OVERSEAS COMMISSION & TDS u/s 195
INTRODUCTION
CBDT earlier clarified that the foreign agents of Indian exporters are operating outside India. so they are not liable to income tax in India on commission paid by Indian Exporters, CBDT also clarified that the exporter are not required to Deduct TDS u/s 195 on such overseas commission. But CBDT [...]
India is a democratic Republic country and democracy requires an informed citizenry and transparency of information which are vital to its functioning and also to curtail corruption and to hold government machinery accountable to the governed. We select our representatives through elections but we should have the same right in respect of getting information of [...]
Types of Mutual Fund
In terms of investment objective, Mutual Funds are classified as Equity fund, debt Fund & balanced fund.
Equity Fund – In these schemes corpus of the fund mainly invest in the equities. These schemes are highly risky because return on the investment depends on the share market. In Equity Fund scheme investors have [...]
WHAT IS SPECULATION BUSINESS [SEC 43(5)]
As per section 43(5) speculative transactions means a transaction in which a contract for the purchase or sale of any commodity, including stocks and shares, is periodically or ultimately settled otherwise than by the actual delivery or transfer of the commodity or scrip.
In other words if any contract is settled [...]
SECTION 40(a) (ia)
Sub clause (ia) of Section 40(a) has been inserted by the Finance (No. 2) Act 2004 relating to disallowance for non deduction of TDS. Under section 40(a)(ia) notwithstanding anything to the contrary in section 30 to 38, specified expenses shall not be deducted in computing income under the head profit and gains from [...]
