DEFINITION OF UNDISCLOSED ASSET LOCATED OUTSIDE INDIA – SECTION 2(11) An assessee who is holding any ‘undisclosed asset located outside India’ [hereinafter referred to as undisclosed foreign asset] may be liable to pay tax on the value of such asset. [Discussed in detailed at Para 7, Para 9 of this chapter]. Thus, it is important … Read more
Applicability of Black Money Act to Persons Resident in India The provisions of the Black Money Act may be applicable to the following : – Individuals / HUF , who are resident and ordinarily resident in India , if they are holding any undisclosed foreign asset outside India or have earned any undisclosed foreign income. … Read more
The provisions of Black Money Act shall be applicable only when the person, who has undisclosed foreign income or undisclosed foreign asset is covered within the definition of assessee. The term “assesse” means a person, who is a resident and ordinarily resident in India, within the meaning of Section 6(6) of the Income-Tax Act, who … Read more
Basis of Charge – Section 3 – Black money act The assesse shall be liable to pay income-tax at the rate of 30% in respect of any undisclosed foreign income and /or undisclosed foreign asset of the previous year. Unlike the Income-Tax Act, the term ‘assessee’ for the purpose of the Black Money Act covers … Read more
In the recent past, all of you must have heard of Black Money discussions in the media and press, and how , many wealthy people evade payment of taxes and keep them overseas. Before we get into the provision of law, the first question which arises is, what is Black Money ? Black money is … Read more
Introduction of New Chapter of Equalization Levy Considering the potential of new digital economy, and the rapidly evolving nature of business operations, it is essential that countries take necessary steps to address the challenges which arise relating to taxation of digital transactions. In order to address these challenges, a new Chapter titled “Equalization Levy” was … Read more
Issues in E-commerce Transactions Determination of Economic Attachment Taxation rules are based on either place of attachment (in case of individuals) or economic attachment. In order to identify economic attachment , the location where the transaction has taken place should be clearly determined. In traditional commercial transaction, the place of the transaction could be easily … Read more
What is an E commerce Transaction? E-commerce transactions are transactions of buying or selling online, which are made through the use of computers / mobiles/ other telecommunications devices and equipments. It also involves conducting any transaction , which involves transfer of ownership or rights to use goods or services through a computer-mediated network Various authorities … Read more
Module 6 – Taxation of E-commerce Transactions, CA Final International Taxation Elective Paper 6C WHAT IS AN E-COMMERCE TRANSACTION ? E-commerce transactions are transactions of buying or selling online, which are made through the use of computers / mobiles/ other telecommunications devices and equipments.It also involves conducting any transaction , which involves transfer of ownership … Read more
Controlled Foreign Corporation (CFC), as the name suggests, is a foreign corporation, which is incorporated in a low tax jurisdiction and are controlled by a person (individual, company or together by both of them) who is a tax resident of a higher tax rate jurisdiction. CFC Regulations typically provides for taxation of certain income (generally … Read more