Concessional tax on income from Patents, Measures to boost Research & development – Section 115BBF [ Inserted by the F.A. 2016 w.e.f. AY 2017-18] Tax rate on Royalty-Sub section (1) Where the total income of an eligible assessee includes any income by way of royalty in respect of a patent developed and registered in India, the income tax payable shall …

Loans or advances to certain shareholders or concern-Section 2(22)(e) [Deemed Dividend]  Any payment by a company, not being a company in which the public are substantially interested, of any sum (whether as representing a part of the assets of the company or otherwise), by way of advance or loan to a shareholder or any concern or any payment by any …

DIVIDEND-Section 2(22) Dividend includes— Distribution of assets of company –Section 2(22)(a)  Any distribution by a company of accumulated profits, whether capitalised or not, if such distribution entails the release by the company to its shareholders of all or any part of the assets of the company. Distribution of debenture, debenture-stock etc-Section 2(22)(b)  Any distribution to its shareholders by a company …

Tax on winnings from lotteries, crossword puzzles, races including horse races, card games and other games of any sort or gambling or betting of any form or nature whatsoever-Section 115BB Where the total income of an assessee includes any income by way of winnings from any lottery or crossword puzzle or race including horse race (not being income from the …

Value of consideration received for issue of shares in excess of FMV of shares- Section56(2)(viib) Where a company, not being a company in which the public are substantially interested, receives, in any previous year, from any person being a resident, any consideration for issue of shares that exceeds the face value of such shares, the aggregate consideration received for such …

Value of shares received by a firm or a company without consideration or for inadequate consideration-Section56(2)(viia) Where a firm or a company not being a company in which the public are substantially interested, receives, in any previous year, from any person or persons, on or after the 1st day of June, 2010, any property, being shares of a company not …

Taxation of interest income from surplus funds of business It is well settled that interest income earned on fixed deposit from surplus funds of business is to be taxed under head other sources. Various judicial pronouncements in this regard are as under: Tuticorin Alkali Chemicals & Fertilizers Ltd. (1997) 227 ITR 172 (SC): The total income of the company is …

Meaning of Company in which public are substantially interested: Section 2(18) A company is said to be a company in which the public are substantially interested— (a)  if it is a company owned by the Government or the Reserve Bank of India or in which not less than forty per cent of the shares are held (whether singly or taken …