Introduction Section 194LC of the Income Tax Act, 1961 is a provision that was introduced by the Finance Act, 2012. Its purpose is to promote foreign investment in India by providing favorable tax treatment on interest income earned by non-resident investors on their investments in Indian companies. In this article, we will explore the eligibility … Read more
Introduction The Ministerial Decision provides direction for the application of transfer within the same Qualifying Group under the UAE Corporate Tax Law. In this regard, the policies and processes for transfers within a Qualifying Group are described. What is an Ownership Interest for Transfer within the same Qualifying Group? Taxable Person holding any one … Read more
Introduction UAE MOF has come up with an update helping in framing guidelines for Business Restructuring as per Article 27 of the UAE Corporate Tax Law. What is Transfer in Exchange for Shares and Other Forms of Consideration? A transfer takes place when the market value received in addition to the shares or interest does … Read more
Introduction The taxpayer can claim the TDS credit while filing the income tax return. However, if the taxpayer fails to deduct the TDS or deducts but does not deposit it with the government, interest is levied on the amount of TDS that was not deducted or deposited. In this article, we will discuss everything you … Read more
Introduction: Incorporating a company in the United Arab Emirates (UAE) involves several steps and considerations. The UAE is known for its business-friendly environment, tax benefits, and strategic location, attracting many entrepreneurs and investors. Steps for Incorporating a Company in UAE: Determine the type of company: The UAE offers various types of business entities, including mainland … Read more
Introduction: Singapore, often referred to as the “Lion City,” offers numerous advantages that make it an attractive destination for businesses. Renowned for its strong economy, political stability, and pro-business environment, Singapore provides a strategic gateway to the thriving markets of Asia and beyond. It is also the preferred seat of arbitration by global leaders. This … Read more
Introduction Section 194LBC provides for the Tax Deducted at Source (TDS) concerning investment in the securitization trust. The article tends to provide a holistic approach and the applicable TDS rate for this provision as per the Income Tax Act, 1961. What is Section 194LBC of the Income Tax Act, 1961? Any person required … Read more
Introduction: Tax Filing Deadlines for Assessment Year 2023-2024: Income tax is a compulsory tax imposed on individuals and businesses by the government. It is used to fund government programs and provide services to the public. The amount of income tax that an individual or business pays is based on their income. Incomes are always taxed … Read more
Introduction: Interest on Refund is paid when the taxpayer overpays their tax or any other amount which he is not required to be paid under the provisions of the law. It was introduced to encourage the taxpayer to pay their tax on time and to discourage the department from doing their sluggish work of repayment … Read more
Introduction The Cabinet Decision has clarified what will constitute as Qualifying Income and it provided other important guidelines that are specifically designed for the Qualifying Free Zone Person. Scope of Application This decision will apply to Qualifying Free Zone Persons. What is a Qualifying Income? Qualifying Income of the Qualifying Free Zone Person … Read more