No Higher Rate in Case of Non Availability of PAN with foreign remittee
Clause 85 of the Bill seeks to amend section 206AA of the Income-tax Act relating to requirement to furnish Permanent Account Number. The aforesaid section, inter alia, provides that any person who is entitled to receive any sum or income or amount on which tax is deductible at source under Chapter XVII shall furnish his […]
TDS on commission to Foreign Agent
Its always been a question whether to deduct the TDS on remittance of Commission to Foreign agent. For making it simple lets consider the following case study. Case 1 Foreign agent have permanent establishment in India (or do not have no PE certificate) TDS required to be deducted. Case 2 Foreign agent has rended his […]
Requirement of 15CB regarding
The remitter need 15CB in all the cases when your aggregate payments along with the present payment exceeds Rs. 500000/-. Aggregate payment means taking into account all the payment of any kind and payment made to all the companies togather . The limit is not remittee wise. E.g. if Company A remitte Rs.450000 to Foreigner […]
Migration of Service Tax Assessee’s to GST
*Migration of Service Tax* Assessee’s to GST have started. 🔶 After logging on aces, you shall get a pop up window for updation of mobile and email. Update a valid email n mobile to receive OTPs and Save & Submit. 🔶 After Re logging you shall get another pop up for *GST Provisional ID* 🔶 […]
All About Trust
Registration and Taxation of charitable & Religious Trust Preamble: According to one survey in India there is 1 N.G.O per 800 Indian Citizen. We can’t find even a single village in India where there is no Religious place. We might not find School, Hospital or Common Pay and use toilets but we certainly have religious […]
New Rules for 15CA & CB – Foreign Remittance
Form 15CA has been divided into four different parts/sections and each part is required in different circumstances:
Part A
Where the remittance is chargeable to tax under the provisions of the Income-tax Act,1961 and the remittance or the aggregate of such remittances does not exceed five lakh rupees during the financial year.
Part B
Where the remittance is chargeable to tax under the provisions of the Income-tax Act,1961 and the remittance or the aggregate of such remittances does not exceed five lakh rupees during the financial year and an order/ certificate u/s 195(2)/ 195(3)/ 197 of Income-tax Act has been obtained from the Assessing Officer.
Part C
Where remittance is chargeable to tax under the provisions of Income-tax Act, 1961 and the remittance or the aggregate of such remittances exceeds five lakh rupees during the financial year and a certificate in Form No. 15CB from an accountant as defined in the Explanation below sub-section (2) of section 288 has been obtained.
Part D
Where the remittance is not chargeable to tax under the provisions of the Income-tax Act, 1961 {other than payments referred to in rule 37BB(3)} by the person referred to in rule 37BB(2).
Startup India
Intention of Government Startup India is a flagship initiative of the Government of India, intended to build a strong eco-system to encourage new ideas and Startups in the country that will lead to economic growth and generate large scale employment opportunities.The action plan announced by the Government in this regard, hopes to address all aspects […]