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Articles by CA. Anuj Gupta

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New Procedure for remittance outside India w.e.f. 01.10.2013

  CA. Anuj Gupta    15 October 2013 at 11:38

CBDT vide notification No. 67 dated 02.09.2013 notified new Forms Form 15CA and CB . The most important changes that have been brought in the new regime for making payments outside India w.e.f 01/10./2013 are as follows:- Chartered Accountant is s

Applicability of Form 15CA and 15CB w.e.f 01/10/2013

  CA. Anuj Gupta    10 September 2013 at 11:40

CBDT has again changed the Rule 37BB of Income Tax Rule and \the new rule will help the Indian Parties remitting/paying the monies to foreign persons/companies. Now it has been provided that in case of 28 types of payments , there shall be no need

Whether 15CA/15CB will be required for import of goods

  CA. Anuj Gupta    10 September 2013 at 11:40

The amended rule 37BB (governing Form 15CA and CB) as applicable from 01/10/2013 provides for exemption from filing both Form 15CA and 15CB only for two cases:- 1. In the items covered under the Specified List (28 items which includes remittances fo

Individuals allowed to invest in foreign securities

  CA. Anuj Gupta    16 August 2013 at 11:08

A resident individual (singly or along with another resident individual or with an 'Indian Party' as defined in FEMA Notification) satisfying the criteria as enumerated below, may make overseas direct investment in the equity shares and comp

Entities availing DTAA benefits have to file retun in INDIA

  CA. Anuj Gupta    17 May 2013 at 12:49

Those availing of treaty benefits would now have to file returns of their incomes in India, even if those arent liable to be taxed here. The government has changed the Income Tax Rules, making it mandatory for certain classes of assessees, in

Visit Days of NRIs to be Excluded For Finding Residential Status

  CA. Anuj Gupta    16 August 2011 at 19:19

The moment one become resident in India as per Income Tax Act, his global income becomes taxable. If one is Non Resident , his income earned outside India is not taxable . So, for a non resident , there is always danger of taxation of global income

How Many House Properties an NRI Can Own or Hold in India?

  CA. Anuj Gupta    09 August 2011 at 11:36

Foreign Exchange Management Act,1999 under section 6(3)(i)grants permission to RBI to prohibit,restrict or regulate acquisition or transfer of immovable property in India, by a person resident outside India. RBI pursuant to powers conferred under se

Who is Responsible for TDS on sale of shares by NRI's

  CA. Anuj Gupta    08 August 2011 at 12:10

Q.We are an Indian Company and our 5% equity is held by an NRI .Under an scheme of buyback of equity shares announced by our Company, the said NRI has offered all his equity for buyback. The said shares were acquired by him in convertible foreign ex

NRI's can't claim concessional tax rate u/s 115H for interest

  CA. Anuj Gupta    03 August 2011 at 12:19

Recently Madras High Court in the case of Dr. M MANOHAR(Appeal No 759 of 2004) decided an important question Whether the interest on the deposit made out of the interest income also qualified for concessional rate as the investment income de

Can NRI/PIO Claim Exemption on Transfer of Bonus Shares

  CA. Anuj Gupta    02 August 2011 at 11:41

We all know that cost of Bonus shares is NIL as per sec. 55(2)(aa)(iii) of the Act and in normal circumstances , the gain on transfer of Bonus shares shall be fully taxable in the hands of seller. However , Income Tax Act