RESEARCH

HUF Taxation November 7, 2016

Partition of HUF

“Partition” means— (i) Where the property admits of a physical division– a physical division of the property. However a physical division of the income without a physical division of the property producing the income shall not be deemed to be a partition; or (ii) Where the property does not admit of a physical division- then […]

Securitisation Trusts November 4, 2016

Taxation of Income of Securitisation Trusts (SIF)

Chapter XIIEA- Sec 115TCA Taxation of Income Investor – fund enjoys pass through status Investment income is exempt for a fund u/s 10(23DA) As applicable for the investor Nature of Income Same nature and in the same proportion in the hands of the investor as it is for the securitisation trust Applicability of distribution tax […]

Charitable Trusts November 4, 2016

Relief to certain charitable institutions or funds in respect of certain dividends

Chapter XVIII- Sec 236A Eligibility for Relief – Sec 236A(1) Where 75% of the share capital of any company is throughout the previous year beneficially held by an charitable institution which is exempt u/s 11, credit shall be given to the institution or fund against the tax, if any, payable by it, of a sum […]

Assessment of Firms November 4, 2016

Assessment of Firms

Chapter XVI Definition of Firm- Sec 2(23): firm” shall have the meaning assigned to it in: – the Indian Partnership Act, 1932 (9 of 1932), and shall include – a limited liability partnership as defined in the Limited Liability Partnership Act, 2008 (6 of 2009); Assessment as a Firm – Sec 184 (1) A firm […]

International Taxation November 3, 2016

Special provisions relating to foreign company said to be resident in India

Chapter XII-BC – Sec 115JH 1) Foreign company said to be resident in India. – Where a foreign company is said to be resident in India in any previous year and – such foreign company has not been resident in India in any of the previous years preceding the said previous year, then, – notwithstanding […]

International Taxation November 3, 2016

Special provisions relating to Conversion of an Indian Branch of a Foreign Bank into Subsidiary

Chapter XII-BB – Sec 115JG 1) Conversion of an Indian branch of foreign company into subsidiary Indian company – Where a foreign company is engaged in the business of banking in India through its branch situate in India and – such branch is converted into a subsidiary company thereof, being an Indian company in accordance […]

Taxation of Trusts November 3, 2016

Special provisions relating to tax on accreted income of certain trusts and institutions

Special provisions relating to tax on accreted income of certain trusts and institutions Chapter – XII EB   Sec 115TD- Tax on Accreted Income Situation and consequence:Where in any previous year, a trust or institution registered u/s 12AA has: Conversion:converted into any form which is not eligible for grant of registration u/s 12AA Merger:merged with […]

Assessment Procedure November 2, 2016

Special Provisions for Avoiding Repetitive Appeals

Chapter XIV-A Repetitive appeals on similar issues at various appellate for a have led to significant increase in the number of cases and huge drain of productive judicial and executive resources. To eliminate the need to decide on similar issues pertaining the same assessee, Finance Act 2015, inserted Sec 158A and Sec 158AA where the […]

Income Tax November 2, 2016

The Direct Tax Dispute Resolution Scheme 2016

The Direct Tax Dispute Resolution Scheme 2016 Chapter X of Finance Act 2016   Purpose:Settle pending appeals/ disputes faster and economical for assessees Act means Income Tax Act or Wealth Tax Act Eligible Person:Any assessee/declarant making a declaration u/s 203 of the Finance Act 2016, to a notified officer not below the rank of CIT. […]

Income Tax November 2, 2016

Taxation of Alternate Investment Funds (AIF)

Chapter XIIFB- Sec 115UB Taxation of Income Nature of Income Taxable Entity/Person Rate of tax Investment income Investor – fund enjoys pass through status Investment income is exempt for a fund u/s 10(23FBA) As applicable for the investor Business income Investment fund If fund is a company or firm – rates as per Finance Act […]

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