What is Global Minimum Tax? Many countries have lowered their tax rates to attract foreign investments, leading to an outflow of funds and businesses from countries with proper tax structures. This has created a disadvantage for nations that charge appropriate taxes on income. To address this issue, the OECD Inclusive Framework on BEPS introduced the … Read more
International Taxation Course – CA Arinjay Jain – Recorded International Tax Course is available on scheduled manner. Our course is one of the limited international taxation courses online, that deals with interpretation of tax Treaties, Global Minimum Tax, BEPS and other matters. International Taxation Courses (Recording in July 2022) – Interpretation of Tax Treaties (DTAA) … Read more
Introduction When an Indian customer makes payment to a Non-resident, say a company from USA, they are under an obligation to deduct appropriate tax from such payments. In order to assess the tax rate, that can vary from 0 – 35%, they are required to assess if the recipient is eligible for Tax Treaty benefit. … Read more
Overview UAE has an extensive network of taxation treaties which has grown over the years. In the UAE, there are no personal tax laws at the moment. Though, the recently implemented UAE Corporate Tax Law has significant impact on companies conducted business and commercial activities in the UAE. The domestic taxation system provides for measures … Read more
Introduction: Regulations under the Liberalized Remittance Scheme (LRS) allow Indian citizens to remit funds abroad for various purposes, such as education, travel, medical treatment, etc. The Reserve Bank of India (RBI) has recently introduced new rules for LRS which have become a cause of concern among wealthy Indians who have been parking their funds abroad. … Read more
Introduction Section 271DA of the Income Tax Act is a provision that was introduced with effect in 2017 by the Government of India to promote digital transactions and curb the circulation of black money. This section lays down the provisions for imposing a penalty on any person who receives a sum of INR 2 lakh … Read more
1. Introduction Businesses run by families are a prevalent norm in the country. For the continuous longevity of the family business, it is often fruitful to do succession planning, to avoid disputes and conflicts amongst various family members. Consequently, an effective succession planning process ensures that the allocation of assets and properties is in consonance … Read more
Introduction The Industrial Policy of 1991 introduced the scheme of LPG, i.e. Liberalisation, Privatisation, and Globalisation. Since then, India has grown manifold in terms of overseas Investment. Furthermore, it has diversified its financial reach in terms of both geography and industrial makeup. According to the Ministry of Economic Affairs, Government of India, the market for … Read more
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
OBJECTIVE OF INTRODUCTION OF SECTION 94A OF INCOME TAX ACT The main objective of Section 94A of the Income Tax Act, 1961 is to discourage assessees from entering into transactions with persons located in countries or territories which do not exchange tax information with India. NOTIFIED JURISDICTIONAL AREA – SECTION 94A The Central Government may … Read more