Income Tax Bill 2025: Concept of Indian citizen-deemed residency Meaning of deemed residency: The introduction of a new Resident but Not Ordinary Resident category aims to strike a balance between preventing tax avoidance and ensuring preferential tax treatments are still available in certain cases. The Income Tax Bill 2025 retaining the deemed residency clause from the …
FAQs related to Tax Residency Certificate: Do I need a Tax Residency Certificate to get tax treaty benefits, and can I be denied these benefits if I don’t have a TRC? Yes, a TRC is mandatory to claim tax treaty benefits under Section 90(4) / 90A(4) of the Income Tax Act. Without it, you may …
Overview on International Financial Services Centre in GIFT City An International Financial Services Centre (IFSC) is a jurisdiction that caters to customers outside the domestic economy, dealing with the flow of finance, financial products, and services across borders. The Gujarat International Finance Tec-City (GIFT City) is India’s first IFSC, located in Gandhinagar, Gujarat. NRIs and …
What is a Foreign Tax Credit (FTC)? A Foreign Tax Credit (FTC) is a provision that allows residents to claim a credit against their Indian tax liability for income taxes paid abroad on income that is subject to double taxation. This credit helps mitigate the impact of double taxation on the same income by providing …
How to Obtain a Tax Residency Certificate (TRC): A Tax Residency Certificate (TRC) is essential for determining treaty benefits under DTAA. It provides conclusive evidence of a taxpayer’s residency status and eligibility for tax relief and benefits specified in the tax treaties. By submitting a valid TRC, taxpayers can ensure they are not subjected to …
How you’re taxed when you are: The resident person on a foreign temporary assignment: Rohit worked for four months out of Singapore on a temporary assignment and received during that time in Singaporean dollars. He has attributed this income to a bank account here in India. He has now returned home. How does he file …
How to make the Application for NIL/Lower deduction certificate Form No. 13 can be used to submit an application for the issuance of a Nil or Lower TDS certificate. Such a form may be submitted electronically using an electronic verification code or a digital signature. To apply for this certificate, you must have PAN. Modified …
Non-residents may electronically submit Income Tax Form 10F without needing a Permanent Account Number if they are not required to have one. The CBDT required electronic filing of Form 10F in a notification dated July 16, 2022. From October 1st, 2023, non-residents who did not have a permanent account number or were exempt from having …
For Firm & Co if they were involved in a transaction listed under Rule 114B they must file Form 60. Non-residents & foreign businesses are not required to provide a permanent account number When opening a bank account in IFSC Gift City instead, a declaration is necessary. A declaration in Income Tax Form 60 must …
FAQS on NRI Taxation Under Income Tax Act Q. : Are there any provisions under which NRIs are provided any refund of tax in India? In India, where the NRIs pays any amount of TDS in a financial year, and at the time of filing their ITR, their tax liability comes to be lower than …