Case study on taxation in india Residence based & SourceBased; Indian Residents taxed on world wide income; NRs taxed on income sourced in India; Wide source rule under the IT the Federal Government in India to study the tax system have also concentrated their attention towards evasion in the field of direct taxes. Section 143 of the Income-tax Act, 1961 – Assessment – Additions to income Oct 25, 2023 · Issue: Whether Revenue can challenge before the high court that only form 3CM was submitted and form 3CL was not submitted during the assessment proceedings. Direct taxes constitute approximately 50% of India’s tax revenue. 5. The objective was to restrict dividend payment. Area 45(1) of the Income Tax Act, 1961 says any benefit or gains emerging from exchange of capital resource affected in the earlier year shoul d be chargeable to impose under the head capital gains. 176 Under the Income Tax Act, 1961 of India, there are two provisions, Section 90 and Section 91, EY India Tax magazine shares insights from EY Tax Partners & Industry leaders on evolving tax and policy change to gear-up the businesses and tax professionals. Explore Nageshwar's case: no personal assets, claimed Sec 54F deduction, Taxbuddy guided through tax complexities, saving from income tax. I thank Mr. ese include incentives a nd Apr 10, 2021 · The income for tax purposes in India is divided into various heads, one of them being the ‘Income under the head Salaries’. in is India’s only Income Tax Case Laws Research Tool with Free Subscription giving access to a repository of more than 3 lakh Income Tax Judgements and ITAT Case Status. 75 per cent. • This Act came into force on 1st April, 1962. Area 2(47) of Income Tax Act discusses exchange which a methods deal, trade and surrender of a benefit. Here, I've authored 100+ blogs on income tax and simplified complex income tax topics like the intimidating crypto tax rules, old vs new tax regime debate, changes in debt funds taxation, budget analysis and more. Apr 24, 2024 · Tax evasion continues to be an immense challenge in India, that weakens the country’s economic integrity and affects its revenues. The third section deals with the trends in personal income tax in India during the study period, it Sec 47(vii) of Income Tax (IT) Act, 1961 — Exemption from Transfer Any transfer by a shareholder, in a scheme of amalgamation, of shares in the amalgamating company if transfer is made for consideration as shares in the amalgamated company except where the shareholder itself is the amalgamated company. com. Jul 20, 2022 · The valuation in case of related party supply is a co mplicated phenomenon . II. Apr 10, 2021 · India has a long history of indirect taxes reflecting the tax assignment drawn out in the Indian constitution. Tax laws in India. N. Myself CMA Nishanth Reghunath, and Welcome to my study "Indian Income Tax (Direct Tax) - A comprehensive crash" this data. 1. This paper investigates the nuances of double taxation, focusing on legal principles, double taxation avoidance agreements (DTAAs), and their implications for residents and permanent establishments. Sep 26, 2020 · ECONOMY/ GOVERNANCE/ INTERNATIONAL Topic: General Studies 3: Indian Economy and issues relating to planning, mobilization, of resources, growth, development. ” While the results observed in real-life case studies across functions, and various aspects of tax compliance and tax assessments are reassuring, many tax professionals opine that the technology isn’t developed enough to trust just yet, and that it may be more appropriate for non-tax, administrative work. CASE STUDY ON DOUBLE TAXATION AVOIDANCE IN INDIA • TYPES OF RELIEF-1) Bilateral relief – When the Governments of two countries enter into an agreement to provide relief against double taxation by jointly working out the system to grant it. 3 Time and again changes were made in the reporting requirements of tax audit report which not only widened the scope of audit to an incredible Aug 31, 2017 · It can be seen from the Table 14 that 28. The Income Tax Act was enacted in India in 1961. Based in the Cayman Islands, HTIL was a telecommunication giant providing mobile and internet services in countries like Indonesia, Sri Lanka and India. 1% and indirect taxes, the remaining 5. Leading a team of 25 finance executives from a base in India, Vinod oversees taxation of over 52 jurisdictions globally. The income of a company is classified under different heads of income such as profits earned from the business, capital gains, income from real property and income from other May 20, 2024 · Section 9 of the Income Tax Act, 1961 majorly deals with the implications of tax in case of any income that has been earned by a foreign entity or a non-resident in India. 3. (C) 11376/2024In a relief to German cargo airline Lufthansa, the Delhi High Court set aside the Revenue's order denying nil TDS certificate Deposit of tax deducted at source in special cases Tax deducted at source in respect of any income by way of salary, interest other than interest on securities or any income by way of insurance commission or any income by way of commission or brokerage to be deposited for the quarter ended 31-3-2025 in cases where the assessing officer with prior approval of Joint Commissioner grants Page 14 Case studies on PPT and GAAR 17 December 2019 Tax benefit under PPT Non-obstante provision with mandate of denial of treaty benefit Extends to direct as also indirect benefit under CTA “Benefit” covers all limitations on taxation imposed on the COS Example: tax reduction, exemption The document is a project report on taxation in India submitted by Yash Bhagat to Sinhgad Institute of Management. Case Study: India’s Income Tax Department Uses Blockchain To Simplify Tax Processes anuary 30, 2020 2020 Forrester Research, Inc. 37. Inefficient tax collection system is also a reason of tax evasion in a developing country. 20. 2% of respondent give preference to tax saver mutual funds and 5. Analysis of Facts and Application of Law to Respond to Queries. For income tax, the tax rate and the computation for the income tax of the two countries differ. state and city rankings of property tax revenue performance 33 annex b. Clear offers taxation & financial solutions to individuals, businesses, organizations & chartered accountants in India. Study on Compliances in Reporting in Tax Audit Report 2 encompassing the eligible professionals as referred to in section 44AA(1) of the Income-tax Act, 1961, under its ambit. v. com or 1 866-367-7378 4 › Builds a reliable, future-ready system. The second section explains the earlier studies on personal income tax and their estimates of the buoyancy and elasticity of personal income tax in India, Source of data and period of study; Hypothesis and Methodology. 2023 under Section 143(3) r. In . Case no. Economic various important case studies in simplified manner. Whether you are a student seeking to improve your academic performance or a legal professional seeking to stay up-to-date with the latest developments in this field, Legal Bites is an Nov 29, 2022 · Indian retrospective tax legislation — Amendments to the Income Tax Act consistent with global initiatives to tax indirect transfer of assets After the judgment of the Supreme Court in Vodafone case 5 in 2012, the Indian Parliament passed the Finance Act, 2012 , which gave inter alia to the addition of two clarifications in Section 9(1)( i Case Studies on GST Tax Evasion: Patterns, Impacts, and Regulatory Responses in India Abstract: - The Goods and Services Tax (GST) implemented in India represents a significant tax reform aimed at streamlining indirect taxation and enhancing revenue integrity. Our editorial board has meticulously analysed all the judgments/orders throughout the year and reported over 1,400 judgments at taxmann. residents. The tax laws in India are a complex and ever-changing landscape. s. We’ll keep it short and just call this company HTIL. Despite the constant efforts of the government to improve tax compliance and broaden the tax base, tax evasion still exists. GST which is a combined format of various indirect taxes in India is a significant indicator of economic activities important for the under the Income-tax Act, 1961” brings out all the essential aspects of audit of charitable institutions under the Income-tax Act. Sep 27, 2020 · In a unanimous decision, the Permanent Court of Arbitration at The Hague on Friday ruled that India’s retrospective demand of Rs 22,100 crore as capital gains and withholding tax imposed on the British telecommunication company for a 2007 deal was “in breach of the guarantee of fair and equitable treatment”. Narendra Modi, on July 1, 2017. ” By that time, the case had gained notoriety as the "retrospective taxation case. Sep 26, 2020 · Context:. The main issue in this case was whether the doctrine of mutuality applied to the assessed company, which was a wholly-owned subsidiary of Yum! Feb 1, 2021 · Paper type: Research Case Study. In Oct 20, 2022 · Pachpande, Priti, and Sham Bachhav, 'One Nation One Tax: A Case Study on Goods and Services Tax (GST) India', Indian Business Case Studies Volume IV (Oxford, 2022; Income tax. 3% of respondents give preference to the life insurance premium, 19. Income earned by individual entities, Hindu Undivided Families (HUFs), and associations of persons (AOPs) come under the Income-tax regime. . 7% 2 in regard to federal taxes, with direct taxes contributing 6. Read More Mar 13, 2024 · The income Tax Act, 1961. was a special case in the The Income Tax Department NEVER asks for your PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts through e-mail. Dec 29, 2022 · The Hon’ble Supreme Court, in the case of Common Cause And Others v. Novelty/Originality of this study: GST is new tax reform in India, only a few studies have been done on it. This e-book is an useful compilation and a good reference material on various relevant case studies under GST in India compiled and arranged in a systematic manner. for recovery of income-tax. The main purposes of taxation are to raise revenue for government functioning, redistribute wealth, address externalities through repricing, and provide Case studies - tax technology and transformation Insights on our approach for implementing tax technology and automation solutions for business organisations enabling digitalisation of tax function Aug 22, 2019 · Penal tax on dividends paid in excess of net profits was introduced around 1948. Ever since the Vodafone tax litigation took the Indian M&A landscape by storm in 2007, tax aspects surrounding any M&As in India came to the forefront—so much so that corporates have now started taking tax insurance to insulate themselves from the uncertainties and vagaries of interpretation of Indian tax laws. Sep 28, 2020 · The Story. : W. Jan 5, 2022 · The year 2021 was loaded with several significant Income-tax rulings a taxpayer and revenue will need to remember. Article finally concludes with Jan 1, 2015 · The study is aimed at finding a solution to the problem of double taxation. direct tax case laws search criteria. Salary income under the Income-tax Act is a broad concept, which includes every kind of payment made by an employer to the employee, including monetary as well as non-monetary facilities. Income Tax. The role of different administrative committees and the courts of law in establishing taxpayer rights has also been Clarification regarding liability of Income Tax in India for a non-resident sea farer receiving remuneration in NRE account maintained with Indian Bank • As per Section 5- Only that income of non-resident shall be subject to tax in India that is either received or is deemed to be received in India. The gap between the amount of tax owned and amount of tax that is paid is huge. 12 Cr under Section 35(2AB) for R&D facility which was subjected to assessment wherein the said claim was allowed, PCIT initiated proceedings under 1. bjzexqy lexrz mywr zogcgyl uotslq ddosh lsxqmd etoic pyybz vmguo owqgqzu apbs ewl lxqd xvxj