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Def. Lex-O-Pedia
Can Shifting Tax Residency From India to the USA or UAE Avoid Capital Gains Tax?
An Indian professional who becomes a US tax resident and then claims UAE residency before selling shares in a US company runs into Section 6(1A) deemed residency, GAAR and the indirect-transfer rules. Why the zero-tax exit rarely survives scrutiny under Indian law.
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Def. Lex-O-Pedia
Can an NRI Gift Money to Resident Parents in India, and What Tax, FEMA and Stamp Duty Rules Apply?
A gift from an NRI child to resident parents is permissible under FEMA with no cap and fully exempt in the parents' hands under Section 56(2)(x). The gift deed, stamp duty and documentation questions explained.
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Def. Lex-O-Pedia
What Are the Tax Consequences of Settling a Loan by Transferring Unlisted Shares?
Settling an NBFC loan by transferring unlisted shares at fair market value triggers capital gains for the borrower under Sections 45, 48 and 50CA, and possible deemed income for the lender under Section 56(2)(x). How the provisions interact, and where double taxation arises.
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Singapore

Income Tax Act 1947 — PART 11: RATES OF TAX

Taxation of Individuals Under Section 42(1) Section 42(1) of the Income Tax Act 1947 establishes the fundamental framework for taxing individuals resident in Singapore. It mandates that tax is levied and paid annually on the chargeable income of every person, excluding certain categories such as bod

Sushant Shukla· ·10 min read
Singapore

Income Tax Act 1947 — PART 10: ASCERTAINMENT OF CHARGEABLE INCOME

Determination of Chargeable Income Under the Income Tax Act 1947 The Income Tax Act 1947 establishes a clear framework for the ascertainment of chargeable income, which is fundamental to the computation of tax liability for any person in Singapore. Section 38 explicitly defines chargeable income as

Sushant Shukla· ·6 min read
Singapore

Income Tax Act 1947 — PART 9: ASCERTAINMENT OF ASSESSABLE INCOME

Definition and Calculation of Assessable Income under Section 37 The cornerstone of the ascertainment of assessable income in Singapore’s Income Tax Act 1947 lies in Section 37(1). This provision establishes the fundamental principle that a person’s assessable income for any year of assessment is de

Sushant Shukla· ·7 min read
Singapore

Income Tax Act 1947 — PART 8: ASCERTAINMENT OF STATUTORY INCOME

Computation of Statutory Income Under Section 35 Section 35 of the Income Tax Act 1947 establishes the foundational principle for determining the statutory income of any person for each year of assessment. This provision mandates that the statutory income is calculated as the full amount of the pers

Sushant Shukla· ·9 min read
Singapore

Income Tax Act 1947 — PART 7: ASCERTAINMENT OF CERTAIN INCOME

Scope and Purpose of Ascertainment of Certain Income The Part on Ascertainment of Certain Income within the Income Tax Act 1947 establishes specialized rules for determining the profits or income of specific categories of businesses and persons for income tax purposes. This includes insurers, non-re

Sushant Shukla· ·11 min read
Singapore

Income Tax Act 1947 — PART 6: CAPITAL ALLOWANCES

Initial and Annual Allowances for Industrial Buildings and Structures The Income Tax Act 1947 establishes a comprehensive framework for capital allowances aimed at encouraging investment in industrial infrastructure. Section 16(1) is pivotal in this regard, providing for initial allowances on capita

Sushant Shukla· ·7 min read
Singapore

Income Tax Act 1947 — PART 5: DEDUCTIONS AGAINST INCOME

General Scope and Purpose of Deductions Against Income The Income Tax Act 1947 establishes a comprehensive framework for deductions against income to ensure that taxpayers are taxed fairly on their net income rather than gross receipts. The fundamental principle underpinning Part Deductions Against

Sushant Shukla· ·7 min read
Singapore

Income Tax Act 1947 — PART 4: EXEMPTION FROM INCOME TAX

Scope and Purpose of Exemption from Income Tax under Section 13 The Income Tax Act 1947 establishes a framework for exempting certain categories of income from income tax to foster Singapore’s economic and technological advancement. Section 13 explicitly delineates the types of income that qualify f

Sushant Shukla· ·6 min read
Singapore

Income Tax Act 1947 — PART 3: IMPOSITION OF INCOME TAX

Scope and Purpose of the Imposition of Income Tax under Section 10(1) The Income Tax Act 1947 establishes a comprehensive framework for the imposition of income tax on individuals and entities within Singapore. Section 10(1) serves as the principal charging provision, mandating income tax on the inc

Sushant Shukla· ·8 min read
Singapore

Income Tax Act 1947 — PART 2: ADMINISTRATION

Appointment and Delegation of Officers for Effective Tax Administration The Income Tax Act 1947 establishes a clear framework for the administration of income tax in Singapore, beginning with the appointment of key officers responsible for its enforcement. Section 3(1) empowers the Minister to appoi

Sushant Shukla· ·7 min read
Singapore

Income Tax Act 1947 — PART 1: PRELIMINARY

Establishment and Short Title of the Income Tax Act 1947 The Income Tax Act 1947 serves as the foundational legal framework for the imposition and administration of income tax in Singapore. Section 1 succinctly establishes the identity of the legislation, providing clarity and certainty regarding th

Sushant Shukla· ·6 min read