Notification No. SO 2196(E) [NO.53/2016 (F.NO.3701 – Income Tax)
INCOME-TAX (SEVENTEENTH AMENDMENT) RULES, 2016 – INSERTION OF RULE 37BC AND AMENDMENT IN FORM NO.27Q NOTIFICATION NO. SO 2196(E) [NO.53/2016 (F.NO.370142/16/2016-TPL)], DATED 24-6-2016 In exercise of the powers conferred by clause (ii) of sub-section (7) of section 206AA, read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes […]
International Remittances
International remittance means one person transfer funds from one country to another country irrespective of his residence status. When you want to transfer money from/to India, you have to take care of few legislation which includes Income Tax Act, Foreign Exchange Management Act, Rules specified by RBI, and for certain remittance you may need the […]
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 […]
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).