TAX RULES ON MONEY RECEIVED AS ANCESTRAL PROPERTY
AAR ruling making office refurbishing costs eligible for tax credit may lead to litigations
21 Aug, 2021, 09.26 AM ISTAs of now, only the cost that contributes towards the output of a company — raw materials, input services, machinery, etc. — are eligible for input tax credit.
All you need to know about transfer of property to NRI children
01 Aug, 2021, 11.26 PM ISTFor starters, any transfer of property to non-resident Indians (NRIs) and persons of Indian origin (PIOs) must comply with the Foreign Exchange Management Act (FEMA). The person bequeathing the property should have also acquired it in compliance with FEMA regulations or any other foreign exchange law in force at the time of acquisition of the property.
A digital money rush is great. A run, not so much
23 Jul, 2021, 09.56 PM ISTBlockchain-based stablecoins such as Tether and the upcoming Diem are the latest form of private money: Tokens that do not offer Bitcoin-type speculative thrills but seek acceptance instead as one-to-one clones of national currencies. They could become a powerful part of the modern digital economy, provided we know how to prevent a run on them.
Pension money to soon be allowed into IPOs, NSE-200 companies, says PFRDA
20 Jul, 2021, 05.09 PM ISTOfficials said this restricts the opportunities for fund managers, who have been able to deliver a compounded annual growth rate of 11.31 per cent on equity investments since the beginning of the new pension scheme. They pointed out Avenue Supermarkets as a case in point, where PFMs were not able to enter due to restrictions.
Tax sword hangs over PE, VC funds after tribunal ruling
10 Jul, 2021, 08.03 AM ISTA week ago, the Customs, Excise & Service Tax Appellate Tribunal, Bengaluru, has ruled that the ‘carried interest’ — or ‘carry’ in trade parlance, which is a fund’s share of profits from managing investors’ money — is a ‘performance fee’ that would attract service tax.
CBDT issues rules for taxing partnership companies in India
03 Jul, 2021, 03.44 PM ISTThe Central Board of Direct Taxes (CBDT) has said that capital assets, money or stock in trade received by a partner in a partnership firm while its dissolution or reconstruction would be considered as a deemed transfer and profits of gains arising from the transfer would be subject to income tax.
What will be the income tax benefit if I have taken two home loans for two seperate properties?
28 Jun, 2021, 11.16 AM ISTIn case you intend to claim both properties as self-occupied, then benefit of interest deduction is restricted to Rs 2 lakh each for co-owners in a financial year.
Deadline to issue Form 16 extended to July 31, more time to save capital gains tax on property
26 Jun, 2021, 01.35 PM ISTForm 16 contains important information required by a salaried employee for filing ITR. The TDS certificate contains all the information related to salary received from an employer, tax deducted on salary and tax exemptions such as House Rent allowance and Leave Travel allowance (LTA) claimed via employer.
Investigation wing of Income Tax calls the shots in black money cases
11 Jun, 2021, 07.16 AM ISTThe unusual move, which has surprised those suspected of having undisclosed foreign assets, is aimed to quicken tax collection and build a stronger case that would stand the scrutiny of appellate bodies when taxpayers challenge the assessment orders.
Companies helping Covid-hit staff in tax conundrum
31 May, 2021, 08.37 AM ISTPaying a lifelong salary to the family member of a deceased employee, meeting the educational expenses of an employee’s children, reimbursing medical expenses not covered by insurance, and bearing the cost of vaccination will attract tax, experts said.
When does EPF become taxable?
28 May, 2021, 10.16 AM ISTThough the biggest USP of the Employees’ Provident Fund is its EEE tax status, however, there are certain instances when EPF can become taxable. Here is a look at instances when you are required to pay tax on EPF.
Key takeaways from newly notified anti-abuse rules for tax valuation of slump sale
27 May, 2021, 03.18 PM ISTThough seemingly well intentioned, the FMV Rules for slump sale had the potential to create enormous uncertainty for taxpayers if they were based on arm’s length basis or Discounted Cash Flow method. Thankfully, whatever be the controversy over the retrospective nature of the amendment, the content of the FMV Rules do not disappoint.
New valuation rules around slump sales could create tax troubles, say experts
26 May, 2021, 08.59 AM ISTThe rules announced recently mention ways in which a seller can sell the assets or companies. The rules prescribe that if a company owns various assets such as shares, land, gold or paintings, those can be valued individually and then sold.
Businesses may have to reassess tax liability, ongoing M&As after slump sale rule change
25 May, 2021, 03.31 PM ISTThe slump sale amendment rules notified on Monday by the Central Board of Direct Taxes provide for taking the higher of the fair value of the business transferred or the fair value of the consideration received as the deemed consideration for computing capital gains on slump sale or exchange, even if the actual consideration received is lower.
Pakistan government to set new rules to meet FATF demands
10 May, 2021, 04.25 PM ISTThe Dawn newspaper reported that the changes being made also include the transfer of investigations and prosecution of anti-money laundering (AML) cases from police, provincial anti-corruption establishments (ACEs) and other similar agencies to specialised agencies.
Income tax rules: Tax on PF interest, reduction in time limit of ITR filing, other changes
01 Apr, 2021, 02.51 PM ISTWith the start of the new financial year on April 1, various tax and money rules come into effect. Here is a look at 11 rules that will impact your money.
Read more: https://mcc.exchange/2021/08/30/tax-rules-on-money-received-as-ancestral-property/
Text source: MCC.EXCHANGE
