Meaning of Place Of Effective Management (i.e. POEM):- Place of effective management (POEM) is a place where : – Key management, and commercial decisions that are necessary for the conduct of the business of an entity as a whole are, in substance made. “Furthermore, the Place of Effective Management is an globally acceptable test. “Moreover, the purpose of this is to … Read more
RNOR-Resident but not Ordinarily Resident : – RNOR stands for Resident but Not Ordinarily Resident(i.e. full form of RNOR). Section 6(6) of the Income Tax Act 1961 deals with the conditions to determine the status of Residence. These conditions are defined as under: – If he/she has been a non-resident in India for nine out … Read more
Section 91 of Income Tax Act with Example Countries With Which No Agreement Exists – Unilateral Agreements – Section 91 of Income Tax Act i. Conditions for claiming relief u/s 91(1) of Income Tax Act : – While India has double taxation avoidance agreement with many countries in the world, there may be certain countries, with … Read more
Non Resident Taxation MCQ International Taxation are covered in this Article. Non Resident Taxation MCQ Test contains 107 questions. Answers to MCQ on Non Resident Taxation are available after clicking on the answer. MCQ on Non Resident Taxation – International Taxation 1. Which of the following is the basis of taxing Cross – Border transactions: … Read more
Meaning of Passive Income In order to ascertain if a company has a Place of Effective Management in India, the Meaning of passive income is an important criterion. A company shall be said to be engaged in ‘Active Business Outside India’ if amongst other conditions, its passive income is 50% (or less) of its total … Read more
Place of Effective Management (POEM) – Meaning When we talk about the meaning of “Place of Effective Management , it is an internationally acceptable test to determine, whether a company incorporated in a foreign jurisdiction, is a tax resident of another country.” Place of effective management means a place where : – Key management, and … Read more
Topics covered under Form 15CB of Income tax act:- When is Form 15CB Required When payment is chargeable to tax Aggregate payment is more than Rs 5 lakhs How to File Form 15CB of Income Tax Act? Filing Form 15CB Online Revision of Form 15CB When is Form 15CB Required Filing (Both condition) When payment … Read more
Form 15CA of Income tax act Reporting under Form 15CA When Form 15CA is Required When to fill Part A of Form 15CA When to fill Part B of Form 15CA When to fill Part C of Form 15CA When to fill Part D of Form 15CA How to file form 15CA How to file … Read more
MISCELLANEOUS PROVISIONS FOR NON-RESIDENTS Under the provision of Section 139, following person are mandatorily required to file return of income : – Company or firm ; or A person other than a company [or a firm], if his total income or the total income of any other person in respect of which he is assessable under … Read more
Section 195 of Income Tax Act – Withholding tax on payment to Non Resident Applicability of withholding tax on payment of interest or any other sum to non-resident – section 195(1) Section 195 of Income Tax Act Any person (whether resident or non-resident), responsible for paying interest (other than interest referred to in Section 194LB/194LC/194LD) … Read more