Impact on ITR has to be filed by non-residents in the case earning royalty/FTS income key implications of the Section 115A amendment and its impact on ITR filing for non-residents earning royalty/FTS income: Amendment in Section 115A (2023): The withholding tax rate for fee for technical services (FTS) increased to 20% + surcharge + cess, …
Form No. 67 filling for availing Foreign Tax Credit is a directory nature & not Compulsory. In Matter of Ms. Brinda Ramakrishna v. Income tax Office [2022], it was determined that Rule 128(9) of the Rules does not provide for disallowance of Foreign Tax Credit in the event of a delay in completing income tax …
Guidance on ITR Reporting of Foreign Equity/Debt Investments When filing your Income Tax return in India, it is essential to declare foreign stocks and other foreign assets annually, regardless of whether they are sold or not. Income Tax Return Reporting of Foreign Assets in the ITR Return Form: All foreign assets, including stocks, real estate, …
Interpretation of “May be Taxed” in DTAAs In the context of Double Taxation Avoidance Agreements (DTAAs), the terminology used to describe taxing rights can significantly impact the taxation process. The term “may be taxed” in Double Taxation Avoidance Agreements does not grant absolute power to either state to tax the income exclusively. Instead, it allows …
Tax Residency Certificate is the valid document for determining treaty advantages. ITAT- Delhi – M/s Sarva Capital LLC (ITA No. 2073/Del/2023): Tax Residency Certificate is the valid document for determining treaty advantages. Facts of the Case: M/s Sarva Capital LLC, a non-resident corporate entity that was established in accordance with Mauritiusan legislation and is involved …
INTRODUCTION DTAA is the most important aspect for a Non-Resident Indian. Taxation becomes more complicated where the assessee is earning in more than one country. Generally, in the case of a Non-Resident Indian, earning income in India as well as abroad, are required to pay the income tax in India and abroad both at the …
REIMBURSEMENT OF EXPENSES Employees will occasionally need to spend their own money when incurring expenses on behalf of your firm. The corporation must refund them for these payments quickly and in full, both morally and legally. However, This does not imply that employees are entitled to repayment for every payment they make. Set explicit standards …
What are the Key changes in new ITR Forms 3, 4, 5, 6 and 7? CBDT has notified ITR Forms 1, 2 and 4S. However, after representations received from various stakeholders, the CBDT came out with simplified version of ITR forms 1, 2, 2A and 4S. Now the CBDT has notified the remaining ITR forms, Forms 3, 4, 5, 6 …