Introduction Section 272BB of the Income Tax Act, 1961 is a provision that deals with the penalty for failure to comply with the requirements of obtaining a Tax Deduction and Collection Account Number (TAN). The Income Tax Department issues these unique identification numbers to tax deductors/collectors. These numbers are mandatory for filing Income Tax returns, … Read more
Introduction to Participation Exemption The UAE has introduced a new corporate tax regime that applies to corporations and businesses operating in the country. This article will explain the main aspects of the Participation Exemption and its implications for taxpayers. We will discuss the ownership interests, aggregation of ownership interests, transfer of ownership interests, treatment of … Read more
The update regarding UAE Corporate Tax’s Transitional Rules lists the various adjustments that need to be made to the Taxable Income of a Taxable Person with regard to losses or gains incurred on various assets and liabilities. One must be aware of these adjustments while preparing the financial statements for the relevant Tax Period as … Read more