Introduction UAE MOF has come up with a decision specifying the activities that are to be considered as Qualifying Activities for the purposes of Qualifying Free Zone Persons. Further, it specifies the de minimis limit for the non-Qualifying Revenue along with Excluded Activities and additional conditions for Qualifying Free Zone Persons. What are the Qualifying … Read more
Introduction There is a significant development in the realm of taxation in relation to unincorporated partnerships, foreign partnerships, and family foundations. In this article, we will delve into the key aspects of the Ministerial decision and explore its implications. Unincorporated Partnerships not to be considered as a Taxable Person in its Own Right Article 2 … Read more
Introduction Private Pension and Social Security Funds play a crucial role in ensuring financial security for individuals and their families. The Ministerial Decision outlines the requirements and conditions for these funds to enjoy certain exemptions from Corporate Tax. By understanding the provisions and implications of this decision, individuals and organizations can make informed decisions regarding … Read more
Introduction Section 151A is an important provision of the Income Tax Act, 1961, which provides for faceless assessment proceedings. With the rise of digital technologies and the need for streamlining the assessment process, the government of India has introduced this provision. The section empowers the Central Board of Direct Taxes (CBDT) to issue notification for … Read more
Background and Synopsis The UAE Corporate Tax Law is a significant development in the taxation system. It was implemented to establish a comprehensive framework for corporate taxation, ensuring fairness, transparency, and compliance in the business sector. The law aims to promote economic stability and align the UAE with international taxation standards. Under the UAE Corporate … Read more
Introduction A Non-Resident is one who has a Permanent Establishment in the UAE or derives UAE-sourced income or has a nexus in the UAE as per the Cabinet under the UAE Corporate Tax Law. In furtherance of that, the Cabinet has issued a decision regarding what will constitute as nexus with the UAE under the … Read more
Introduction The TDS/TCS return, which is the statement of tax deducted or collected at source, must be submitted within the deadlines specified. In case of failure to do so, a penalty is imposed under Section 271H, and the Assessing Officer may order to pay a fine in accordance with 271H. Penalty for Failure under … Read more
Introduction Section194LA of the Income Tax Act,1961 is a provision that deals with the deduction of tax at source (TDS) on payment of compensation for the acquisition of particular immovable property. The section aims to ensure that taxes are collected at the source on any compensation paid for the acquisition of immovable property, which is … Read more
Introduction Section 271DA of the Income Tax Act is a provision that was introduced with effect in 2017 by the Government of India to promote digital transactions and curb the circulation of black money. This section lays down the provisions for imposing a penalty on any person who receives a sum of INR 2 lakh … Read more
Introduction Section 194D of the Income Tax Act, of 1961 is a provision that deals with the deduction of tax at source (TDS) on insurance commission payments. In this article, we will take a closer look at the provision and understand the implication for taxpayers. Applicability of Section 194D The provision of Section 194D applies … Read more