Chapter II(Sections4to9A) of the Income Tax Act 1961 deals with the provisions related to basis of charge. Section 9A of IT Act 1961-2023 provides for certain activities not to constitute business connection in India. Recently, we have discussed in detailsection 9(Income deemed to accrue or...
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...
A director of pvt ltd company holding 33 shares takes loan from his company and returns back the entire amount with 9 interest over a period of time pl advise if this comes under deemed dividend us 2 22 and will that loan amount will be taxed as income i
SECTION 9 IN THE INCOME- TAX ACT, 1995 INCOME DEEMED TO ACCRUE OR ARISE IN INDIA; The following incomes shall be deemed to accrue or arise in India- all income accruing or arising, whether directly or indirectly, through or from any business connection in India, or through or from any pr...
4. In case it has to be mentioned in Schedule OS, what would be the appropriate column and the nature head of the income from Other Sources. Regards, Prem Prakash Antony Lon April 29, 2017 at 3:55 PM Dear Sir I am an NRI staying outside India for more than 183 days. ...
Income emanates from a source. Income is got through receipt or accrual or it is deemed to accrue. Under the Income Tax Act, once the income has come into existence it is liable for tax. Taxable event is the source generating the income. When I earn income, I set apart it for certain...
Persons who purchase properties on the basis of Power of Attorney and under long term leases (12 months & more) are also deemed to be owners. The concept of deemed owner is introduced to prevent misuse like transferring properties in the name of spouse or minor child etc. and for assessment...