Section 44BBA of Income tax act

Section 44BBA of Income tax act

Special Provision for Computing Profits and Gains of the Business of Operation of Aircraft in the case of Non – Residents – Section 44BBA of Income Tax Act Section Section 44BBA of Income tax act Particulars Income of a non-resident engaged in the business of operation of aircraft shall be computed on presumptive basis. Rate … Read more

Section 44BB of Income Tax Act

Section 44BB of Income Tax Act

Section 44BB of Income Tax Act 1961 – Profits and Gains in connection with the Business of Exploration etc. of Mineral Oils. Section Section 44BB of Income Tax Act Particulars Income of a non-resident engaged in the business of providing services for extraction or production of, mineral oils shall be computed on presumptive basis. Rate … Read more

Section 172 of Income Tax Act

Section 172 of Income Tax Act

Section 172 of Income Tax Act 1961 – Assessment and Collection of Tax of Non Resident Engaged in Shipping Business. Applicability – Section 172 of Income tax Act 1961 The provisions of Section 172, apply for the purpose of levy , and recovery of tax in case of shipping business of non-residents, provided the following … Read more

Section 44B of Income Tax Act – Shipping Business of Non Residents

Section 44B of Income Tax Act - Shipping Business of Non Residents

Section 44B of Income Tax Act 1961 – Shipping Business of Non Residents Section Section 44B of Income Tax Act 1961 Particulars Income from shipping business on presumptive basis Rate of presumptive income/deduction 7.5% Type of business Non-resident engaged in shipping business Who can opt for presumptive tax provisions ? Any non-resident engaged in business … Read more

Presumptive Taxation for Non residents

Presumptive Taxation for Non residents

Presumptive Taxation for Non residents – Introduction In certain cases, it is difficult for the non-resident to maintain India specific books of accounts, which could be due to the  nature of the business or other factors. Preparing a statement of taxable income , for complying with the tax laws of India, would require preparation of … Read more

Section 10 of Income Tax Act – Exempt Income of Non Residents

Section 10 of Income Tax Act - Exempt Income of Non Residents

EXEMPT INCOME OF NON-RESIDENTS – The tax exemptions available to various incomes of a non-resident under Section 10 of the Income Tax Act are discussed as under : – INTEREST INCOME FROM NOTIFIED SECURITIES AND BONDS – SECTION 10(4)(i) OF INCOME TAX ACT Any income by way of interest on specified securities and bonds, payable … Read more

Fee for Technical Services

Section 9(1)(vii) of Income Tax Act - Fee for Technical Services

Bird’s Eye view of the ‘Fee for technical services’ Concept of taxation Non-Resident Taxation Provision of Income Tax Act, 1961 Section 9(1)(vii) Provision deals with Fee for technical services Fee for Technical Services – Section 9(1)(vii) of Income Tax Act 1961 – Summary of Key Provisions and Taxability FTS payable to the non- resident , … Read more

Section 9(1)(vi) of Income Tax Act – Deemed to accrue or arise of Royalty Income

Section 9(1)(vi) of Income Tax Act - Deemed to accrue or arise of Royalty Income

Bird’s Eye view of the ‘Deemed to Accrue or Arise of Royalty Income’ Concept of taxation Non-Resident Taxation Provision of Income Tax Act, 1961 Section 9(1)(vi) Provision deals with Deemed to accrue or arise of royalty income DEEMED ACCRUAL/ARISING OF ROYALTY INCOME  – SECTION 9(1)(vi) OF INCOME TAX ACT Royalty payable to the non- resident … Read more

Section 9(1)(v) of Income Tax Act – Deemed Interest Income

Deemed Interest Income - Section 9(1)(v) of Income Tax Act

Bird’s Eye view of the ‘Deemed interest income’ Concept of taxation Non-Resident Taxation Provision of Income Tax Act, 1961 Section 9(1)(v) Provision deals with Interest payable deemed to accrue or arise in India Deemed Interest Income – Section 9(1)(v) of Income Tax Act Interest payable to the non- resident , could be from the following … Read more