The document discusses provisions related to non-residents under Indian law. It defines a non-resident individual as an Indian citizen who stays abroad for employment, business, vacation or uncertain duration. It also considers persons posted in UN organizations and on foreign assignments as non-residents. Further, it discusses tax rates and exemptions applicable to different types of investment and other income earned by non-residents.
This document discusses taxation provisions for non-resident Indians (NRIs). It defines an NRI as an individual who is a citizen of India or person of Indian origin who is not a resident as per the Income Tax Act. Residential status is important for determining the scope of income taxable and availability of tax concessions. For NRIs, income earned in India from employment, house property, capital gains and other sources is taxable in India. Special provisions provide preferential tax rates for investment income and long-term capital gains from specified foreign exchange assets if reinvested in India. To claim relief under double taxation avoidance agreements, NRIs must obtain a tax residency certificate from their country of residence.
Dr. P. Ravichandran has listed his academic and professional qualifications. He provides information on the different heads of income under the Income Tax Act, including salary, house property, business/profession, capital gains, and other sources. He notes that income is first computed under these heads and then adjustments are made for set-off losses before determining total income. The document then focuses on income from salary, providing details on what constitutes salary and allowable deductions. It discusses various forms of retirement benefits like leave encashment, gratuity, pension, and their tax treatment.
1. The document discusses the taxation of income from salary under the Indian Income Tax Act of 1961.
2. It defines salary broadly to include wages, pension, gratuity, allowances, perquisites, and other payments in lieu of or in addition to salary received from an employer.
3. The key aspects covered are the characteristics of salary income, its computation by adding various salary components and deducting allowances, and the basis of its chargeability for taxation.
The document discusses customs duties in India. It explains that the Customs Act of 1962 and Customs Tariff Act of 1975 govern import/export duties in India. There are several types of customs duties: basic customs duty on all imports as per the tariff schedule; additional countervailing duty equal to excise on similar domestic goods; export duties listed in the tariff act. Other duties include auxiliary duty of 50% of value, education cess of 3% of duties, anti-dumping duties to prevent dumping of foreign goods, and safeguard duties to protect domestic industries. The document also outlines customs procedures for imports and exports.
The document provides an overview of basic concepts related to income tax in India, including definitions of key terms like tax, direct tax, indirect tax, income, assessee, capital/revenue receipts and expenditures. It explains that the Income Tax Act of 1961 governs income tax and its provisions for determining taxable income and tax liability. Income includes various sources like profits, dividends, capital gains, interest etc. Computation of taxable income involves calculating income under different heads, applying deductions and exemptions, and determining the final tax liability.
This document discusses taxation provisions for non-resident Indians (NRIs). It defines an NRI as an individual who is a citizen of India or person of Indian origin who is not a resident as per the Income Tax Act. Residential status is important for determining the scope of income taxable and availability of tax concessions. For NRIs, income earned in India from employment, house property, capital gains and other sources is taxable in India. Special provisions provide preferential tax rates for investment income and long-term capital gains from specified foreign exchange assets if reinvested in India. To claim relief under double taxation avoidance agreements, NRIs must obtain a tax residency certificate from their country of residence.
Dr. P. Ravichandran has listed his academic and professional qualifications. He provides information on the different heads of income under the Income Tax Act, including salary, house property, business/profession, capital gains, and other sources. He notes that income is first computed under these heads and then adjustments are made for set-off losses before determining total income. The document then focuses on income from salary, providing details on what constitutes salary and allowable deductions. It discusses various forms of retirement benefits like leave encashment, gratuity, pension, and their tax treatment.
1. The document discusses the taxation of income from salary under the Indian Income Tax Act of 1961.
2. It defines salary broadly to include wages, pension, gratuity, allowances, perquisites, and other payments in lieu of or in addition to salary received from an employer.
3. The key aspects covered are the characteristics of salary income, its computation by adding various salary components and deducting allowances, and the basis of its chargeability for taxation.
The document discusses customs duties in India. It explains that the Customs Act of 1962 and Customs Tariff Act of 1975 govern import/export duties in India. There are several types of customs duties: basic customs duty on all imports as per the tariff schedule; additional countervailing duty equal to excise on similar domestic goods; export duties listed in the tariff act. Other duties include auxiliary duty of 50% of value, education cess of 3% of duties, anti-dumping duties to prevent dumping of foreign goods, and safeguard duties to protect domestic industries. The document also outlines customs procedures for imports and exports.
The document provides an overview of basic concepts related to income tax in India, including definitions of key terms like tax, direct tax, indirect tax, income, assessee, capital/revenue receipts and expenditures. It explains that the Income Tax Act of 1961 governs income tax and its provisions for determining taxable income and tax liability. Income includes various sources like profits, dividends, capital gains, interest etc. Computation of taxable income involves calculating income under different heads, applying deductions and exemptions, and determining the final tax liability.
This document provides an outline for a presentation on corporate tax planning. It discusses key concepts like the types of taxes, direct vs indirect taxes, common tax saving practices like planning vs avoidance vs evasion. It then covers various methods of corporate tax planning such as planning for employee remuneration, amalgamations, tax deductions, and capital structure considerations. Specific strategies are outlined for bonus shares and managing taxes through business and financial decisions. The document also discusses deductions, different sources of income, and computing income tax under the Indian tax code.
The document discusses customs duty in India. It defines customs duty and explains that duties are levied on imported and exported goods. The levy and rates are governed by the Customs Act of 1962 and Customs Tariff Act of 1975. Customs duty is intended to raise government revenue and protect domestic industries. Under GST, IGST is charged on imported goods based on value slabs. The document outlines various cases for determining the timing of duty based on if goods are cleared for home consumption or warehousing. It also discusses export duty timing and valuation methods for customs including transaction value, identical/similar goods, deductive value, computed value, and residual method.
This document discusses the different types of assessments under the Goods and Services Tax (GST) in India. It defines assessment and describes the key types as self-assessment, provisional assessment, re-assessment, best judgment assessment, and summary assessment. For each type, it provides details on the procedures involved, including applicable forms, timelines for orders, and treatment of interest in case of underpayment or overpayment of taxes. The document summarizes the different assessment scenarios and procedures to help taxpayers and officers understand their obligations and processes under GST.
This document summarizes the different types of income tax assessments in India:
1) Self-assessment where taxpayers determine their own tax liability before filing their return.
2) Summary assessment where the tax authority can make minor adjustments to a return without an order.
3) Scrutiny assessment where the authority scrutinizes returns and may request documents from taxpayers.
4) Best judgement assessment done without taxpayer participation where they failed to file or comply with notices.
5) Reassessment allows reopening past assessments if escapement of income is found within 4-6 years.
Profit & Gains from Business or Profession.RAJESH JAIN
This document provides an overview of income from business and profession under the Indian Income Tax Act. It defines business and profession, outlines the key points and basis of charge for income from business/profession. It also discusses the computation of income, specific deductions allowed, depreciation rules and amounts that are not deductible. The key information includes definitions of business and profession, income includes profits and losses, relevance of accounting method, and that income from illegal businesses is taxable.
This is a presentation made by me to a batch of Indian tax officers at their training academy on 28th May 2012. It is on the head of income called "Income from Other Sources"
This document outlines income tax rates for various types of individuals and entities in India. It provides income tax slabs and rates for:
1) Resident individual/HUF/AOP/BOI between the ages of 60-79 years and 80+ years. Tax rates range from nil for income up to Rs. 30,000-50,000 to 30% for income over Rs. 10,00,000.
2) Firms, LLPs, and local authorities which are all taxed at a flat rate of 30% on total income.
3) Domestic and foreign companies which are taxed at 30% and 40% respectively.
It also defines key tax terms
Losses can be set off against income of the same year or carried forward to future years to offset income. Set off of losses occurs either intra-head, where losses of one source offset income of another source within the same head, or inter-head, where losses offset income across different heads. Strict rules govern which losses can offset which incomes both currently and when carried forward. House property losses can be carried forward 8 years against house property income, while long term capital losses can only offset long term capital gains.
This document discusses different methods for taxpayers to minimize tax liability: tax planning, tax avoidance, and tax evasion. Tax planning involves legally taking advantage of exemptions, deductions, and rebates to reduce taxes. Tax avoidance also reduces taxes legally by exploiting loopholes. Tax evasion illegally underreports income or falsifies information to pay less tax than owed. The document provides examples of actions considered tax planning, such as certain investments, and tax evasion, like falsely claiming donations. Overall it aims to explain legal and illegal options and their objectives in paying the minimum required tax.
This document provides information about income from other sources under the Indian Income Tax Act, including:
- Income from other sources is the residual head of income for any income not covered under other heads.
- Section 56(2) lists specific incomes chargeable under this head, such as dividends, lottery winnings, interest, renting of machinery.
- Other incomes chargeable include various types of interest, director's fees, agricultural income from foreign land, and undisclosed income under sections 68-69C.
The document discusses India's customs laws and procedures. It notes that customs duties were established in 1786 with the creation of a board of revenue in Calcutta. Over time, various acts standardized customs duties and procedures, including the Customs Act of 1962 and Customs Tariff Act of 1975. Customs aims to generate government revenue, protect domestic industries, and prevent smuggling. Goods are subject to customs checks and duty assessments when imported or exported. Drawback allows refunds or rebates of customs duties paid on goods that are later exported.
This document provides an overview of customs valuation and procedures in India. It discusses how the transaction value is the primary basis for valuing imported and exported goods according to Section 14(1) of relevant regulations. It also outlines how tariff values may be set by the Central Board of Excise and Customs (CBEC) for certain goods. The document then reviews exchange rate determination practices and relevant dates for rates/values. Finally, it summarizes import procedures such as filing bills of entry and export procedures like obtaining let export orders and filing shipping bills.
This document discusses customs duty in India. It provides definitions and explanations of key terms related to customs law such as customs duty, customs waters, conveyance, vehicle, and goods. It describes the taxable events for imports and exports and when the duty becomes payable. It also explains provisions for reduction of customs liability in cases of pilferage, damage/deterioration, and loss/destruction/abandonment of goods. The key sources of customs law and their scope of application are also outlined.
This PPT is mainly on the basics of International Taxation which is confusing for many students and many professionals too nowadays. During this evolving world of multinational culture, International Taxation has gained significant importance of which all the professionals should be aware of.
I have tried to compile the concepts of international taxation in this PPT except the concept of Transfer Pricing which in itself is like a whole book.
I have inserted the core concepts which lead to the emergence of International Taxation in India.
This document discusses various concepts related to taxation including tax planning, tax avoidance, tax evasion, and tax management. It provides definitions and examples of each concept. Tax planning is legal and involves arranging finances to maximize tax benefits. Tax avoidance finds loopholes in laws but remains legal. Tax evasion is illegal and involves falsifying records or accounts. The document also discusses factors to consider for tax planning like residential status and provides examples of tax planning decisions around capital structure, leasing vs buying assets, and employee compensation.
The document discusses the residential status and tax liability of individuals and entities in India. It defines the basic conditions to determine if a person is a resident, ordinary resident, or non-resident based on the number of days spent in India. An ordinary resident's total income and tax liability is the highest, including both Indian and foreign income. A non-resident's total income and tax liability is based only on Indian income. The residential status of entities like HUF, companies, firms, and AOP is also determined based on the control and management of their affairs being within or outside of India.
Assessment of firms under Income Tax Act, 1961cacentre
This document provides a quick reference guide on the assessment of firms and LLPs under the Indian Income Tax Act. It covers topics such as the residential status of firms, key features of firm assessment, conditions to be fulfilled under section 184, and the treatment of remuneration and interest paid to partners. The summary discusses that the firm will be taxed separately at a flat rate of 30%, the partner's share of income will be exempt, and remuneration/interest deductions are subject to certain restrictions and authorization in the partnership deed.
This is a presentation covering various sections of the Income Tax Act 1961, pertaining to Non - Residents. The presentation offers varying degree of coverage for the sections covered, and was presented before the Ghatkopar Study Circle of The Institute of Chartered Accountants of India - WIRC.
Presentation on investment and taxation of NRI - Special privileges Sanjay Agrawal
The document discusses various definitions and concepts related to NRIs under FEMA and Income Tax Act including:
- Definitions of NRI, PIO, OCI, PRI, PROI under FEMA and their meanings.
- Legal framework of FEMA governing NRI investments including relevant regulations.
- Definitions of person, resident, non-resident under Income Tax Act and their tax treatment.
- Special privileges and exemptions available to NRIs under the Income Tax Act for various types of incomes like salary, house property, capital gains etc. as well as relief under double taxation avoidance agreements.
This document provides an outline for a presentation on corporate tax planning. It discusses key concepts like the types of taxes, direct vs indirect taxes, common tax saving practices like planning vs avoidance vs evasion. It then covers various methods of corporate tax planning such as planning for employee remuneration, amalgamations, tax deductions, and capital structure considerations. Specific strategies are outlined for bonus shares and managing taxes through business and financial decisions. The document also discusses deductions, different sources of income, and computing income tax under the Indian tax code.
The document discusses customs duty in India. It defines customs duty and explains that duties are levied on imported and exported goods. The levy and rates are governed by the Customs Act of 1962 and Customs Tariff Act of 1975. Customs duty is intended to raise government revenue and protect domestic industries. Under GST, IGST is charged on imported goods based on value slabs. The document outlines various cases for determining the timing of duty based on if goods are cleared for home consumption or warehousing. It also discusses export duty timing and valuation methods for customs including transaction value, identical/similar goods, deductive value, computed value, and residual method.
This document discusses the different types of assessments under the Goods and Services Tax (GST) in India. It defines assessment and describes the key types as self-assessment, provisional assessment, re-assessment, best judgment assessment, and summary assessment. For each type, it provides details on the procedures involved, including applicable forms, timelines for orders, and treatment of interest in case of underpayment or overpayment of taxes. The document summarizes the different assessment scenarios and procedures to help taxpayers and officers understand their obligations and processes under GST.
This document summarizes the different types of income tax assessments in India:
1) Self-assessment where taxpayers determine their own tax liability before filing their return.
2) Summary assessment where the tax authority can make minor adjustments to a return without an order.
3) Scrutiny assessment where the authority scrutinizes returns and may request documents from taxpayers.
4) Best judgement assessment done without taxpayer participation where they failed to file or comply with notices.
5) Reassessment allows reopening past assessments if escapement of income is found within 4-6 years.
Profit & Gains from Business or Profession.RAJESH JAIN
This document provides an overview of income from business and profession under the Indian Income Tax Act. It defines business and profession, outlines the key points and basis of charge for income from business/profession. It also discusses the computation of income, specific deductions allowed, depreciation rules and amounts that are not deductible. The key information includes definitions of business and profession, income includes profits and losses, relevance of accounting method, and that income from illegal businesses is taxable.
This is a presentation made by me to a batch of Indian tax officers at their training academy on 28th May 2012. It is on the head of income called "Income from Other Sources"
This document outlines income tax rates for various types of individuals and entities in India. It provides income tax slabs and rates for:
1) Resident individual/HUF/AOP/BOI between the ages of 60-79 years and 80+ years. Tax rates range from nil for income up to Rs. 30,000-50,000 to 30% for income over Rs. 10,00,000.
2) Firms, LLPs, and local authorities which are all taxed at a flat rate of 30% on total income.
3) Domestic and foreign companies which are taxed at 30% and 40% respectively.
It also defines key tax terms
Losses can be set off against income of the same year or carried forward to future years to offset income. Set off of losses occurs either intra-head, where losses of one source offset income of another source within the same head, or inter-head, where losses offset income across different heads. Strict rules govern which losses can offset which incomes both currently and when carried forward. House property losses can be carried forward 8 years against house property income, while long term capital losses can only offset long term capital gains.
This document discusses different methods for taxpayers to minimize tax liability: tax planning, tax avoidance, and tax evasion. Tax planning involves legally taking advantage of exemptions, deductions, and rebates to reduce taxes. Tax avoidance also reduces taxes legally by exploiting loopholes. Tax evasion illegally underreports income or falsifies information to pay less tax than owed. The document provides examples of actions considered tax planning, such as certain investments, and tax evasion, like falsely claiming donations. Overall it aims to explain legal and illegal options and their objectives in paying the minimum required tax.
This document provides information about income from other sources under the Indian Income Tax Act, including:
- Income from other sources is the residual head of income for any income not covered under other heads.
- Section 56(2) lists specific incomes chargeable under this head, such as dividends, lottery winnings, interest, renting of machinery.
- Other incomes chargeable include various types of interest, director's fees, agricultural income from foreign land, and undisclosed income under sections 68-69C.
The document discusses India's customs laws and procedures. It notes that customs duties were established in 1786 with the creation of a board of revenue in Calcutta. Over time, various acts standardized customs duties and procedures, including the Customs Act of 1962 and Customs Tariff Act of 1975. Customs aims to generate government revenue, protect domestic industries, and prevent smuggling. Goods are subject to customs checks and duty assessments when imported or exported. Drawback allows refunds or rebates of customs duties paid on goods that are later exported.
This document provides an overview of customs valuation and procedures in India. It discusses how the transaction value is the primary basis for valuing imported and exported goods according to Section 14(1) of relevant regulations. It also outlines how tariff values may be set by the Central Board of Excise and Customs (CBEC) for certain goods. The document then reviews exchange rate determination practices and relevant dates for rates/values. Finally, it summarizes import procedures such as filing bills of entry and export procedures like obtaining let export orders and filing shipping bills.
This document discusses customs duty in India. It provides definitions and explanations of key terms related to customs law such as customs duty, customs waters, conveyance, vehicle, and goods. It describes the taxable events for imports and exports and when the duty becomes payable. It also explains provisions for reduction of customs liability in cases of pilferage, damage/deterioration, and loss/destruction/abandonment of goods. The key sources of customs law and their scope of application are also outlined.
This PPT is mainly on the basics of International Taxation which is confusing for many students and many professionals too nowadays. During this evolving world of multinational culture, International Taxation has gained significant importance of which all the professionals should be aware of.
I have tried to compile the concepts of international taxation in this PPT except the concept of Transfer Pricing which in itself is like a whole book.
I have inserted the core concepts which lead to the emergence of International Taxation in India.
This document discusses various concepts related to taxation including tax planning, tax avoidance, tax evasion, and tax management. It provides definitions and examples of each concept. Tax planning is legal and involves arranging finances to maximize tax benefits. Tax avoidance finds loopholes in laws but remains legal. Tax evasion is illegal and involves falsifying records or accounts. The document also discusses factors to consider for tax planning like residential status and provides examples of tax planning decisions around capital structure, leasing vs buying assets, and employee compensation.
The document discusses the residential status and tax liability of individuals and entities in India. It defines the basic conditions to determine if a person is a resident, ordinary resident, or non-resident based on the number of days spent in India. An ordinary resident's total income and tax liability is the highest, including both Indian and foreign income. A non-resident's total income and tax liability is based only on Indian income. The residential status of entities like HUF, companies, firms, and AOP is also determined based on the control and management of their affairs being within or outside of India.
Assessment of firms under Income Tax Act, 1961cacentre
This document provides a quick reference guide on the assessment of firms and LLPs under the Indian Income Tax Act. It covers topics such as the residential status of firms, key features of firm assessment, conditions to be fulfilled under section 184, and the treatment of remuneration and interest paid to partners. The summary discusses that the firm will be taxed separately at a flat rate of 30%, the partner's share of income will be exempt, and remuneration/interest deductions are subject to certain restrictions and authorization in the partnership deed.
This is a presentation covering various sections of the Income Tax Act 1961, pertaining to Non - Residents. The presentation offers varying degree of coverage for the sections covered, and was presented before the Ghatkopar Study Circle of The Institute of Chartered Accountants of India - WIRC.
Presentation on investment and taxation of NRI - Special privileges Sanjay Agrawal
The document discusses various definitions and concepts related to NRIs under FEMA and Income Tax Act including:
- Definitions of NRI, PIO, OCI, PRI, PROI under FEMA and their meanings.
- Legal framework of FEMA governing NRI investments including relevant regulations.
- Definitions of person, resident, non-resident under Income Tax Act and their tax treatment.
- Special privileges and exemptions available to NRIs under the Income Tax Act for various types of incomes like salary, house property, capital gains etc. as well as relief under double taxation avoidance agreements.
This document discusses various aspects of tax residence and source rules under Sri Lankan tax law. It defines tax residence for individuals and companies, and explains that a person's tax residence determines whether their worldwide income or only Sri Lanka-sourced income is taxable. It also discusses common law source rules that determine where different types of income like business profits, interest, royalties arise. It notes that some source rules have been modified by statute. The document provides examples of how these concepts are applied in case law and outlines specific provisions in the Sri Lankan Inland Revenue Act.
PRESENTATION ON INVESTMENT & TAXATION OF NRI – SPECIAL PRIVILEGESSanjay Agrawal
The document discusses various definitions and concepts related to NRIs under FEMA and Income Tax Act. It provides definitions for NRI, PIO, OCI, PRI, PROI under FEMA and Income Tax Act. It discusses the key differences between definitions under both the Acts. It also summarizes the various investment privileges available to NRIs in India such as deposits, shares, bonds, real estate, etc. Finally, it discusses the taxation framework for NRIs covering exemptions, tax rates for different types of income like salary, house property, capital gains, etc. and relief under double taxation avoidance agreements.
This document provides an overview of transfer pricing and the related legal framework in India. It discusses how transfer pricing regulations were introduced to address profit shifting among multinational enterprises. The objectives of the regulations are to compute taxable income based on the arm's length principle outlined in the OECD guidelines. The legal framework draws from Article 9 of the OECD Model Tax Convention and Sections 92-92F of the Indian Income Tax Act. Key concepts covered include associated enterprises, international transactions, appropriate transfer pricing methods, and documentation requirements.
- NRI accounts refer to funds deposited with Indian banks by Non-Resident Indians (NRIs), or Indian citizens primarily residing outside of India.
- NRIs and Persons of Indian Origin (PIOs) can open NRO, NRE, and FCNR accounts with authorized Indian banks without RBI permission.
- The main types of NRI accounts are Non-Resident Ordinary (NRO) accounts for local payments, Non-Resident External (NRE) accounts which allow balances to be freely repatriated abroad, and Foreign Currency Non-Resident (FCNR) accounts which can be held in foreign currency.
1. Transfer pricing regulations are necessary for tax administrations and taxpayers to protect tax bases, eliminate double taxation, and enhance cross-border trade. Under Indian regulations, transfer pricing provisions apply to international transactions between associated enterprises and specified domestic transactions.
2. To determine the arm's length price for related party transactions, taxpayers must analyze transaction features, identify comparable uncontrolled transactions, select the most appropriate transfer pricing method, and apply the method to calculate the arm's length price. Common methods include comparable uncontrolled price method, resale price method, cost plus method, transactional net margin method, and profit split method.
3. Taxpayers must maintain thorough transfer pricing documentation covering functions, assets, risks, comparables analysis
The basics about international treaties designed to prevent fiscal evasion, avoid double taxation and more recently to demonstrate compliance with global standards on transparency and the exchange of confidential taxpayer information. Commonly referred to as 'double taxation agreements' there are over 2,000 of this bilateral agreements in existence. www.franhendy.com ; @franhendy; www.facebook.com/franhendy
This document discusses tax treaties between countries. [1] It provides an example of how a company could face double taxation by selling goods in a foreign country without a tax treaty. [2] Tax treaties aim to avoid double taxation by allocating taxing rights between countries, enhancing trade, preventing tax evasion, and allowing information exchange. [3] The document then discusses key concepts in tax treaties like permanent establishment and residency.
Transfer pricing regulations aim to ensure multinational companies pay appropriate taxes based on real economic activity in each country. When tax rates differ between countries where a multinational operates, there is an incentive to shift profits to low tax jurisdictions. To prevent tax losses, many countries have introduced transfer pricing laws governing prices on cross-border transactions between related entities. The arm's length principle requires related party transactions be priced as if they occurred between unrelated parties. Various transfer pricing methods, like comparable uncontrolled price method and cost plus method, can be used to determine the arm's length price applicable to related party deals.
This document discusses residential status under Indian income tax law. It explains that an individual's tax liability depends on their residential status, which can be resident, non-resident, or ordinarily resident. It also discusses how residential status is determined for individuals, HUFs, firms, companies and other persons. Key factors include number of days present in India and control and management of affairs. The document provides examples to illustrate how residential status is assessed and its implications for taxing different types of income received in or outside of India.
Transfer pricing refers to the prices charged for goods and services transferred between divisions of a multinational company operating across international borders. The objectives of transfer pricing include reducing taxes, managing cash flows, and avoiding conflicts with governments. Common transfer pricing methods are market-based prices, cost-based prices, and negotiated prices. Transfer pricing allows companies to shift profits between countries to minimize taxes but also presents challenges in terms of performance measurement and conflicts with tax authorities.
This presentation gives an overview of taxation of non resident indians and gives a basic understanding of Double Taxation Avoidance Agreements between countries. This is meant only for amateurs in the field of taxation and gives only a very basic and bird's eyeview on the subject.
- Payment of salary to a non-resident director for services rendered outside of India is not considered income that accrues or arises in India, or deemed received in India, and is thus not taxable in India.
- Under FEMA, payment of remuneration to a director would be classified as a current account transaction, allowed without restrictions.
- A company can remit up to $250,000 annually without approval under India's Liberalized Remittance Scheme for current account transactions.
When non-residents are not required to file tax returns for income earned in ...DVSResearchFoundatio
Key Takeaways:
Charging section for taxability of non-residents
Incomes of non-residents for which no returns to be filed
Conditions to be satisfied for non-filing of returns
Representative assessee and its liability
The document summarizes various sections under the Income Tax Act that provide exemptions from taxable income. Some key exemptions mentioned include:
1. Agricultural income derived from land in India is totally exempt.
2. Any sum received by a member from a Hindu Undivided Family out of the family's income is exempt.
3. Casual and non-recurring receipts up to Rs. 5,000 are exempt.
4. Interest income earned by non-residents on certain bonds and securities, as well as interest from non-resident accounts, is exempt.
5. Income earned by non-citizens of India on certain accounts and for certain services is exempt.
This document provides an overview of Sections 1-17 of the Income Tax Act of 1961 as amended by the Finance Act of 2013. It begins with background information on nationality, citizenship and types of persons under the act. It then summarizes key points about determining residential status for individuals, HUFs, firms/AOPs/LLPs and companies. Several sections are summarized including income deemed to accrue in India, special provisions for newly established units in SEZs and meanings of terms like computer programs. Conditions for tax exemption of trusts and institutions are also outlined.
The document discusses the Foreign Exchange Management Act (FEMA) and its regulations regarding the remittance of assets. FEMA was introduced in 2000 to consolidate and amend laws relating to foreign exchange. It aims to facilitate external trade and payments. The Foreign Exchange Management (Remittance of Assets) Regulations, 2016 place various prohibitions and permissions regarding the remittance of assets held in India. These include prohibiting remittance without permission, and permitting remittance in cases such as inheritance, winding up of offices, and payment of taxes in accordance with Indian law.
FEMA became an act on June 1st, 2000 and is applicable to all parts of India as well as branches and agencies outside India owned by Indian residents. FEMA aims to facilitate external trade and payments while preventing misuse and conserving foreign exchange resources. It replaced the more restrictive FERA as a civil rather than criminal law, though special provisions allow for imprisonment for holding large amounts of foreign exchange illegally. RBI administers and implements FEMA and its rules and regulations which are laid before parliament. FEMA governs foreign exchange transactions, foreign direct investment in India, overseas direct investment by Indians, and penalties for non-compliance.
Objectives & Agenda :
The Regulations under FEMA regulate a transaction based on whether the transaction is a 'Capital Account Transaction' or a 'Current Account Transaction'. In this Webinar we shall understand the Definition of the terms 'Capital Account Transactions' and 'Current Account Transactions'. We will also look at various transactions covered and the limits applicable to such transactions.
The document provides information on joint ventures and foreign collaborations in India. It defines a joint venture as an association between two or more business entities who combine resources for common goals. Benefits of joint ventures include spreading costs and risks, improving access to finance, technology, and new markets. Recent examples of joint ventures in India are provided. Major issues in structuring joint ventures like capital structure, governance, intellectual property rights are highlighted. India's liberal foreign direct investment policy allowing up to 100% foreign ownership in most sectors is summarized. The legal and regulatory framework governing joint ventures is outlined.
Objectives
Introduction
What is Remittance???
Who are Non-residents???
Relevant Notifications and Circulars
Which assets can be remitted?
How are assets remitted?
Legal Compliances (In special cases)
The document discusses various methods for funding investments in joint ventures (JVs) and wholly owned subsidiaries (WOS) abroad by Indian companies. It outlines that investments can be funded through foreign exchange reserves, export proceeds, equity swaps, external commercial borrowings, depository receipts, and balances in exchange earners' foreign currency accounts. The capitalization of export proceeds and other dues to invest in overseas JVs/WOS within prescribed timelines is also permitted. Indian companies can invest in overseas equities and rated debt instruments up to a certain percentage of their net worth. The acquisition of a foreign company through a bidding process is also discussed.
The document summarizes FEMA regulations regarding outbound investments from India. It outlines the types of permitted and prohibited investments overseas, the approval routes for direct investments in joint ventures and wholly-owned subsidiaries, limits on such investments, and obligations for investors. Portfolio investments up to certain limits are allowed under general permission for listed companies and individuals. Special provisions exist for investments in agricultural operations and a $25,000 scheme for personal remittances.
This document provides an overview of key Indian income tax rates, rules, and compliance requirements for the assessment years 2022-23 and 2023-24. It summarizes tax rates for individuals, HUFs, companies, cooperative societies, and local authorities. It also outlines rules regarding residential status, scope of total income, advance tax payments, taxes deducted at source (TDS), and presumptive taxation schemes. The document is intended to help taxpayers and tax professionals understand India's personal and corporate income tax system.
PPT on ODI and Compounding_29.06.2019.pdfRajesh Yadav
This document provides information on overseas direct investments (ODI) by Indian parties:
- It outlines the top 10 destination countries for ODI from India over the past 3 years, led by Mauritius and Singapore. Manufacturing is the largest sector for ODI.
- It defines key terms related to ODI such as joint ventures, wholly owned subsidiaries, and real estate business. ODI can be undertaken through the automatic or approval route from RBI.
- Under the automatic route, total financial commitment for a single overseas entity cannot exceed 400% of the Indian party's net worth. Various methods of funding investments like equity, debt, and guarantees are discussed along with related limits.
In recent past, it has been noticed that the people making payment to NRIs who have investments in India are not aware of the compliance requirements relating to such payments. Through this slide-desk, the taxability of foreign payments made to NRI has been captured, especially the machinery provisions of section 195 and consequences of default.
FEMA Regulations for Incorporation of WOS/JV/ Step-down Subsidiary outside IndiaDVSResearchFoundatio
Key Takeaways:
Acquisition of JV/WOS by Indian parties
Approvals required for investment in JV/WOS by Indian parties
Understanding step-down subsidiary
Setting up step-down subsidiary outside India and reporting procedures involved
Non-resident Indians are a section of people whose roots belong to India and who have migrated from India. The Indian Government is aware of the importance of Indian Diaspora in the form of NRIs/PIOs which is spread all across the world and which despite being away from India is making significant contribution to the Indian economy on a global platform and to the economic, financial and social benefits which have been brought to India; therefore, it attempts to provide benefits to them to attract their investments. They are also called for taking part in the economy. The Indian government gives lot of benefits to NRI not only with respect to ease of making investment in India but also in Taxation. The investment from NRIs is easy money available and provides the much needed leverage to the economy. The Indian Diaspora today constitutes an important, and inimitable, part of the Indian economy. The PPT discusses about he various account that can be opened by NRIs in India
বাংলাদেশের অর্থনৈতিক সমীক্ষা ২০২৪ [Bangladesh Economic Review 2024 Bangla.pdf] কম্পিউটার , ট্যাব ও স্মার্ট ফোন ভার্সন সহ সম্পূর্ণ বাংলা ই-বুক বা pdf বই " সুচিপত্র ...বুকমার্ক মেনু 🔖 ও হাইপার লিংক মেনু 📝👆 যুক্ত ..
আমাদের সবার জন্য খুব খুব গুরুত্বপূর্ণ একটি বই ..বিসিএস, ব্যাংক, ইউনিভার্সিটি ভর্তি ও যে কোন প্রতিযোগিতা মূলক পরীক্ষার জন্য এর খুব ইম্পরট্যান্ট একটি বিষয় ...তাছাড়া বাংলাদেশের সাম্প্রতিক যে কোন ডাটা বা তথ্য এই বইতে পাবেন ...
তাই একজন নাগরিক হিসাবে এই তথ্য গুলো আপনার জানা প্রয়োজন ...।
বিসিএস ও ব্যাংক এর লিখিত পরীক্ষা ...+এছাড়া মাধ্যমিক ও উচ্চমাধ্যমিকের স্টুডেন্টদের জন্য অনেক কাজে আসবে ...
Reimagining Your Library Space: How to Increase the Vibes in Your Library No ...Diana Rendina
Librarians are leading the way in creating future-ready citizens – now we need to update our spaces to match. In this session, attendees will get inspiration for transforming their library spaces. You’ll learn how to survey students and patrons, create a focus group, and use design thinking to brainstorm ideas for your space. We’ll discuss budget friendly ways to change your space as well as how to find funding. No matter where you’re at, you’ll find ideas for reimagining your space in this session.
This document provides an overview of wound healing, its functions, stages, mechanisms, factors affecting it, and complications.
A wound is a break in the integrity of the skin or tissues, which may be associated with disruption of the structure and function.
Healing is the body’s response to injury in an attempt to restore normal structure and functions.
Healing can occur in two ways: Regeneration and Repair
There are 4 phases of wound healing: hemostasis, inflammation, proliferation, and remodeling. This document also describes the mechanism of wound healing. Factors that affect healing include infection, uncontrolled diabetes, poor nutrition, age, anemia, the presence of foreign bodies, etc.
Complications of wound healing like infection, hyperpigmentation of scar, contractures, and keloid formation.
How to Fix the Import Error in the Odoo 17Celine George
An import error occurs when a program fails to import a module or library, disrupting its execution. In languages like Python, this issue arises when the specified module cannot be found or accessed, hindering the program's functionality. Resolving import errors is crucial for maintaining smooth software operation and uninterrupted development processes.
A review of the growth of the Israel Genealogy Research Association Database Collection for the last 12 months. Our collection is now passed the 3 million mark and still growing. See which archives have contributed the most. See the different types of records we have, and which years have had records added. You can also see what we have for the future.
Main Java[All of the Base Concepts}.docxadhitya5119
This is part 1 of my Java Learning Journey. This Contains Custom methods, classes, constructors, packages, multithreading , try- catch block, finally block and more.
This presentation was provided by Steph Pollock of The American Psychological Association’s Journals Program, and Damita Snow, of The American Society of Civil Engineers (ASCE), for the initial session of NISO's 2024 Training Series "DEIA in the Scholarly Landscape." Session One: 'Setting Expectations: a DEIA Primer,' was held June 6, 2024.
Chapter wise All Notes of First year Basic Civil Engineering.pptxDenish Jangid
Chapter wise All Notes of First year Basic Civil Engineering
Syllabus
Chapter-1
Introduction to objective, scope and outcome the subject
Chapter 2
Introduction: Scope and Specialization of Civil Engineering, Role of civil Engineer in Society, Impact of infrastructural development on economy of country.
Chapter 3
Surveying: Object Principles & Types of Surveying; Site Plans, Plans & Maps; Scales & Unit of different Measurements.
Linear Measurements: Instruments used. Linear Measurement by Tape, Ranging out Survey Lines and overcoming Obstructions; Measurements on sloping ground; Tape corrections, conventional symbols. Angular Measurements: Instruments used; Introduction to Compass Surveying, Bearings and Longitude & Latitude of a Line, Introduction to total station.
Levelling: Instrument used Object of levelling, Methods of levelling in brief, and Contour maps.
Chapter 4
Buildings: Selection of site for Buildings, Layout of Building Plan, Types of buildings, Plinth area, carpet area, floor space index, Introduction to building byelaws, concept of sun light & ventilation. Components of Buildings & their functions, Basic concept of R.C.C., Introduction to types of foundation
Chapter 5
Transportation: Introduction to Transportation Engineering; Traffic and Road Safety: Types and Characteristics of Various Modes of Transportation; Various Road Traffic Signs, Causes of Accidents and Road Safety Measures.
Chapter 6
Environmental Engineering: Environmental Pollution, Environmental Acts and Regulations, Functional Concepts of Ecology, Basics of Species, Biodiversity, Ecosystem, Hydrological Cycle; Chemical Cycles: Carbon, Nitrogen & Phosphorus; Energy Flow in Ecosystems.
Water Pollution: Water Quality standards, Introduction to Treatment & Disposal of Waste Water. Reuse and Saving of Water, Rain Water Harvesting. Solid Waste Management: Classification of Solid Waste, Collection, Transportation and Disposal of Solid. Recycling of Solid Waste: Energy Recovery, Sanitary Landfill, On-Site Sanitation. Air & Noise Pollution: Primary and Secondary air pollutants, Harmful effects of Air Pollution, Control of Air Pollution. . Noise Pollution Harmful Effects of noise pollution, control of noise pollution, Global warming & Climate Change, Ozone depletion, Greenhouse effect
Text Books:
1. Palancharmy, Basic Civil Engineering, McGraw Hill publishers.
2. Satheesh Gopi, Basic Civil Engineering, Pearson Publishers.
3. Ketki Rangwala Dalal, Essentials of Civil Engineering, Charotar Publishing House.
4. BCP, Surveying volume 1
Walmart Business+ and Spark Good for Nonprofits.pdfTechSoup
"Learn about all the ways Walmart supports nonprofit organizations.
You will hear from Liz Willett, the Head of Nonprofits, and hear about what Walmart is doing to help nonprofits, including Walmart Business and Spark Good. Walmart Business+ is a new offer for nonprofits that offers discounts and also streamlines nonprofits order and expense tracking, saving time and money.
The webinar may also give some examples on how nonprofits can best leverage Walmart Business+.
The event will cover the following::
Walmart Business + (https://business.walmart.com/plus) is a new shopping experience for nonprofits, schools, and local business customers that connects an exclusive online shopping experience to stores. Benefits include free delivery and shipping, a 'Spend Analytics” feature, special discounts, deals and tax-exempt shopping.
Special TechSoup offer for a free 180 days membership, and up to $150 in discounts on eligible orders.
Spark Good (walmart.com/sparkgood) is a charitable platform that enables nonprofits to receive donations directly from customers and associates.
Answers about how you can do more with Walmart!"
2. NRI As Per FEMA :
An Indian Citizen who stays abroad for-
a) Employment/ carrying on business or
b) Vacation outside India or
c) Stays abroad under circumstances indicating an intention for an uncertain
duration of stay abroad, is a Non Resident.
Persons posted in U.N. organization and officials deputed by central and state
government and public sector undertakings on temporary assignments are
also treated as Non Residents.
Non Resident foreign citizens of Indian Origin are also treated at par with Non
Resident Indian Citizens.
3. Person of Indian Origin:
For opening and maintenance of Bank A/c and investment in
shares and securities in India –
A Foreign citizen (other than citizen of Pakistan or Bangladesh) is deemed to
be of Indian Origin, if
i. He, at any time, held an Indian Passport
ii. He or either of his parents or any of his grandparents were citizen of India
by virtue of Constitution of India or Citizenship Act, 1956
iii. A spouse (not being a citizen of Pakistan or Bangladesh) of an Indian
Citizen/ Indian Origin is also treated as a Person of Indian Origin provided
the Bank Accounts are opened or investments in shares and securities in
India are made by such persons jointly with their NRI spouses.
For Investment in Immovable Properties:
A foreign citizen (other than a citizen of
Pakistan, Bangladesh, Afganistan, Bhutan, Sri Lanka or Nepal), is
deemed to be of Indian Origin,
a) He held an Indian Passport at any time, OR
b) He or his father or his paternal grandfather was a citizen of India by
virtue of Indian Constitution or the Citizenship Act, 1955
4. Residential Status under the Income Tax Act:
1. Resident:
• An Individual is resident if any of the following conditions are
satisfied –
i. He stayed in India for 182 days or more during the previous year, or
ii. He stayed in India for 365 days or more during the four preceding
years + stays in India for at least 60* days during the previous year.
* 182 days in case of an Indian Citizen or a person of Indian Origin
coming on a visit to India or an Indian Citizen going abroad for an
employment or a crew member of an Indian Ship.
• HUF, Firm, AOP is resident in India except in cases where whole of
the control & management of its affairs is situated outside India
during the previous year.
5. A company is resident in India if:
it is an Indian Company, or
during the previous year, the control & management is wholly situated
outside India.
2. Non Resident-
Person who is not resident during he previous year is Non Resident.
3. Resident but not Ordinarily Resident-
An individual or an HUF is treated to be Not ordinarily Resident in India in
any previous year if he or the manager of the HUF –
• Has been a Non Resident for 9 out of 10 previous years preceding the
previous year, or
• Has been in India for a period of 729 days or less in seven preceding years.
6. Exempt Income (Section 10)
• Sec. 10(4) : Interest on Bonds or Securities as notified by the Govt. , Premium
on redemption and Interest Income on NRE Account paid or credited.
• Sec. 10(4B) : Interest Income from notified Govt. securities; i.e. NSC (VI/VII
issue) purchased in foreign exchange before 1-6-2002, by a NR who is an
Indian Citizen or a PIO.
• Sec. 10(15)(i) : Income by way of Interest, premium on redemption or other
payment on securities, bonds, annuity certificates, savings certificates, other
certificates issued by Govt. and deposits notified by Govt.
• Sec. 10(15)(iid) : Interest on notified bonds, purchased in foreign currency on
non repatriable basis by Non Resident Indian.
* However Interest on premature encashment is taxable in the year of
encashment.
Sec. 10(15)(iv)(fa) : Interest on FCNR and RFC deposits paid by a scheduled
bank to NR or NOR.
7. Sec. 10(34) : Income by way of dividend from domestic company.
Sec. 10(35) : Income from units of mutual funds specified u/s 10(23D) or units from
administrator of UTI or units of UTI.
Sec. 10(36) : Income from transfer of *Long term capital asset.
* Conditions :
Purchase and sale through a recognized stock exchange or issued through public
issue by company.
Purchased on or after 1st March, 2003 and before 1st March, 2004.
Forming part of BSE - 500 as on 1st March, 2003
Held for a period of 12 months,
is exempt. Further CBDT has issued a circular clarifying that the shares allotted under
the divestment process by GOI shall qualify for this section and hence can be
claimed as exempt.
• Sec. 10(38) : Income by way of Long Term Capital Gain.
* On sale of securities affected on a recognized stock exchange, which are chargeable
to STT are exempt.
8. Business Income of Non-Resident
Sec. 44B : Profits from Shipping Business-
7.5% of the aggregate of the amount paid or payable on a/c of carriage of
passengers, live stock, mail, or goods shipped at any port in India and amount
recd. and deemed to be recd. In India for carriage of such goods etc. from any
port outside India.
Sec. 44BB : Income from business of exploration etc. of mineral oil-
NR engaged in the business of providing services and facilities in connection
with, or supplying plant & machinery on hire, used or to be used in prospecting
for, or extraction or production of, mineral oils, the profits & gains shall be
computed @ 10% of the amount paid or payable for such purpose.
*Accounts to be maintained u/s 44AA & Audit u/s required to be conducted if
profits claimed below above limit.
Sec. 44 BBA : Operation of Aircraft-
5% of the aggregate of the amount paid or payable for carriage of passengers..
etc.
9. Sec. 44BBB : Foreign Companies engaged in the business of civil construction-
Foreign Company engaged in the business of civil construction or the business of
erection of plant & machinery or testing or commissioning thereof in respect of
a turnkey power project approved by CG, shall be computed @ 10% of the
amount paid or payable.
* Accounts to be maintained u/s 44AA & Audit u/s required to be conducted if
profits claimed below above limit.
Sec. 44C : Deduction of head office expenses-
In case of NR, allowance for expenditure of head office shall be restricted to
actual attributable expenditure in India or 5% of the adjusted total Income
whichever is less.
Sec. 44DA : Royalty or fees for Technical Services recd. from Govt. or Indian
concern by a Non-Resident(not being a company) or a foreign company in
pursuance of an agreement entered into after 31-3-2003-
Where royalty or fees for technical services paid is effectively connected with PE
in India or a fixed place of profession in India, then it shall be computed under
the head PGBP.
10. However no deduction shall be allowed :
In respect of expenditure not incurred wholly & exclusively for the
business of such PE or fixed place of profession in India, or
In respect of any amount paid to head office or its other except
reimbursement of actual expenses.
*it shall have to maintain BOA u/s 44AA and gets accounts
audited u/s 44AB.
11. Tax rates for Investment Income/Royalty Income of different
Non-Resident Entities-
Section Particulars of Income Tax Rates/
TDS
Sec.
115(1)(a)(i)
i. Income by way of Dividend,
ii. Interest recd. From Govt. or any other Indian
Concern for money borrowed in foreign currency, &
iii. Income on units of mutual fund u/s 10(23D) or of
UTI purchased in foreign currency.
20%
Sec.
115(1)(a)(iia)
Interest from Infrastructure debt funds notified u/s
10(47)
5%
Sec. 115AB Income from units of mutual funds specified u/s
10(23D)/UTI purchased in foreign exchange by
Overseas Financial Organization registered with SEBI
or LTCG arising on sale/repurchase of these units.
10%
Sec. 115AC(1) i. Interest on notified bonds of Indian Companies or
bonds of public sector company, purchased in
foreign currency.
10%
12. ii. Dividend on Global Depository Receipts(GDRs)
iii. LTCG on transfer of such bonds & GDRs
10%
Sec. 115AD Income of Foreign Institutional Investor (FII):
1) Income in respect of securities(other than units
referred in 115AB)
2) Short Term Capital Gains
3) Long Term Capital Gains
20%
30%/15%*
10%/NIL**
Sec. 115A(1)(b) Income by way of Royalty or fees for Technical services
received [other than 44DA(1)] by non resident(not a
co.) or foreign company from govt. or Indian concern
under agreements entered after 31st May 1976 and
where it is entered into with Indian concern, it is
approved by Govt. or it relates to matter included in
Industrial Policy-
For royalty/FFTS payment under agreement entered
on or before 31st May 1997
For agreements after 31st May 1997 but before 1st June
2005
For agreements after 1st June 2005
30%
20%
10%
*Where STT has been paid tax would be charged 15%
**Where STT has been paid, LTCG would be exempt.
13. Important Points to Remember
In case where the GTI consists of only income referred above, no
deduction shall be allowed under chapter VIA or under section 28
to 44C and 57 in computing taxable income u/s
115A, 115AB, 115AC, 115AD.
Further no return is required to be furnished u/s 139(1) where
total income of the assessee includes only the income covered u/s
115A(1)(a) and the TDS under the provisions of chapter XVII B has
been deducted there from.
14. Special Provisions regarding NRI – Chapter XIIA
Chapter XIIA covers taxability of any income earned by a Non Resident
Indian(NRI) from foreign exchange asset. However, a NRI may elect not to be
governed by the provisions of this chapter and to be assessed under the
normal prov. of the Act. By giving a declaration along with the Return of
Income. Accordingly the chapter will not apply to him for that assessment
year.
Definitions :
NRI- an Individual being a citizen of India or a PIO, who is not a Resident.
PIO- a person is deemed to be of Indian Origin if he or either of his parents or
any of his grandparents were born in Undivided India.
Investment Income- Income earned from “foreign exchange asset” acquired by
NRI out of foreign currency.
15. Foreign Exchange Assets - includes any of the following:
Shares in an Indian Company
Debentures issued by an Indian Company, which is not a private company
Deposits with an Indian Company, not being a private company.
Any security of the Central Govt.(NSC VIII issue etc.)
Any other asset notified by Central Govt.
Taxability of Investment Income is as follows-
Income from Investment or Income from long term capital gains from assets
other than Specified Assets - 20%
Income by way of Long Term Capital Gains - 10%
No deduction permissible under chapter VI A
No deduction of any expenditure in computing Investment Income
No Indexation Benefit
* It is not necessary to file ROI where the TI includes only above two types of
Income whereon tax has been duly deducted. However where NRI has other
income, he is required to file ROI as per normal prov. of the Act.
16. Exemption from Long Term Capital Gains Tax u/s 115F –
Capital Gains arising on transfer of foreign exchange asset shall be exempt in
case the ;
NET CONSIDERATION is reinvested.
Within a period of 6 months
In any other specified asset (as mentioned above) or in specified saving
certificate.
However where the new asset is transferred or converted to money within a
period of three years from the date of its acquisition, the capital gains claimed
exempt u/s 115F shall be taxable under the head „Capital Gains‟ along with the
gains arising on the transfer of the new asset.
Applicability of Chapter XII A after becoming resident :
NRI can continue to be assessed under chapter XII A with respect to income from
specified assets. He may furnish a declaration along with his return of Income
filed u/s 139 to AO that prov. of this chapter may continue to apply to him
with respect to such investment income. Thus he shall be so assessed till
conversion of such asset into money or other asset.