Form 10F India

Form 10F India, Form 10F India examples

Introduction International businesses  may face problem of double taxation, which can be reduced through Double Taxation Avoidance Agreements. From an Indian perspective,  to  tackle the double Taxation issue, Form 10F has been a savior for businesses. Form No 10F India  is a self declaration filed by non-resident, to claim benefits of lower tax rates under … Read more

TCS at 20% on Overseas Spends – New LRS Regulations

TCS @ 20% on Overseas Spend- New LRS Regulations

Introduction  The Indian government has recently amended the rules under the Foreign Exchange Management Act (FEMA) for international credit card spending outside India under the Liberalised Remittance Scheme (LRS). This change has led to an increase in the Tax Collected at Source (TCS) rate to 20% on overseas credit card transactions, effective from July 1, … Read more

Section 151A of the Income Tax Act, 1961

Section 151A of the Income Tax Act, 1961

Introduction  Section 151A is an important provision of the Income Tax Act, 1961, which provides for faceless assessment proceedings. With the rise of digital technologies and the need for streamlining the assessment process, the government of India has introduced this provision. The section empowers the Central Board of Direct Taxes (CBDT) to issue notification for … Read more

Section 194LA of the Income Tax Act, 1961

Section 194LA of the Income Tax Act, 1961

Introduction  Section194LA of the Income Tax Act,1961 is a provision that deals with the deduction of tax at source (TDS) on payment of compensation for the acquisition of particular immovable property. The section aims to ensure that taxes are collected at the source on any compensation paid for the acquisition of immovable property, which is … Read more

Section 272BB of the Income Tax Act, 1961

Section 272BB

Introduction  Section 272BB of the Income Tax Act, 1961 is a provision that deals with the penalty for failure to comply with the requirements of obtaining a  Tax Deduction and Collection Account Number (TAN). The Income Tax Department issues these unique identification numbers to tax deductors/collectors. These numbers are mandatory for filing Income Tax returns, … Read more