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Charitable And Private Trusts Overview, Benefits And Income Tax Implications
IntroductionIn today's world, the trusts or institutions are being widely set up for the charitable purposes and imparting education among the poor. But lesser are known the facts about the taxability and registration of the trust or institution. This newsletter is...
Analysis of Section 115BAB – An opportunity or a challenge
IntroductionDuring the month of September 2019, our Finance Minister Mrs N. Sitharaman gifted the Indian Industrial sector a much-awaited tax rate slash making Indian industry more competitive around the world. With the Taxation (Amendment) Ordinance Act 2019 the...
Taxability of Salary Allowances and Deductions
IntroductionAs the new financial year i.e. FY 2020-2021 is going to start, there is in mind of every salaried individual about their tax planning and where to invest to reduce the tax liability efficiently. Most of the taxpayer in India regularly have following most...
Articles
EMPLOYEE STATE INSURANCE CORPORATION
The Employee State Insurance (ESI) is a social security and health insurance scheme for salaried Indian citizens and their dependants in contingencies, such as, sickness, maternity or death and disablement due to an employment injury or occupational disease. It is...
Economic Substance Regulations in the UAE
Background An unfavorable status of the United Arab Emirates (UAE) before the European Union (EU) Pro-active measures to address EU concerns around shifting of profits aimed at the following key factors: No or nominal taxes; Lack of transparency and exchange of...
Guide to Economic Substance in the BVI
OverviewIn the context of business companies, “economic substance” means that companies must have adequate presence and/or carry on economic activities in the jurisdiction in which they are tax resident. Numerous jurisdictions worldwide have now introduced broadly...
Updates
USA relaxes income tax Residency rules for Individuals and Businesses affected by Travel Disruptions arising from Covid-19 Emergency India awaits such tax Residency relaxation
BackgroundThe COVID-19 Emergency has affected the travel plans of various foreign travellers who intended to leave the United States. Regardless of whether they were infected with the COVID-19 virus, individuals have become severely restricted in their movements,...
Summary of key announcements by reserve bank of India 17th April, 2020
RBI has taken following measures to (i) maintain adequate liquidity in the system and its constituents in the face of COVID-19 related dislocations; (ii) facilitate and incentivise bank credit flows; (iii) ease financial stress; and (iv) enable the normal functioning...
PM, FM, RBI, SEBI, Government Announcements & Update Fight Against COVID 19
Sequence of Events Janata Curfew – 14 Hrs – on Sunday 22nd March Monday and Tuesday also most states observed Locked Down or Curfew based on local administration or State Government Orders 21 Day – LockDown from Midnight of 24th March – i.e. from 25th March 2020 to...