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Great decision by Income Tax in favour of Seafarers

Category: Seafarers Date: 2020-09-30 07:27:36

t seems the battle is won. Reproducing as is where is basis to avoid confusion. ------------------------------------------------------------------------------------------------------------

Reference Case Laws for Seafarers

Category: Seafarers Date: 2020-09-30 07:46:42

There has been a lot of heartburn and anxiety with the Bandopadhyay Judgement of the ITAT, wherein a Seafarer has been Taxed even though he has maintained an NRI Status. This thought process of the Kolkata ITAT has now percolated to other cities in the Country and the ITO/ITD of other Cities are also using this judgement or facts of the judgement to Tax Seafarers. Many Seafarers have received a Scrutiny and Assessment Order and have filed Appeal in various Courts/Tribunals across t

LANDMARK Tax Judgement in FAVOUR of Indian Seafarers! (Dec 2016)

Category: Seafarers Date: 2020-09-30 08:40:05

LANDMARK Tax Judgement in FAVOUR of Indian Seafarers! (Dec 2016) This Order by the Kolkata High Court in favour of the Seafaring community is produced here, verbatim and without any changes to avoid any misunderstandings. A brief opinion on the Order: This is a Landmark order which is in favor of all associated with the Seafaring community and relatively lays to rest the sensitive nature of the Bandopadhyay case which has led to may sleepless nights for all

Govt Notifies New Rules On Tax-Free Status For Indian Seafarers

Category: Seafarers Date: 2020-09-30 09:06:09

Move explores to the end deviation that is cited by the local fleet owners as the main reason for keen shortage of the sailors to man their vessels. As Indian ships generally operate in the Indian trades and the Indian ships call usually at the Indian ports, a large number of the Indian crew employed on the Indian ships, though trading outside India, face difficulties in satisfying with the 182-day criteria for getting a non-resident Indian status. The government h

952. Clarification regarding liability to income-tax in India and deduction of tax at source of members of the crew of foreign going Indian ship

Category: Seafarers Date: 2020-09-30 09:11:13

1. A person resident in India in any year is liable to pay tax in India on his global income. A non-resident, on the other hand, is charged to tax in India only on income which is received or is deemed to be received in India or which accrues or arises or is deemed to accrue or arise to him in India. Thus, in the case of a non-resident, income which accrues or arises outside India and is also received outside India is not subjected to tax in India. 2. After the a

FAQ

When are the provisions of the Valuation Rules applicable?

The provisions of the Valuation Rules are applicable only when,

(i) consideration not in money terms which is either wholly or partly;
(ii) parties are relevant or supply by any stated category of supplier; and
(iii) transaction value is not reliable to be declared.

What does a property valuation
require?

During a property valuation, a valuer should inspect the property physically, measure the land and adequately verify it against the title or plan of subdivision. The appointed valuer will measure the house physically, taking a description of its condition and improvements, taking a photo and review a minimum of three proportionate sales from which to conduct a sales inquiry. This information is further used to regulate the value of the property and then the valuer will prepare a written report depending on his/her findings.

What are the key factors that contribute to a property’s value?

The key factors that contribute to a property’s value are dependent on the land, size, location, topography, shape and aspect can, in some instances, accounts for up to 70% of a property’s value. Also the land component will acknowledge where building structures will always deteriorate. The other factors that can influence the value of the property includes architectural style and uniqueness, design and layout, potential for the future development or renovation, the number of bedrooms and bathrooms, and the quality of the

Other factors which can influence the value of a property include architectural style and uniqueness, design and layout, potential for future development or renovation, the number of bedrooms and bathrooms, and the quality of equipments and fittings, just to mention a few.

Is contract price not sufficient to determine valuation of supply?

Contract price is more accurately referred to as the transaction value and that is the basis for enumerate the tax. Therefore, when the price is determined by the factors such as relationship of the parties or where assertive the transactions are assumed to be supply, which do not have a price, the value has to be settled in conformity with the GST Valuation.