When businesses or individuals transfer money abroad, they are doing more than sending money out of India. Tax authorities are on guard to see that the correct amount of taxes is collected and that no money is transferred without obeying the law in this context, two forms are particularly important: Form 15CA and Form 15CB. To…
Tax authorities can reassess a person or a company in case they have reason to believe that there is unreported income. If new information reveals that income has eluded taxation, tax officers are empowered to serve a notice of reassessment under Section 148 of the Income Tax Act. The function of an income tax reassessment 148…
From a legal perspective, when individuals and businesses get a lawsuit settlement, it is important to know the tax regulations. Of all the basic types of settlements, product liability settlements are likely to have special tax features. The taxes applicable on the lawsuit settlement can change the amount received considerably, therefore it’s important to understand…
Introduction As per section 206C of the Income Tax Act 1961 (“the Act”), Tax Collected at Source (“TCS”) is a tax that sellers collect from buyers at the time of sale of specified goods. The applicable TCS compliances are: Collection & Payment: TCS needs to be collected by seller from the buyer at the time of…
Facing a tax inquiry before assessment under Section 162 can make the taxpayers nervy owing to the paucity of facts and lack of understanding about the tax laws. Moreover, the scrutiny under the section 162 also involves the scrutiny of financial records, transactions, and tax filings. Nevertheless, this overwhelming situation could still be steered clear…
The process of filing or even gauging the various tax clauses can be baffling to a lot of individuals; it might be even more confusing especially when dealing with international transactions. Thus, the taxation system has streamlined the process with the introduction of the 15CB tax form, which plays a crucial role in ensuring compliance…
In a bustling metropolis, managing your taxes can feel like a maze of regulations and paperwork. This is where a tax consultant becomes your guiding light through the complex terrain of taxation. Whether you’re an individual taxpayer or a business owner, their expertise can make a significant difference, saving you time, money, and stress. Tax…
Completing and filing the 15CA form can be confusing and time-consuming, especially for those without expertise in tax matters. But with the help of a tax consultant, you can make the process much more manageable and straightforward. Filing the 15CA form is essential to pay a foreign entity, as it ensures that the payment complies…
Form 15CB is a critical document required under the Indian Income Tax Act and its regulations, used to calculate the tax liability on income earned from outside India. As a business owner, it’s vital to clearly understand Form 15CB and the role a tax consultant can play in helping you comply with this form. Form…
The Indian Prime Minister Mr. Narendra Modi has rolled out a scheme to incentivize honest taxpayers on 13.08.2020 via video conference,entitled “Transparent Taxation – Honoring the Honest”. Recently, several initiatives have been taken by the Central Board of Direct Taxes (CBDT) for bringing in efficiency and transparency in the functioning of the income tax department….
