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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
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
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
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
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
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
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
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
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
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
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