This occurs when one spouse transfers one’s income to the other, or when one spouse has assets or investments in their name, … Read more
Introduction to Accounting Standards The United Arab Emirates (UAE) has recently introduced significant updates to its Corporate Tax law, aiming to enhance transparency, standardize accounting practices, and promote economic growth. These changes have a profound impact on businesses operating in the UAE and require a comprehensive understanding of accounting standards. Preparation of Financial Statements … Read more
Introduction: There may be instances where a person may be required to file income of another person with his own. Clubbing of Income means adding the income of another person to one’s own income and then filing the return for it. A person may transfer his income to another person to avoid his tax liability … Read more
Introduction to clubbing of income from gift Clubbing of income from a gift is a term used to describe a situation where the income earned from a gift is added to the income of the person who has gifted it, for the purpose of taxation. These provisions have been made to prevent tax evasion by … Read more
Introduction- What is clubbing of income? Clubbing of income is a concept under the Income Tax Act, 1961 (hereinafter referred to as the “Act”). Clubbing of income means the inclusion of the income of one person in the total income of another person. This aspect is governed by Section 64 of the Act, and it … Read more
UAE Corporate Tax Law is to be effective from June 1st, 2023 in the UAE. There have been several decisions and updates by the Cabinet, Ministry of Finance, and Federal Tax Authority for the same. To not miss an update, we have provided a comprehensive table with all the latest notifications, decisions, etc. on the … Read more
Introduction Under Article 58 of the UAE Corporate Tax Law, a Taxable Person can make an application to the FTA for the alteration in the Tax Period by choosing a different start and end date or using a different Tax Period. UAE FTA has brought forth certain conditions for the same as per UAE Corporate … Read more
Introduction Section 194LB of the Income Tax Act, 1961, deals with the deduction of tax at source on income by way of interest from an infrastructure debt fund. This section mandates that any person who makes a payment of interest to a non-resident (not a company) or a foreign company on behalf of an infrastructure … Read more
Introduction Section 194IC of the Income Tax Act, of 1961 talks about the deduction of tax from payments under the Joint Development Agreement. What is Section 194IC of the Income Tax Act, 1961? Any person who pays to a Resident any amount by way of consideration (but not consideration in kind) under a Joint Development … Read more
Introduction Section 115BBD of the Income Tax Act, 1961 was introduced by the Finance Act, 2020, and is applicable from the assessment year 2021-22 onwards. This provision is aimed at promoting foreign investment by providing a concessional tax rate to Indian companies that receive dividend income from specified foreign companies. The concessional tax rate … Read more