All about the application of a Certificate of Lower/NIL TDS Deduction We first try to understand the case before providing you with a complete list of details required to issue the CA certificate for transferring funds when remitting funds out of India with different sources of funds. This way, the online process of 15cb and …
Golden rules for Setting off losses & Carry Forward of Losses The Income Tax Act provides provisions for setting off and carrying forward losses, helping taxpayers minimize taxable income in the current year and future years. The golden rules for setting off losses based on various provisions of the Income Tax Act. Definition and Distinction …
SPECIFIC PROVISIONS WITH INVESTMENT INCOME OF NRI As a NRI you’ll be able to avail of a special provision associated with investment income. A NRI income shall be taxed @ 20%, where he invests in certain assets in India. INVESTMENTS ELIGIBLE FOR SPECIAL TREATMENT The income derived from the subsequent assets in India acquired in foreign currency shall …
GST Applicability on Religious place(NGO) like Dharamshalas The GST Law 2017 does provide certain exemptions for services related to religious places. These Following provisions help ensure that religious places meant for public use maintain their exemption status, but they also clarify the applicability of GST when additional commercial services are offered. Here’s a breakdown based …
Undisclosed Foreign Asset must accurately report in ITRs to avoid Penalties The issue of whether a bona fide mistake in the non-disclosure of foreign assets in an Income Tax Return (ITR) would result in a penalty under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (Black Money Act) has …
Overview on Benami Transactions (Prohibition) Act, 1988 The Indian government has taken several measures to combat black money, such as the Black Money Act, Income Disclosure Scheme, and demonetization. Among these measures, the term Benami—meaning “no name” or “without name” in Hindi—has gained significant attention. Legislative Background of Benami Transactions (Prohibition) Act, 1988 : The …
GSTN advisory on Introduction of RCM Liability/ITC Statement The recent advisory by Goods and Services Tax Network introduces a new “RCM Liability/Input Tax Credit Statement” on the Goods and Services Tax portal, which is designed to help taxpayers accurately report transactions under the Reverse Charge Mechanism. This advisory provides a structured approach to ensure compliance with …
Kind of GSTR Return under Goods and Services Tax regime in India The Goods and Services Tax regime in India, there are various returns that need to be filed, depending on the type of taxpayer and the nature of their business. Under GST, there are thirteen returns. GSTR-1, GSTR-4, GSTR-3B, GSTR-5, GSTR-5A, GSTR-6, GSTR-7, GSTR-8, …
Amendment to Reg 36 of CIRP Reg- for CIRP effectiveness in MSME The discussion paper from the Insolvency and Bankruptcy Board of India on August 23, 2024, proposes a significant amendment to Regulation 36 of the CIRP Regulations. The proposal aims to address the current gap in the disclosure requirements for Corporate Debtors under the …
