Questions? 

A Company is said to be resident in India in any previous year, if: 

1. It is an Indian company or
2. Its place of effective management, at any time in that year, is in India For more information, click

For more information, click here 

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Taxes are collected by the Government through three means: a) voluntary payment by taxpayers into various designated Banks. For example, Advance Tax and Self Assessment Tax paid by the taxpayers, b) Taxes deducted at source [TDS] from the income of the receiver, and c) Taxes collected at source [TCS]. It is the constitutional obligation of every person earning income to compute his income and pay taxes correctly.​

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Yes. A person having SEZ unit or being SEZ developer shall have to apply for a separate registration, as distinct from his place of business located outside the SEZ in the same state or union territory.

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Every person, being a CE of an international group operating in India, shall file such details in part A to Form 3CEAA. Further, such person shall also be required to file additional details as required under part B of Form No. 3CEAA if it satisfies the following criteria:

1. If the consolidated group revenue of the international group, of which such person is a constituent entity, as reflected in the consolidated financial statement of the international group for the accounting year, exceeds INR 5 Bn
2. The aggregate value of international transactions:

• During the accounting year, as per the books of accounts, exceeds INR 500 Mn
• In respect of purchase, sale, transfer, lease or use of intangible property during the accounting year, as per the books of accounts, exceeds INR 100 Mn

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Stamp Duty Rates w.e.f. 1^st July 2020

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As per Section 24 of the CGST/SGST Act, the following categories of persons shall be required to be registered compulsorily irrespective of the threshold limit:
i) persons making any inter-State taxable supply;
ii) casual taxable persons;
iii) persons who are required to pay tax under reverse charge;
iv) electronic commerce operators required to pay tax under sub-section (5) of section 9;
v) non-resident taxable persons;
vi) persons who are required to deduct tax under section 51;
vii) persons who supply goods and/or services on behalf of other registered taxable persons whether as an agent or otherwise;
viii) Input service distributor (whether or not separately registered under the Act)
ix) persons who are required to collect tax under section 52;
x) every electronic commerce operator
xi) every person supplying online information and data base retrieval services from a place outside India to a person in India, other than a registered person; and,
xii) such other person or class of persons as may be notified by the Central Government or a State Government on the recommendations of the Council.

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Income-tax is levied on the annual income of a taxpayer. The year under the Income-tax Law is the period starting from 01 April and ending on 31 March of the next calendar year. The Income-tax Law classifies the year as (1) Previous year and (2) Assessment year.

The year in which income is earned is called as previous year and the year in which the income is charged to tax or is assessed is called the assessment year. For example, income earned during the period of 01 April 2019 to 31 March 2020 is treated as income of the previous year 2019-20. Income of the previous year 2019-20 will be charged to tax in the next year, i.e., in the assessment year 2020-21.

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With effect from tax year 2019-20, domestic companies shall have an option to pay income tax at the rate of 22% plus 10% surcharge and 4% cess taking the effective tax rate (ETR) to 25.17%, subject to the condition that they will not avail specified tax exemptions or incentives under the Income Tax Act. New domestic manufacturing companies, incorporated on or after 1 October 2019 and commencing manufacturing on or before 31 March 2023, making fresh investments in manufacturing, will have an option to avail an even lower tax rate of 15% plus 10% surcharge and 4% cess taking the ETR to 17.16%

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Each security is charged with a duty as specified in Schedule I of the amended Stamp Act. Securities are defined to include all those instruments specified in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956; a “derivative” as defined in clause (a) of Section 45U of the Reserve Bank of India Act, 1934; a certificate of deposit, commercial usance bill, commercial paper and such other debt instrument of original or initial maturity up to one year as the Reserve Bank of India may specify from time to time; repo on corporate bonds; and any other instrument declared by the Central Government, by notification in the Official Gazette, to be securities for the purposes of this Act.

For more information on Indian Stamp Act, 1899, click here. For more details about the amendments, refer here.

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A taxpayer may pay tax in any of the following forms:
(1) Tax Deducted at Source (TDS)
(2) Tax Collected at Source (TCS)
(3) Advance tax or Self-assessment Tax or Payment of tax on regular assessment.
The Income-tax Department maintains the database of the total tax paid by the taxpayer (i.e., tax credit in the account of a taxpayer).  Form 26AS is an annual statement maintained under Rule 31AB​ of the Incom​e-tax Rules disclosing the details of tax credit in his account as per the database of Income-tax Department. In other words, Form 26AS will reflect the details of tax credit appearing in the Permanent Account Number of the taxpayer as per the database of the Income-tax Department. The tax credit will cover TDS, TCS and tax paid by the taxpayer in other forms like advance tax, Self-Assessment tax, etc.
Income-tax Department will generally allow a taxpayer to claim the credit of taxes as reflected in his Form 26AS.
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