Recently, we have discussed in detailsection 9(Income deemed to accrue or arise in India) of IT Act 1961. Today, we learn the provisions of section 9A of Income-tax Act 1961. The amended provision of section 9A is effective for financial year 2022-23 relevant to the assessment year 2023...
The salary of the employee would be deemed to accrue in India on which the employee would be taxed. However, the perquisites and allowances paid to the employee would not be taxed. To claim exemption, the income should be charged under the head ‘Salary Income’ and it should be paid by...
D = any income accrued or arisen to, or received by a specified fund from securities issued by a non-resident (not being a permanent establishment of a non-resident in India) and where such income otherwise does not accrue or arise in India; E = any income accrued or arisen to, or...
Definition: Percentage share of income or consumption is the share that accrues to subgroups of population indicated by deciles or quintiles. Percentage shares by quintile may not sum to 100 because of rounding. Source: World Bank, Development Research Group. Data are based on primary household su...
Definition: Percentage share of income or consumption is the share that accrues to subgroups of population indicated by deciles or quintiles. Source: World Bank, Development Research Group. Data are based on primary household survey data obtained from government statistical agencies and World Bank coun...
(b) accrues or arises or is deemed to accrue or arise to him in India during such year; or (c) accrues or arises to him outside India during such year: Provided that, in the case of a person not ordinarily resident in India within the meaning of sub- section (6) of section 6,...
Another key factor in credit card rewards being taxable is how much money you actually accrue in a year. If you earn $600 or more in rewards, you will receive a 1099-MISC from your credit card company.4But even if you don't receive the form because you earned less than $600 in valu...
This situation persists until now. Even in these days when I work with the client I see that she is not sure whether she is dealing with other comprehensive income or profit or loss. And, how do the changes in equity fit in? What is the difference between other comprehensive income...
For developing countries mired in the “middle income trap”, if they are not able to adapt their models of economic development to changing internal and external conditions, the latent risks existing in the original model will accrue and escalate, eventually leading to economic, political and ...
income accrues to the Corporation and not before that. Since the obligation has to be discharged only after the income has been received by the Corporation, there was no question of any overriding charge so as to result in diversion of any income to the Central Government. The researcher ...