Deduction of the Corporate Tax Rate Under the Income Tax Act

Deduction of the Corporate Tax Rate Under the Income Tax Act

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Introduction The Finance Minister in his budget speech of 2015 mentioned that the basic rate of Corporate Tax in India is 30%, which is higher comparatively with other Asian economies. Whereas, the effective rate of tax in India is close to 23% due to higher exemptions given to the companies. Thus, this leads India to […]

Company Restructuring Considering the Tax Aspect of India - Singapore DTAA

Company Restructuring Considering the Tax Aspect of India – Singapore DTAA

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It is rightly said that MNC’s start their International structuring for having international synergies but end it when it comes to the tax perspective. Companies minimise their tax liabilities by shifting international profits to subsidiaries in the low or zero tax regime, and simultaneously shifting high expenses to highly taxed countries. Multinational companies structure their […]

Swachh Bharat Cess on Service Tax

Swachh Bharat Cess (SBC) – Increased Burden of Service Tax

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What is Swachh Bharat Cess (SBC)? The Swachh Bharat Mission (SBM) was initiated and officially launched by the government of India on 2nd Oct, 2014 by the Hon’ble Prime Minister with an aim to accomplish the vision of ‘Clean India’. The campaign covers approximately 4,041 statutory cities and towns to clean the roads, streets, localities […]

Various Ammendments and Updates of DVAT 2004

Various Amendments and Updates of DVAT 2004

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Amendment in Delhi Value Added Tax Act, 2004 1 Extension in date of effect of Form T-2: Now, Form T-2 shall be applicable from 01/02/2013. Source for pt. 1: Notification No.F.7(433)/Policy-II/VAT/2012/1079-1090-03/01/2013  2.1 Day to issue Central Declaration Forms & Certificates:– The Department of Trade & Taxes shall issue Central Declaration Forms or Certificates to the dealers […]

Section 269SS & 269T of Income Tax Act

Section 269SS & 269T – A Small Anti Black Money Step by Government

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The Finance Act, 2015 amended Section 269SS and Section 269T to include transactions in immovable property in order to curb black money circulation. However, the term “Immovable property” has not been defined in the amendment for the purpose of the Income Tax Act. The meaning assigned to the term “immovable property” in section 269UA(d) is […]