Income tax Return

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Form 15CA and 15CB

May 02, 2022

Form 15CA and 15CB ‍ Income Tax compliance in India is a cumbersome procedure involving computation of tax liability and filing of prescribed forms. One such form which is required at the time of remittance of money outside India is filing of Form 15CA and 15CB . Although normal tax assessee’s might not have heard about Form 15CA and 15CB, however, any person making remittances outside India are quite conversant about these forms. This article will help you understand what these forms are, and when these forms are required to be filed. At the time of remittance of money outside India, the authorized bank asks for filing of these two forms besides other documents from the taxpayer in order to ensure smooth transfer of money outside India. What is Form 15CA? Form 15CA is a declaration form used to declare that proper taxes has been deducted from the foreign remittance made by the person responsible for it before remitting the amount.

FOREIGN COMPANY REGISTRATION IN INDIA- FEW PRACTICAL PROBLEMS

May 01, 2022

FOREIGN COMPANY REGISTRATION IN INDIA India has become one of the fastest developing economies of the world in the recent years which has resulted in more and more countries and companies across the world, interested in doing business in India and business with India. Also, India provides many options of setting up business in India by foreign companies and foreign nationals. Some of the options of Foreign Company Registration in India are given below: 1) Business set up in India in the form of Incorporated entities i.e. Private limited company , Limited Liability Partnerships, Joint Ventures etc. 2) Business set up in India i n the form of unincorporated entities like Branch office, Liaison office and Project office. The types of entities as mentioned above, depends upon the nature of business of the foreign entity as well as long term business goals and vision of the foreign company. Whatever may be the type of entities, some of the common problems faced

COMMON MYTHS ABOUT FILING OF FORM 15CA AND 15CB

April 25, 2022

FORM 15CA AND 15CB Both FEMA regulations as well as Income Tax Act has prescribed rules to regulate any payments made overseas by any Resident. This is done in order to avoid money laundering and to ensure proper financial discipline relating to overseas payment. At the time of remittance outside India by any Residents, besides other documents, bankers usually ask for the copies of form 15CA and 15CB . Now, a question arises what exactly is form 15CA and 15CB ? Well the purpose of filing both the form 15CA and 15CB is to ensure that the taxes are collected before remittance of money outside India. Now, both the forms may be filed electronically which helps in monitoring as well as checking the effectiveness of remittances. WHAT IS FORM 15CA? In such form, the remitter of money makes a declaration that He has deducted the relevant taxes before remitting money to the Non Resident. WHAT IS FORM 15CB? In such form, which is sort of certifica

INCOME TAX RETURN FILING IN INDIA FOR FY 2021-22

April 21, 2022

INCOME TAX RETURN FILING IN INDIA The Income Tax Return filings in India is an important event both for the assessee or the taxpayers as well as for the government as Income tax or Direct taxes are one of the major source of revenue collection for the government. For individual assessee, the due date for filing Income Tax Return is 31 st July every year unless there is some extension in the due dates. Central Board of Direct Taxes (CBDT) has notified new Income Tax Return Filing forms for FY 2021-22 or AY 2022-23. CBDT has released the offline utility for filing ITR-1 and ITR-4 and the assessee may download the offline utility from the tax department portal and file the Income tax return. In this write up, we would be discussing about some points relating to new ITR-1 and ITR-4 notified by the government. 1) ITR-1 may be filed by any Resident individual who is not Not Ordinary Resident and have total income less than Rs.50 lac during FY 2021-22. 2) ITR-

WHAT WILL HAPPEN IF I DO NOT FILE MY INCOME TAX RETURN?

April 18, 2022

INCOME TAX RETURN As per law, every person who has taxable income more than the prescribed exemption limit of Rs.2.5 lac has to mandatorily file their Income Tax Return on or before the due date prescribed under the Income Tax Act. Thus, income tax return filing in India is compulsory in case the income of the person is taxable. Now, a question arises as to what will happen if a taxable person does not file His/Her Income tax return within time? Following are the consequences of non filing of Income Tax Return within time in India: 1) In case of Income tax return filing after the due date - Penalty of Rs.5000 u/s 234F will be levied in case ITR is filed on or before 31st December of the Assessment Year. However, penalty of Rs.10,000 would be levied in case ITR is filed after 31 st December but before 31 st March of the assessment Year. 2) In case of late filing of Income Tax and has tax payable Interest u/s 234A would be levie

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