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 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 – 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
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
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
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
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
Income deemed to accrue or arise in India – Section 9 of Income Tax Act Activities confined to display of rough diamonds in SNZS [Explanation 1(e) to Section 9(1)(I) of Income Tax Act] Where a foreign company is engaged in the business of mining of diamonds, no income shall be deemed to accrue or arise … Read more
Bird’s Eye view of Section 9 of Income Tax Act dealing with ‘Income deemed to accrue or arise India’ Concept of taxation Non-Resident Taxation Provision of Income Tax Act, 1961 Section 9 Provision deals with Income deemed to accrue or arise in India Income Deemed to Accrue or Arise in India – Section 9 of … Read more
Bird’s Eye view of the ‘Income deemed to be received in India’ Concept of taxation Non-Resident Taxation Provision of Income Tax Act, 1961 Section 7 Provision deals with Income deemed to be received in India Income Deemed to be received in India – Section 7 of Income Tax Act 1961 Income deemed to be received … Read more