Introduction The United Arab Emirates (UAE) has been a popular destination for foreign investors and businesses for many years due to its strategic location, business-friendly policies, and tax-free environment. The UAE Corporate Tax Law has been introduced as a regime to ensure the sustainability of its economy. Registration for UAE Corporate Tax As per the … Read more
Introduction to Section 206AB: Section 206AB of the Income Tax Act is a recent amendment introduced by the Finance Act, 2021. Moreover, this section aims to ensure timely and proper deduction of tax at source (TDS) by providing for a higher rate of TDS on payments made to specified persons. Furthermore, specified persons are those … Read more
Introduction to UAE Transfer Pricing Documentation UAE MOF has come up with requirements regarding the maintenance of transfer pricing documentation requirements. What is Transfer Pricing under UAE Corporate Tax Law? The practice of determining prices for goods, services, or intellectual property that is transferred between two or more related parties, such as a parent company … Read more
Introduction to Section 194G of Income Tax Act, 1961 Section 194G of the Income Tax Act, 1961 deals with the provisions for deduction of tax at source (TDS) on commission, remuneration, or prize by whatever name is called, paid on lottery tickets. Further, it specifies the liability of the person responsible for paying such income … Read more
Introduction to Section 115BB: There are certain casual incomes such as winning from lotteries, horse races, and other games of gambling or betting in nature which are taxed at a certain flat rate. The government wants to discourage the general public from doing those types of activities and that is why it has set a … Read more
Introduction Tax deregistration is the process by which a Taxable Person is deregistered from its registration with the Federal Tax Authority for corporate tax purposes. Further, this is typically done when a business ceases its operations. Then, the Taxable Person is no longer required to be registered for tax purposes. In the UAE, tax deregistration … Read more
This article lists the applicable rates for TDS for the Financial Year 2023-2024. INTRODUCTION: Tax Deducted at Source (TDS) is a system of tax collection that is used in India. Under this system, a person or entity who is making a payment to someone else is required to deduct a certain amount of tax at … Read more
Introduction: Section 269ST of the Income Tax Act, 1961, was introduced with the aim of curbing the use of cash transactions in business dealings. This section prohibits cash transactions above a specified limit, with a view to promoting digital transactions and curbing black money circulation. This article provides an overview of the provisions of Section … Read more
Introduction: Section 168 of the Income Tax Act, 1961 provides for executors and the taxation of income from a deceased person’s estate. Further, the section states that the income of a deceased person’s estate is taxable in the hands of the executor of the estate. Moreover, the executor is required to file a separate Tax … Read more
Introduction Section 194IB of the Income Tax Act, 1961 deals with TDS on payment of rent by individuals or Hindu Undivided Families (HUFs) to a resident. In this article, we will discuss the provisions of Section 194IB in detail and elaborate on the various aspects of this provision. Applicability of Section 194IB: Section 194IB is … Read more