Equalisation levy under section 165 of the Finance Act, 201 is a type of tax similar to tax deducted at source which is deducted while making payment to non-residents for specified services.
Equalisation Levy: Online Advertisement (Section 165 of Finance Act, 2016) Read More »
Section 165 of the Finance Act, 2016 levied a tax called as equalisation levy on payment made for specified services to non-residents having no PE in India.
Equalisation Levy: E-Commerce Operator (Section 165A of Finance Act, 2016) Read More »
Section 94B of the income tax act contains provisions relating to the deduction of interest expenditure incurred by an Indian company or a permanent establishment of a foreign company.
FAQ’s on Section 94B: Thin Capitalisation Rules Read More »
Section 56(2)(x) contains provisions relating to taxability of Money or property received without consideration. It can also be regarded as a section containing provisions relating to taxability of gifts.
Section 56(2)(x): Taxability of Gifts Read More »
Section 40(b) contains provisions relating to the amount of deduction available to the partnership firm out the expenditure relating to payment of Interest and remuneration to partners.
Section 40b: Interest & Remuneration Paid to Partners Read More »
Like discussed in the previous FAQ, sale of land does not attract any GST. Therefore, there is no need to pay GST during purchase of Land.
Implications of GST on Real Estate Sector Read More »
OIDAR stands for Online Information Database Access and Retrieval services. It is a category of services provided through internet, without having any physical interface with the supplier of such services.
Impact of GST on OIDAR Services Read More »
An annual activity certificate (AAC) is a certificate given by a Chartered Accountant to the effect that the activities undertaken by the BO/PO/LO during the year have been specifically permitted by the Reserve Bank vide its approval letter.
Annual compliance mechanism – Branch/Project/Liaison office Read More »
Section 10AA is a deduction under the Income Tax Act, 1961, available to enterprises located in the Special Economic Zone, deriving profits or gains through export of goods/articles/services.
FAQ’s on Section 10AA – Deduction available to units in SEZ Read More »
Cost Records” means books of account relating to utilisation of materials, labour and other items of cost as applicable to the production of goods or provision of services
Applicability of Cost Records and Cost Audit Read More »
