Any payment made to non-resident or to a foreign company whereby tax has to be deducted under Section 195 of Income tax Act ('IT ACT'). There are lot of complexities in dealing with this aspect which will be discussed in this missive.
In India, transfer pricing is regulated by the Income Tax Act 1961 and the rules prescribed thereunder. The Central Board of Direct Taxes (CBDT) is responsible for enforcing India's transfer pricing regulations.
Incidence of Section 112A in the hands of unit-holders of a business trust, to be taxed at maximum marginal rate (MMR) u/s 115UA of the income tax act, 1961
Section 195 of the Income Tax Act of India pertains to the deduction of tax at source on certain incomes received by a non-resident or a foreign company.
Taxability of gift received by any person, i.e., sum of money or property received without consideration or a case in which the property is acquired for inadequate consideration.
An income tax notice is a formal communication from the Income Tax Department stating that there is an issue with your tax return or tax payments.
NRI fund transfer refers to the transfer of funds between a bank account held by a Non-Resident Indian (NRI) in a foreign country and an account in India, or vice versa.
In supersession of all earlier Guidelines including the last Guidelines of the issued vide F.No.285/08/2014TT (lnv.V)/147 dated 14th June, 2019, the CBDT Issued revised guidelines vide F.No. 285/08/2014-IT(lnv.V)/196 dated 16th September, 2022 which were made applicable with immediate effect.
You must be wondering why I said so. Undoubtedly, Tax collection is an indicator of economic activity in any country. But to have a deeper understanding of this, we first need to have a look on the DT collections of this year, and the estimated Budget Target that was set by the Honourable Finance Minister, Nirmala Sitharaman.
CMCPCI is a unit within the Indian tax authorities that is responsible for reviewing and processing online Income Tax Returns (ITRs). If you have filed your ITR online and have received an SMS notification with the CMCPCI source code, it indicates that your return is being processed by the CMCPCI.
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