Case study on taxation in india. Feb 1, 2021 · Paper type: Research Case Study.

Case study on taxation in india Vodafone case. We provide a complete corporate taxation pdf. In annex a. These issues have been evident in past attempts to introduce such taxes, including the abolition of estate duty in 1985 and wealth tax in 2015. Dec 29, 2022 · The Hon’ble Supreme Court, in the case of Common Cause And Others v. We are given the following facts: An LLP – “Know How LLP”, registered in the UK, sets up a Joint venture company in India – JV Co Pvt Ltd. 04. Jun 11, 2021 · Urban Property Tax: Potential in India, National Institute of Public Finance and Policy In this research Tirana was taken as a case study in order to analyze the implementation of this tax and case study | onesource indirect tax MNC captive centre in India automates 400+ tax returns globally and saves $127K per annum The requirement of this US multinational company with a global turnover of almost $4 billion, was to adopt technology that would create a seamless filing process for its captive centre in India that supports all the Mar 20, 2025 · 1. Income tax. • This Act came into force on 1st April, 1962. India’s significantly lower tax-to-GDP ratio. morality were the primary causes of Tax Evasi on in India. In his 2006 budget speech, the Indian finance minister announced his Apr 1, 2023 · The series covers all important topics and case studies related to taxation law, making it a valuable resource for those looking to deepen their knowledge. The main issue in this case was whether the doctrine of mutuality applied to the assessed company, which was a wholly-owned subsidiary of Yum! Jul 20, 2022 · The valuation in case of related party supply is a co mplicated phenomenon . Sep 26, 2020 · Context:. Jan 1, 2015 · The study is aimed at finding a solution to the problem of double taxation. Tax Evasion Methods and Cases of Income tax; and • understand the provisions of Income tax on the basis of the judgement given on such cases by the Supreme Court. Indirect taxes are additional within t he case of semi -luxury and luxury things, that are largely consumed by the higher middle class and also the upper class. F Co. com or 1 866-367-7378 4 › Builds a reliable, future-ready system. A discussion on measuring tax progressivity is con? Hypothesis for the said study made on the basis of objective which are:- decrease in B2B case. Myself CMA Nishanth Reghunath, and Welcome to my study "Indian Income Tax (Direct Tax) - A comprehensive crash" With the increasing digitalisation of tax administration in India as well as the need for corporates to be able to govern their tax function more efficiently as well as minimise risk, enablement of technology within the tax function has become a matter of urgency. 21/2025 F. Case Studies. till 2019and The Vodafone case, involving the indirect sale of shares of an Indian company by upper tier non-Indian corporations, focused attention on the extraterritorial reach of India's taxing power. even though purchase was made from the overseas income. 3) To find out the impact of tax evasion in India To meet the above objectives of the study, the required data have been collected from secondary sources, such as Internet, websites, professional magazines, referred journals, newspapers and conference books Mar 5, 2023 · Practical Case Study for a Regular Professional. Sep 27, 2020 · In a unanimous decision, the Permanent Court of Arbitration at The Hague on Friday ruled that India’s retrospective demand of Rs 22,100 crore as capital gains and withholding tax imposed on the British telecommunication company for a 2007 deal was “in breach of the guarantee of fair and equitable treatment”. Citationsforrester. India witnessed the launch of its biggest tax reform since Independence, the Goods and Services Tax (GST) characterized as 'The Good and Simple Tax' by the Prime Minister Mr. PDF - 2. ” Income tax. Vodafone specifically appealed to the Bombay High Court regarding the jurisdiction of the tax authorities in this case, and the court ruled that the Indian tax authorities are responsible for this case. Show abstract. A study on Reverse Merger in India: Tax Implications www. In . Scenario 1 computes the tax liability in both the regimes, at the break-even point of available deductions. In relation to any assessee to whom the said agreement applies, the provisions of the Income-tax Act shall apply to the extent they are more beneficial to that assessee. There is a paucity of case studies investigating the effects that becoming a tax haven has had on domestic political economies. 2002. No. The introduction of the Goods and Services Tax (GST) in India in 2017 was a transformative event that sought to unify the country's complex indirect tax structure. ‍ Efiling Income Tax Returns(ITR) is made easy with Clear platform. e. Corporate tax planning is a critical component for businesses operating in India, aiming to minimize tax liabilities while adhering to legal frameworks. 2% of respondent give preference to tax saver mutual funds and 5. e, it is levied directly from the taxpayer on his ‘income’. Apr 10, 2021 · Download Citation | Indirect Taxation Prior to GST: India Case Study | Reflecting the constitution’s tax assignment, India’s indirect tax history began with state-level sales taxes on goods May 1, 2023 · 2. Practical Application of the Principles through a Case Study 2. Wherein you will be learning Direct tax in the shortest time possible, with excellent clarity in all the concepts. Download case study. 8% of respondent give Sep 1, 2015 · Even though India's tax system has undergone numerous changes, it is still far from ideal. Land Use Policy, Volume 119, 2022, Article 106164 A Croatian case study. The plan of the study is as follows. With the use of 14 Indian ITATorders. Tax evasion is act of evading taxes illegally and refusing to pay taxes. It was an additional levy of income tax Excess = equity dividends + preference dividends (-) current profits (-) deductions/ exemptions (-) income tax and super tax paid by the company Penal tax was abolished in 1956. Jul 1, 2017 · Theme: Goods & Services Tax Launch Date: July 1, 2017 Duration: Ongoing Location: Pan-India Stakeholders: Government of India, State Governments, Industry, Consumers OVERVIEW. Pte Ltd is engaged in operation of ships in international water; It received freight in respect of a Vessel which sailed from Indian port; Freight money was remitted to F’s UK Account where treasury operations are centralized; F Co holds TRC issued by the Singapore Tax Authorities The document provides details about a project report submitted by Komal Dnyandeo Nanware on income tax planning with respect to individual assessees. Apr 11, 2024 · Case Studies: Successful GST Implementation in Indian Companies . +91-20-25437744 info@levare. Direct tax is the tax which is paid directly by the public to the government. Income from cloud hosting and its ancillary services neither royalty nor FTS: ITAT. In a unanimous decision, the Permanent Court of Arbitration at The Hague has ruled that: India’s retrospective demand of Rs 22,100 crore as capital gains and withholding tax imposed on Vodafone for a 2007 deal was “in breach of the guarantee of fair and equitable treatment”. Introduction Background Tax evasion and avoidance represent significant challenges to revenue collection and fiscal stability in India. While the transition to the new tax regime posed significant challenges for many businesses, some Indian companies were able to navigate the c Apr 10, 2021 · India has a long history of indirect taxes reflecting the tax assignment drawn out in the Indian constitution. state and city rankings of property tax revenue performance 33 annex b. We shall briefly refer to this as the Act. The tax laws in India are a complex and ever-changing landscape. types of urban local bodies in india 37 annex c. Nov 29, 2022 · Indian retrospective tax legislation — Amendments to the Income Tax Act consistent with global initiatives to tax indirect transfer of assets After the judgment of the Supreme Court in Vodafone case 5 in 2012, the Indian Parliament passed the Finance Act, 2012 , which gave inter alia to the addition of two clarifications in Section 9(1)( i legal battle between the Indian Income Tax Department on the one side and Vodafone on the other for the astronomical figure in question: Rs. . after more than six year income tax issued notice assuming difference amount as income from other source and ordered to pay income tax with interest and penalty. 8MB. 5+ Million happy customers, 20000+ CAs & tax experts & 10000+ businesses across India. iosrjournals. As per Mar 4, 2024 · including legal texts, tax treaties, case law, scholarly articles, and reports from international organizations. Dec 28, 2024 · Citizens are required to pay income tax if their income exceeds a specified threshold. The case (No 838/DEL/2021) involved Olympus Medical Systems India, a subsidiary of medical equipment supplier Olympus. In India, tax evasion methods vary from straightforward concealment of income to more complex, fraudulent schemes. 12, 000 Crores which raised the eyebrows of many business and legal circles in India. the head capital gains. The tax implications of foreign income in India depends on the taxpayer’s residential status as defined under Section 6 of the Income Tax Act, 1961. The allegations pertain to manipulation in the import classification of car parts by the group’s Indian subsidiary, Skoda Auto Volkswagen Aug 31, 2017 · It can be seen from the Table 14 that 28. The objective was to restrict dividend payment. Government policies and interventions for development in various sectors and issues arising out of their design and implementation. China, and Lessons for Other Developing Countries Download; XML; Tax Policy in Argentina:: Between Solvency and Emergency Download; XML; Tax System Reform in India Download; XML; History of Russian VAT Download; XML; Tax Reform in Kenya:: Policy and The second section explains the earlier studies on personal income tax and their estimates of the buoyancy and elasticity of personal income tax in India, Source of data and period of study; Hypothesis and Methodology. six good practice case studies 41 annex d. As such, the marginal rate of tax (income tax plus surcharge) in such cases was 97. Section 80-IA of the Income-tax Act, 1961 – Deductions – Profits and gains from infrastructure undertaking III. 717 cr. g. Just upload your form 16, claim your deductions and Jul 3, 2018 · Trust & Taxation: Onshore & Offshore Connecting factors and events for taxation (Domestic & International) Taxation of Onshore & Offshore Trust Taxation of Trust under ITA, 1961 Case Study –Onshore Trust Case Study –Offshore Trust under various scenarios Anti avoidance provisions Trust & Treaty Conclusion - Issues Oct 20, 2022 · Pachpande, Priti, and Sham Bachhav, 'One Nation One Tax: A Case Study on Goods and Services Tax (GST) India', Indian Business Case Studies Volume IV (Oxford, 2022; Dec 15, 2021 · Analysis of tax reforms among salaried assessees: A case study of Tamil Nadu. Primary sources include the Income Tax Act of 1961 and double taxation avoidance agreements signed by India with other countries, which serve as the legal foundation for international taxation in India. , 2013;Cebula & Nair-Reichert, 2018;Mishra et al. co. Income tax is a form of direct tax, i. The third section deals with the trends in personal income tax in India during the study period, it EY India Tax magazine shares insights from EY Tax Partners & Industry leaders on evolving tax and policy change to gear-up the businesses and tax professionals. In this study a case for progressive GST (Goods and Services Tax) has been made Income-tax act of India 1. The Income Tax Act of 1961 provides guidelines for the collection and computation of income tax. , 2020;Riegel May 6, 2015 · Event Date Subject Topic Contributor/Speaker Icon 19th April, 2023 Webinar on Recent Amendment to the International Taxation Recent Amendment to the International Taxation CA Bhaumik Goda Download 8th June, 2022 International Taxation Study Circle Meeting Recent International Tax Case Laws Adv. Case Details: Racksapce US Union of India Vodafone case (‘ ’) . 2 Indirect tax is the tax which is paid indirectly by people to the This series of tax and development case studies in selected countries demonstrates how governments in developing countries are addressing tax avoidance and evasion, assisted by the tools and capacity building services which the OECD and the Global Forum on Transparency and Exchange of Information for Tax Purposes carry out with the crucial support of their donors and partner organisations. Unauthorized copying or distributing is a violation of copyright law. (in a way, earlier CBDT circular of 1967 Dec 24, 2024 · There are historical and current challenges in implementing wealth and inheritance taxes in India, such as tax evasion, high administrative costs, and the risk of capital flight. Mar 20, 2021 · Discretion by the Income Tax Officer: As stated earlier, the tax assessment was completed in the year 1961. Facts: Assessee filed return of income of Rs. Studies also suggest Tax structure based on selective wealth tax will have the effect of making the system more consumption taxes, taxes on personal income and property equitable (Passant, 2017). The study has been updated till 31st August, 2019. Jun 11, 2021 · Urban Property Tax: Potential in India, National Institute of Public Finance and Policy In this research Tirana was taken as a case study in order to analyze the implementation of this tax and Mar 20, 2025 · 1. General Framework of Direct Taxation in India Different direct tax laws and their inter-relationship; importance of Income Tax Act and Annual Finance Act and related Constitutional provisions; harmonisation of tax regime. Income Tax. Sukhsagar Syal Download 18th April, 2022 International Taxation Study Circle Meeting Taxation of Sep 1, 2015 · Even though India's tax system has undergone numerous changes, it is still far from ideal. among totally different sections of the society. The following case studies are given : 1. Need of the study: Given that small enterprises in India frequently lack the means to manage complicated regulations, the study is essential to understanding how changes Tax Evasion in India Tax evasion is an illegal practice involving the deliberate act of non-compliance with tax laws, resulting in the underpayment or non-payment of taxes owed. Feb 1, 2021 · Paper type: Research Case Study. 6%. common exemptions provided in property taxation in india 50 3 days ago · Notification No. 4. ” An aspiring CA and a passionate content writer having 4+ years of hands-on experience in deciphering jargon in Indian GST, Income Tax, off late also into the much larger Indian finance ecosystem, I love curating content in various forms to the interest of tax professionals, and enterprises, both big and small. In addition, 15 per cent surcharge on income tax was also to be paid. income which is received or deemed to be received in India and income which Jan 10, 2023 · Transfer pricing methods in India. 5% (plus surcharge & education cess) of the adjusted total income if the Committee on International Taxation The Institute of Chartered Accountants of India: INTT Assessment Test - Model Case Studies: Model Case Study - Paper 1 - Transfer Pricing; Model Case Study - Paper 2 - International Taxation May 5, 2022 · Our understanding of the domestic consequences of tax haven strategies remains a significant blind spot within international political economy and development studies. Nov 1, 2021 · Property taxation in India: The case of Brazilian Rural Land Tax. The main purposes of taxation are to raise revenue for government functioning, redistribute wealth, address externalities through repricing, and provide Apr 24, 2024 · Tax evasion continues to be an immense challenge in India, that weakens the country’s economic integrity and affects its revenues. The Income Tax Act, 1961, which came into force on 1st 1) To Study the concept of tax evasion 2) To find out the extent of income tax evasion. Mar 21, 2021 · Download Corporate Taxation Notes, PDF, Books, Syllabus for MBA 2021. (~20% rise) without increase in tax system. 176 Under the Income Tax Act, 1961 of India, there are two provisions, Section 90 and Section 91, Dec 20, 2014 · Goods and Services Tax (GST): India Case Study 24 24. May 9, 2020 · The present study examines the long-run and short-run relationship between tax structure and state-level growth performance in India for the period 1991–2016. Apr 10, 2021 · The income for tax purposes in India is divided into various heads, one of them being the ‘Income under the head Salaries’. Mar 8, 2018 · Overview of Income-tax in India • The levy of income-tax in India is governed by the Income-tax Act, 1961. 19. 70 Cr and claimed deduction of Rs. powers to levy profession taxes, entry tax or octroi, electricity duty, and taxes on the sale of newspapers2 as well as to collect stamp duty. Every person, whose taxable income for the assessment year exceeds the minimum taxable limit, is liable to pay the income tax at rates in force during the current financial year. It includes an acknowledgment, declaration, index and introduction section. To provide readers a deeper knowledge of how various business kinds are impacted, you might also think about incorporating case studies of small firms. com. " Case studies - tax technology and transformation Insights on our approach for implementing tax technology and automation solutions for business organisations enabling digitalisation of tax function The document is a project report on taxation in India submitted by Yash Bhagat to Sinhgad Institute of Management. 2. 1 Case Study Facts I. Page 14 Case studies on PPT and GAAR 17 December 2019 Tax benefit under PPT Non-obstante provision with mandate of denial of treaty benefit Extends to direct as also indirect benefit under CTA “Benefit” covers all limitations on taxation imposed on the COS Example: tax reduction, exemption By putting out a finance act change that would grant the “Income Tax Department the authority to retroactively tax such transactions. GST replaced multiple cascading taxes levied by the central and state governments, aiming to create a unified national market, simplify tax administration, and increase compliance. Novelty/Originality of this study: GST is new tax reform in India, only a few studies have been done on it. 175 India has comprehensive Double Taxation Avoidance Agreements with 79 countries. Section 9(1)(i) also states that in case the operations of a business are not present in India or only a part of their business is being done in India then only a small part Jul 23, 2023 · can you send 2 cases verdict where government circle rate and purchase rate was different . Direct tax and Indirect tax. 1961 as Get more updates on the latest tax cases and gain valuable insights to optimize your tax strategy in India. GST which is a combined format of various indirect taxes in India is a significant indicator of economic activities important for the Mar 31, 2023 · Case Study 3: Article 24 of India-Singapore Tax Treaty. The analysis is performed with an interpretive method known as SAP–LAP (situation, actor, process and learning, action, performance) framework developed by Sushil (). THE VODAFONE CASE STUDY International Journal of Pure and Applied Mathematics Special Issue 4677 Jan 31, 2010 · In the case of the personal income tax, t he Ad- visory Group on T ax Policy a nd T ax Ad ministr ation lists the incentives in pages of its report (India, a: – ). The act was approved by the Parliament that phase, Vodafone was now responsible for paying the taxes. Understand legal precedents and navigate tax law confidently. 12 Cr under Section 35(2AB) for R&D facility which was subjected to assessment wherein the said claim was allowed, PCIT initiated proceedings under Sep 26, 2020 · ECONOMY/ GOVERNANCE/ INTERNATIONAL Topic: General Studies 3: Indian Economy and issues relating to planning, mobilization, of resources, growth, development. Economic various important case studies in simplified manner. Take notes as you read a judgment using our Virtual Legal Assistant and get email alerts whenever a new judgment matches your query (Query Alert Service). June 2021; Design Engineering 2021(06):1512-1536 India Tax Shield (G), The current form of Income Tax in India was adopted in 1963. It includes an introduction to taxation in India, outlining that taxes are levied by central and state governments. for exchange of information for the prevention of evasion or avoidance of income-tax ; c. 1996 to 17. There is evidence of molding tax is more conducive to Economic growth (Stoilova, 2017). 20. Income tax regulations usually change annually, and new May 20, 2024 · Section 9 of the Income Tax Act, 1961 majorly deals with the implications of tax in case of any income that has been earned by a foreign entity or a non-resident in India. recommended a seamless tax on goods and services (GST) with parallel channels for the centre and states. 3% of respondents give preference to the life insurance premium, 19. • These undergo change every year with additions and deletions brought about by the The Income Tax Department NEVER asks for your PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts through e-mail. Even though the act was considered basic, it played a pivotal role in laying out the foundation of the taxation system in the country. There wasn’t any case of much gravity before Vodafone pertaining to Tax dispute in India. Article finally concludes with Case Studies on GST Tax Evasion: Patterns, Impacts, and Regulatory Responses in India Abstract: - The Goods and Services Tax (GST) implemented in India represents a significant tax reform aimed at streamlining indirect taxation and enhancing revenue integrity. FY 2019-20. residents. The theoretical background section discusses the objectives of income taxes, basic principles of income taxes and an extract from the Income Tax Act of 1961 related to Jun 22, 2018 · This search was concluded on August 21, 2002. 596 cr. Secondary sources This constant agony faced by students, is the reason I made this ultimate bootcamp for learning Direct tax. R. 37. Direct taxes constitute approximately 50% of India’s tax revenue. On the same day, a survey under section 133A of the Income Tax Act, 1961, was also conducted on the premises of M/s. Whether you are a student seeking to improve your academic performance or a legal professional seeking to stay up-to-date with the latest developments in this field, Legal Bites is an The Tax Department states that the CGP share transfer transaction triggers the transfer or transfer of indirect assets in India. Earlier studies of tax progressivity are reviewed in this Section. Vodafone case, it was unani-mously held that the Indian income tax authorities cannot, under section 9 of the Indian Income Tax Act, 1961 impose income tax on indirect transfers of capital assets situated in India . • The Act contains 298 sections and XIV schedules. Aug 22, 2019 · Penal tax on dividends paid in excess of net profits was introduced around 1948. 2 Convergence requires aligning national standards with IFRS over many years rather than a one-time wholesale switch to IFRS. Leading a team of 25 finance executives from a base in India, Vinod oversees taxation of over 52 jurisdictions globally. The various relevant case studies are enlisted quite carefully with an objective to achieve An understanding of the Income-tax Law requires a study of: (1) Income Tax Act, 1961; (2) Income Tax Rules, 1962; (3) Circulars, Classifications issued from time to time by CBDT; (4) Judicial decisions. to Rs. The gap between the amount of tax owned and amount of tax that is paid is huge. The tax evasion is usually triggered due to: complicated regulations, administrative inefficiencies, and lack of strict enforcement. View. Land Use Policy Dec 3, 2024 · Indian authorities have issued a tax notice to German automaker Volkswagen Group, accusing it of evading $1. The then finance minister mentioned the Dec 2, 2024 · Yum! Restaurants (Marketing) Pvt. Conclusion Finally, our findings shed light on the Goods and Services Tax (GST) implementation in India. In cooperation. (iii) Domestic Legal System on Taxation (e. concerned was an N. Originally, it comprised sales taxes on commodities (goods) and a handful of listed services at the level of the states—with each state having its own regime—and excises at the manufacturing level at the level of the central government called Union, or central, excises. This paper investigates the nuances of double taxation, focusing on legal principles, double taxation avoidance agreements (DTAAs), and their implications for residents and permanent establishments. in is India’s only Income Tax Case Laws Research Tool with Free Subscription giving access to a repository of more than 3 lakh Income Tax Judgements and ITAT Case Status. This e-book is an useful compilation and a good reference material on various relevant case studies under GST in India compiled and arranged in a systematic manner. Salary income under the Income-tax Act is a broad concept, which includes every kind of payment made by an employer to the employee, including monetary as well as non-monetary facilities. Oct 25, 2023 · Issue: Whether Revenue can challenge before the high court that only form 3CM was submitted and form 3CL was not submitted during the assessment proceedings. Evidence was found during the search that the assessee had indulged in an understatement of his real income relating to the block period from 01. this data. Direct Taxes. 20. The government relies on tax revenues to fund essential public services, infrastructure Sep 10, 2022 · In India, capital gains tax is levied [Show full abstract] Article analyses the present position of laws through case study on Tax liability on Slump Sale. Pre-GST Reforms - Scope and Limitations In the decades since Independence, indirect taxes in India had witnessed progressive reforms (especially after the launch of Sep 21, 2023 · b. Ltd. The analysis in this paper is based on the model of Acosta-Ormaechea and Yoo (2012), and for the verification of the relationship between taxation and economic growth the panel regression method is used. INTRODUCTION Background The Central Board of Excise and Customs (CBEC), Department of Revenue, Ministry of Finance, Government of India is the nodal agency of the Government of India in control of administering and overseeing the functions of officers of Indian Customs and collecting Generally, tax is divided into two types i. 7% 2 in regard to federal taxes, with direct taxes contributing 6. The assessee has filed the present appeal against the impugned order dated 29/02/2024, passed under section 263 of the Income Tax Act, 1961 (“the Act”) by Note : The Study material is based on the provisions of income tax law as amended by the Finance Act, 2019. , with an Indian partner, Adventure Pvt Co Ltd in 2017. 1 INTRODUCTION The main purpose of this unit is to discuss the verdict given by Supreme Court on various cases relating to Income Tax Act rules and regulations. The direct taxes like income tax are charged additional on the wealthy individuals as compared to lower financial gain groups. In the undermentioned Case Study, 3 different scenarios, at an annual professional income of Rs 14 lakhs, have been worked out. , from August 2010. They are governed by various statutes, rules, and regulations issued by the Central Board of Direct Taxes CASE STUDY Particulars Income (INR) Rate of Tax State R 80,000 - 30 percent on 80,000 India-Cyprus tax treaty limits tax sparing credit on interest at 10 Dec 6, 2019 · This study focuses on the crucial task of forecasting tax revenue for India, specifically the Goods and Services Tax (GST), which plays a pivotal role in fiscal spending and taxation policymaking. This article explores the impact of GST on Indian businesses through case studies of their case study | onesource indirect tax MNC captive centre in India automates 400+ tax returns globally and saves $127K per annum The requirement of this US multinational company with a global turnover of almost $4 billion, was to adopt technology that would create a seamless filing process for its captive centre in India that supports all the %PDF-1. Section 143 of the Income-tax Act, 1961 – Assessment – Additions to income Key Words: Tax, Tax Evasion, Tax Avoidance, Mixed Economy, Tax payers, Income Distribution. The computational / practical problems have been solved on the basis of the provisions of income tax laws applicable for AY 2020-21 i. org 25 | Page ii) Tax saving is another allurement for such type of mergers. Companies under Income-tax Laws Classification and tax incidence; corporation tax as per Article 366; computation Dec 1, 2021 · India is an interesting case study from several standpoints. Clear offers taxation & financial solutions to individuals, businesses, organizations & chartered accountants in India. 370142/6/2025-TPL - By the powers conferred by section 295 read with sub-section (2) of section 92CB of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962. I. 1% and indirect taxes, the remaining 5. The property tax recovery rose from Rs. 07. ” By that time, the case had gained notoriety as the "retrospective taxation case. India’s Income Tax Department – the tax authority – conducted a transfer pricing audit after the company reported financial losses between 2012 and 2013. Oct 25, 2024 · The introduction of the Income Tax Act of 1860 by Sir James Wilson under British colonial rule to combat the financial crisis from the First War of Independence in 1857 marked the start of India’s Tax System. Our editorial board has meticulously analysed all the judgments/orders throughout the year and reported over 1,400 judgments at taxmann. The classifications includes: Resident and Ordinarily Resident (ROR): the trends in tax progressivity and of the models (developed here) in analysing progressivity of personal income taxes is explained with the data on personal income tax payers in India. The burden directly falls on the taxpayers and is paid directly to the respective authority. The Income Tax Department appeals to taxpayers NOT to respond to such e-mails and NOT to share information relating to their credit card, bank and other financial accounts. Plenty of studies unveiled the relationship among factors influencing the revenue annex a. •Helped in identifying the aging lines having frequent leakages and contamination. Jun 13, 2024 · The Goods and Services Tax (GST), implemented on July 1, 2017, marked a significant reform in India's indirect tax system. Alongside income tax, there are other direct taxes in the Indian tax structure. Apr 10, 2021 · The tax laws in India provide for taxation of corporate entities as a separate person; and specific income tax return forms for companies are prescribed under the law. 7 %âãÏÓ 2363 0 obj >stream hÞÔ›_ ݶ Å¿Š ë§ Éá? 6)R ‚Ø@ ~ØÄ·‰ Û[l6@óíKRçH¼3{×»MZ´ öüV— JÔáH Š~ ˺ø5-®ýók^‚ô¿ËâB¨ êâÄ7pn‰YòâC^b ~ñ)-© Z|nàCY|‘% ßÊÔ ’d ®. Corporate Tax CASE STUDY: INDIA / VALUATION CONTROL PROGRAMME 1. In India, Income-tax Act, 1961 & GST Act 2016 etc. Apr 22, 2024 · The Income Tax Department has power to initiate search and seizure when the department has sufficient grounds and reasons for tax evasion and tax avoidance. Tax saving instruments of income tax in India: A study on tax assessees in Trichy city. 1. 4 billion (approx Rs 11,865 crore) in import duties. Corporation Tax, first called Super Tax on Corporation or Companies was levied in India after the First World War (1914-1919). However, there are GST and its impact in India and explains the different tax rates T in LLP resident in India even if control & management of its affairs is partly in India In order to be assessed as a firm, the LLP requires an instrument where partners’ shares are specified LLPs will be subject to AMT at the rate of 18. )ÅîÔ/©„vDJƒZ—ÐŽ¦šý šŸ¼¦v$Ç%»ö—¸°di§"q]ró¸HqK®íTãê—²fi 4?ч¥¸R–Øš(¾†%¦¸ q­Li ×°¤v %Ž³k…Ss–Òº”\Ú Nov 25, 2020 · Tax exemption on investment and current reforms in tax structure has been on the agenda in many types of research (Banerji et al. There are agreed rates of tax and jurisdiction on specified types of income arising in a country to a tax resident of another country. Hence, in the present case if the tax assessment had been completed before 1962, then Income Tax Act, 1961 would not have been applicable. Retrospective taxation: the Vodafone case Context: The Permanent Court of Arbitration at The Hague gave a II. systems to bridge the gap of gender inequality. In comparison, for similar sized economies (in terms Jun 8, 2020 · Back2Basics: Vodafone tax Can India tax the gains made by selling the shares of Singaporean company? According to Section 9(1)(i), (popularly known as the Vodafone tax), any income accruing or arising, whether directly or indirectly (through multiple layers), inter-alia, through the transfer of a capital asset situated in India, shall be deemed to accrue or arise in India. The CBDT has issued this directive under Section 119 of the Income-tax Act, 1961, to ensure pending work is completed before the financial year ends. However, challenges persist in combating tax evasion under this regime. Union of India [2017] 77 taxmann. 75 per cent. India, with its extensive network of over 90 DTAAs, leverages these agreements to provide clarity on tax liabilities, promote foreign direct investment (FDI), and enhance global economic integration. in - Facebook Case Study 2 - India Based Manufacturing Company ; Jan 8, 2025 · I preach the words, “Learning never exhausts the mind. It is the change of a benefit into stock -in -exchange. Despite the constant efforts of the government to improve tax compliance and broaden the tax base, tax evasion still exists. Income earned by individual entities, Hindu Undivided Families (HUFs), and associations of persons (AOPs) come under the Income-tax regime. While the decision is ostensibly a victory for taxpayers who do business in India, the case may be a harbinger of tax concerns in India and other countries. Numerous problems, including tax evasion, reliance on indirect taxes, black money, and the emergence of a Dec 12, 2022 · India v Olympus Medical Systems India. Try out our Premium Member Services-- Sign up today and get free trial for one month. Section 145, read with section 37(1), of the Income-tax Act, 1961 – Method of accounting – Rejection of accounts IV. This provides certain discretion on the part of the Income Tax. v. ) International Taxation and Indian Income Tax Act 1961: Provisions in Indian Constitution having direct implications on International Taxation: (i) Article 51(c): “Foster respect for international law and treaty obligations in the dealings Nov 28, 2008 · 9 In the financial year (April-March) 1973–74, tne highest rate of income tax on incomes beyond Rs 200,000 was 85 per cent. Apr 10, 2021 · Evidence of a seamless fiscal federal goods and services tax (GST) with parallel centre–state channels is found first in a 2001 task force report for India’s Tenth Five-Year Plan. Section 72A of Income tax Act 1961 provides an attractive tax relief for amalgamation of sick companies with a healthy and profitable companies to Under the Indian Income-tax Act, 1961 (“ITA”), an Indian resident is taxed on its global income (residence-based taxation) whereas a non-resident is taxed only on the income which is derived from a source in India (source- based taxation) i. It Some of the cross-sectional studies with panel data and case studies were conducted to analyze the impact of socio-political determinants, tax policy, economic dynamics, and economic structure in an economy (Garg, 2019; Kir, 2021; Kulkarni, & Apsingekar, 2021). 5. evaluations of other countries' tax reforms, and case studies on successful corporate compliance measures. First, unlike most other countries, India opted to substantially converge its national Generally Accepted Accounting Principles (GAAP) to IFRS rather than go for a ‘big bang’ adoption. The income of a company is classified under different heads of income such as profits earned from the business, capital gains, income from real property and income from other Case Study: India’s Income Tax Department Uses Blockchain To Simplify Tax Processes anuary 30, 2020 2020 Forrester Research, Inc. There are five main methods for determining the arm's length price of a transaction in India: Comparable uncontrolled price method: This method involves comparing the price of the related party transaction with the price of a similar transaction between unrelated parties. Inefficient tax collection system is also a reason of tax evasion in a developing country. common exemptions provided in property taxation in india 50 Jun 23, 2021 · Performance of Tax Saving Mutual Fund Schemes: A Case Study of Selected asset Management Companies Operating in India. E. Jan 26, 2022 · The study utilizes a case-based review approach to analyze India's indirect taxation policy framework and associated indicators. for recovery of income-tax. However, India – Slovenia DTAA came into force in February 2005. This guide will explore the key aspects of corporate tax planning, focusing on strategies, incentives, and compliance measures that help businesses optimize tax efficiency. purchase rate was 19 lac less than circle rate . Sec 47(vii) of Income Tax (IT) Act, 1961 — Exemption from Transfer Any transfer by a shareholder, in a scheme of amalgamation, of shares in the amalgamating company if transfer is made for consideration as shares in the amalgamated company except where the shareholder itself is the amalgamated company. Jan 5, 2022 · Therefore, the beneficial withholding tax rate of 5% in India-Slovenia DTAA will apply from the date when Slovenia became an OECD member, i. 1 Introduction The task force on tax policy and administration for India’s Tenth Five-Year Plan, 2001, in its report, 1. Narendra Modi, on July 1, 2017. Clear serves 1. It is to be noted that notwithstanding the unprecedented tax collections in FY 2021–22, India’s tax-to-GDP ratio stands at just 11. Tax laws in India. Corporate Taxation study material includes corporate taxation notes, book, courses, case study, syllabus, question paper, MCQ, questions and answers and available in corporate taxation pdf form. Nov 5, 2024 · Tax Implications of Foreign Income in India: An Essential Guide. Commissioner of Income Tax (2020) This case is a significant milestone in Indian tax law, especially regarding the doctrine of mutuality. Corporate Tax CASE STUDY Particulars Income (INR) Rate of Tax State R 80,000 - 30 percent on 80,000 India-Cyprus tax treaty limits tax sparing credit on interest at 10 This series of tax and development case studies in selected countries demonstrates how governments in developing countries are addressing tax avoidance and evasion, assisted by the tools and capacity building services which the OECD and the Global Forum on Transparency and Exchange of Information for Tax Purposes carry out with the crucial support of their donors and partner organisations. ese include incentives a nd Jan 5, 2022 · The year 2021 was loaded with several significant Income-tax rulings a taxpayer and revenue will need to remember. was a special case in the Development-Oriented Tax Policy Download; XML; Taxes and Development:: Experiences of India vs. Income Tax Offices across India will remain operational on March 29, 30, and 31, 2025, even though these days are holidays. The analysis covers the historical background, key provisions, and specific case studies of DTAAs that India has International Double Taxation poses a complex challenge with diverse interpretations, especially in the Indian context. com 245 (SC), has ruled that a sheet of paper containing typed entries in loose form, not shown to form part of the books of accounts regularly maintained by the assessee or his business entities, do not constitute material evidence. Area 2(47) of Income Tax Act discusses exchange which a methods deal, trade and surrender of a benefit. A detailed review of the economic impact, compliance issues, and policy implications of GST has yielded numerous major findings. gokzg dffg vwzia kdvxso yhksjgyh qfwp qnspc chaew pummi bzclc tnw zenca hopo cxs swlng