Key Takeaways
Understanding on:-
• Tax implication on NRI selling property in India
• FEMA implications
• Impact of TDS
• Application for lower or no withholding of TDS
Key Takeaways
Maintenance of bank accounts by liquidator in case of winding up
Manner of depositing unpaid dividend & undistributed assets to Company Liquidation Dividend and Undistributed Assets Account
Summary procedure for liquidation
Power of Tribunal to declare dissolution as void
Dissolution Order
What are the salient features of CFSS, 2020 and LLP Settlement Scheme, 2020?DVSResearchFoundatio
OBJECTIVE
In order to make a fresh start on a clean state, Ministry of Corporate Affairs (MCA) vide circulars issued in March, 2020 has taken certain alleviative measures by introducing the Companies Fresh Start Scheme, 2020. Further, to promote ease of doing business, MCA has given relaxation in additional fees with respect to filing of pending documents with MCA by defaulting LLPs by introducing LLP Settlement Scheme, 2020. These Schemes act as relief to defaulting Companies / LLPs by mitigating their financial burden and giving them an opportunity to make a fresh start. In this webinar, we shall understand the salient features of these Schemes including their objective, applicability and the effect of immunity.
Impact due to change in residential status - FEMA perspectiveDVSResearchFoundatio
Key Takeaways:
Various bank accounts
ODI and FDI investments
Property held in India and Outside India
Loan transactions
Demat, Insurance policies and PPF accounts
Appointment of Registered Valuer under the Companies Act, 2013DVSResearchFoundatio
This document provides an overview of the appointment of registered valuers under the Companies Act 2013 in India, including:
- When valuation is required under the Act for various corporate actions like mergers, preferential shares issuance, etc.
- The eligibility requirements to become a registered valuer, including qualifications, experience, and passing a valuation examination.
- The process for applying for and obtaining a certificate of registration from the authority (currently IBBI), and the ongoing conditions of registration.
- Requirements for how valuations must be conducted, including following valuation standards and what must be included in valuation reports.
- Provisions for temporary surrender of registration and transitional arrangements for existing valuers to obtain registration
Managerial Remuneration under Companies Act and SEBI (LODR) RegulationsDVSResearchFoundatio
Key Takeaways:
Limits prescribed under Companies Act, 2013
Procedural aspects and provisions of Schedule V
Relaxation of provisions for certain companies
Recent amendments in SEBI (LODR) Regulations
FEMA Regulations for Incorporation of WOS/JV/ Step-down Subsidiary outside IndiaDVSResearchFoundatio
Key Takeaways:
Acquisition of JV/WOS by Indian parties
Approvals required for investment in JV/WOS by Indian parties
Understanding step-down subsidiary
Setting up step-down subsidiary outside India and reporting procedures involved
Key Takeaways:
Appointment of directors under Singapore Companies Act
Disqualifications of directors
Powers and duties of directors
Removal and resignation of directors
Key Takeaways
Maintenance of bank accounts by liquidator in case of winding up
Manner of depositing unpaid dividend & undistributed assets to Company Liquidation Dividend and Undistributed Assets Account
Summary procedure for liquidation
Power of Tribunal to declare dissolution as void
Dissolution Order
What are the salient features of CFSS, 2020 and LLP Settlement Scheme, 2020?DVSResearchFoundatio
OBJECTIVE
In order to make a fresh start on a clean state, Ministry of Corporate Affairs (MCA) vide circulars issued in March, 2020 has taken certain alleviative measures by introducing the Companies Fresh Start Scheme, 2020. Further, to promote ease of doing business, MCA has given relaxation in additional fees with respect to filing of pending documents with MCA by defaulting LLPs by introducing LLP Settlement Scheme, 2020. These Schemes act as relief to defaulting Companies / LLPs by mitigating their financial burden and giving them an opportunity to make a fresh start. In this webinar, we shall understand the salient features of these Schemes including their objective, applicability and the effect of immunity.
Impact due to change in residential status - FEMA perspectiveDVSResearchFoundatio
Key Takeaways:
Various bank accounts
ODI and FDI investments
Property held in India and Outside India
Loan transactions
Demat, Insurance policies and PPF accounts
Appointment of Registered Valuer under the Companies Act, 2013DVSResearchFoundatio
This document provides an overview of the appointment of registered valuers under the Companies Act 2013 in India, including:
- When valuation is required under the Act for various corporate actions like mergers, preferential shares issuance, etc.
- The eligibility requirements to become a registered valuer, including qualifications, experience, and passing a valuation examination.
- The process for applying for and obtaining a certificate of registration from the authority (currently IBBI), and the ongoing conditions of registration.
- Requirements for how valuations must be conducted, including following valuation standards and what must be included in valuation reports.
- Provisions for temporary surrender of registration and transitional arrangements for existing valuers to obtain registration
Managerial Remuneration under Companies Act and SEBI (LODR) RegulationsDVSResearchFoundatio
Key Takeaways:
Limits prescribed under Companies Act, 2013
Procedural aspects and provisions of Schedule V
Relaxation of provisions for certain companies
Recent amendments in SEBI (LODR) Regulations
FEMA Regulations for Incorporation of WOS/JV/ Step-down Subsidiary outside IndiaDVSResearchFoundatio
Key Takeaways:
Acquisition of JV/WOS by Indian parties
Approvals required for investment in JV/WOS by Indian parties
Understanding step-down subsidiary
Setting up step-down subsidiary outside India and reporting procedures involved
Key Takeaways:
Appointment of directors under Singapore Companies Act
Disqualifications of directors
Powers and duties of directors
Removal and resignation of directors
What are the post listing compliance norms for SME entities?DVSResearchFoundatio
The document summarizes post-listing compliance norms for small and medium enterprises (SMEs) listed on SME exchanges in India. It discusses requirements for further capital issues, green shoe options, migration to the main board, further public offerings, and mandatory and voluntary disclosures. Key requirements include making full disclosures for further issues, obtaining shareholder approval for green shoe options, complying with eligibility criteria for migration, and submitting regular financial disclosures and statements on the use of IPO proceeds.
The document discusses the provisions related to cross border mergers under the Companies Act 2013 and FEMA regulations. It provides details about inbound and outbound mergers, valuation requirements, deemed approval process, reporting obligations and income tax implications. Key highlights include:
- Cross border mergers can involve an Indian company merging with a foreign company or vice versa.
- The foreign company jurisdiction needs to be specified in Annexure B of Rule 25A of the Companies Act.
- Valuation of the companies needs to be done according to internationally accepted principles by qualified valuers.
- Certain transactions and asset/liability transfers are permitted to facilitate the merger while ensuring compliance with FEMA regulations.
- Capital gains tax exemptions for transfer of assets
Key Takeaways:
Appointment of auditors under Singapore Companies Act
Exemption from auditors' appointment
Powers and duties of auditors
Remuneration of auditors
Resignation and removal of auditors
Key Takeaways:
Recent amendment in FDI policy for foreign investment
Ambiguities relating to the amendment
Probable impact of the changes in the policy
Overview of other countries' rule for strategic takeovers
WTO principles and inference
The document discusses various methods for funding investments in joint ventures (JVs) and wholly owned subsidiaries (WOS) abroad by Indian companies. It outlines that investments can be funded through foreign exchange reserves, export proceeds, equity swaps, external commercial borrowings, depository receipts, and balances in exchange earners' foreign currency accounts. The capitalization of export proceeds and other dues to invest in overseas JVs/WOS within prescribed timelines is also permitted. Indian companies can invest in overseas equities and rated debt instruments up to a certain percentage of their net worth. The acquisition of a foreign company through a bidding process is also discussed.
The presentation shall dwell upon the importance of Double taxation avoidance agreement and purpose of certificate of residence(COR).
The event would also throw light on what is COR, benefits of COR, eligibility of obtaining of COR, requisite documents and procedures for obtaining the same. Lastly, webinar would emphazise the importance of limitation of benefit clause in DTAA
Key Takeaways:
Analysing the provisions of Sec 6
Recent budget amendments of Finance Act, 2020
Residency provisions under DTAA
Illustrations and Judicial Precedents
Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill...DVSResearchFoundatio
The document summarizes key amendments proposed in the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020 relating to direct tax provisions in India. Some key amendments include providing tax incentives to Category-III Alternative Investment Funds located in International Financial Services Centres, reducing the surcharge on dividend income for Foreign Portfolio Investors, clarifying provisions related to residential status, extending timelines related to the Vivad se Vishwas scheme for settling tax disputes, and introducing faceless assessment schemes for various tax proceedings. The Bill also proposes some other miscellaneous amendments related to exemptions, penalties, and powers of tax authorities.
SEBI (LODR) Regulations, 2015- Obligations on listing of NCDs / NCRPs - Part IIDVSResearchFoundatio
Key Takeaways:
- Intimations to debenture trustees / holders of NCDs and NCRPs
- Structure / terms of NCDs and NCRPs
- Record date
- Functional Website
Objectives & Agenda :
One of the charitable forms of organisation is Trust. It is generally formed for the benefit of public at large (public charitable trusts) or for a specified group of persons (private trusts). Formation of trusts is governed by different legislations and involves various registrations under several Acts. The webinar dwells upon the aspects of formation of trust under relevant legislations, various types of trusts, registration of trusts, taxation of trusts and other relevant aspects of management of trust.
Key Takeaways:
Restrictions on allotment and commencement of business
Allotment of shares by private and public companies
Rights and powers attaching shares
Issue of shares with differential voting rights
What are the key elements of the companies (amendment) bill, 2020DVSResearchFoundatio
The document summarizes key proposed amendments to the Companies Act 2013 in India based on recommendations to decriminalize certain offenses. Some key points:
- It proposes to decriminalize certain offenses that do not involve larger public interest by removing imprisonment and relaxing penalties.
- It empowers the central government to exempt certain classes of companies from the definition of "listed company".
- It reduces timelines for rights issues to speed them up and provides exemptions to certain classes of companies from filing certain resolutions.
- It allows companies with CSR spending obligations up to Rs. 50 lakhs to not constitute a CSR committee and allows eligible companies to set off excess CSR spending against future obligations.
SEBI (LODR) – Obligations on listing of specified securities / NCDs / NCRPS /...DVSResearchFoundatio
The document discusses the obligations of listed entities on Indian stock exchanges that have listed specified securities such as non-convertible debentures (NCDs), non-convertible redeemable preference shares (NCRPs), or Indian depository receipts (IDRs). It outlines disclosure requirements for material events, financial results, annual reports, and corporate governance practices. It also describes the process for issuing IDRs and the general obligations of listed entities with respect to providing information to IDR holders.
Establishing foreign branches abroad by indian companyVineeth T
Setting up a branch office abroad involves several steps and requirements. An Indian company can establish a branch office outside India to conduct normal business activities. The key steps include obtaining board approval, appointing an authorized representative, opening a bank account, and filing required forms and applications with the RBI through an Authorized Dealer along with supporting documents. The branch office must promptly report bank account details to the Indian company's banker and repatriate any profits to India. Specific requirements may apply depending on the host country location of the branch office.
OBJECTIVE
In the present era of cross-border transactions across the globe, the effect of taxation is one of the important considerations for any trade and investment decisions in other countries. Where a taxpayer is resident in one country but has a source of income situated in another country it gives rise to possible double taxation, to address the same Double Taxation Avoidance Agreements (DTAAs) are entered between countries. In this webinar, we shall understand and analyse the DTAA entered by India-UAE.
NRI - Finance Act 2020 - Implications for NRIsTilak Agarwal
Finance Act 2020 has amended Residency rule for Indian citizens and PIOs, and has also introduced citizenship based tax in India. The implications of such amendment in direct tax law has been captured here along with benefits from elimination of DDT.
This document discusses Form 15 CB/15 CA and provides guidance on properly completing and using these forms.
It begins by outlining the target audience for the discussion, which includes professionals looking to start or expand their practice in this area as well as those without much experience.
The presentation then covers the key takeaways, which are understanding the objective and importance of Form 15 CB and 15 CA, the procedures and processes for implementation, how to determine the nature of remittances, understanding chargeability under the Income Tax Act and DTAAs, and how to protect one's own and client's interests.
It emphasizes the growing importance of Form 15 CA/CB due to increased cross-border payments, revenue
What are the post listing compliance norms for SME entities?DVSResearchFoundatio
The document summarizes post-listing compliance norms for small and medium enterprises (SMEs) listed on SME exchanges in India. It discusses requirements for further capital issues, green shoe options, migration to the main board, further public offerings, and mandatory and voluntary disclosures. Key requirements include making full disclosures for further issues, obtaining shareholder approval for green shoe options, complying with eligibility criteria for migration, and submitting regular financial disclosures and statements on the use of IPO proceeds.
The document discusses the provisions related to cross border mergers under the Companies Act 2013 and FEMA regulations. It provides details about inbound and outbound mergers, valuation requirements, deemed approval process, reporting obligations and income tax implications. Key highlights include:
- Cross border mergers can involve an Indian company merging with a foreign company or vice versa.
- The foreign company jurisdiction needs to be specified in Annexure B of Rule 25A of the Companies Act.
- Valuation of the companies needs to be done according to internationally accepted principles by qualified valuers.
- Certain transactions and asset/liability transfers are permitted to facilitate the merger while ensuring compliance with FEMA regulations.
- Capital gains tax exemptions for transfer of assets
Key Takeaways:
Appointment of auditors under Singapore Companies Act
Exemption from auditors' appointment
Powers and duties of auditors
Remuneration of auditors
Resignation and removal of auditors
Key Takeaways:
Recent amendment in FDI policy for foreign investment
Ambiguities relating to the amendment
Probable impact of the changes in the policy
Overview of other countries' rule for strategic takeovers
WTO principles and inference
The document discusses various methods for funding investments in joint ventures (JVs) and wholly owned subsidiaries (WOS) abroad by Indian companies. It outlines that investments can be funded through foreign exchange reserves, export proceeds, equity swaps, external commercial borrowings, depository receipts, and balances in exchange earners' foreign currency accounts. The capitalization of export proceeds and other dues to invest in overseas JVs/WOS within prescribed timelines is also permitted. Indian companies can invest in overseas equities and rated debt instruments up to a certain percentage of their net worth. The acquisition of a foreign company through a bidding process is also discussed.
The presentation shall dwell upon the importance of Double taxation avoidance agreement and purpose of certificate of residence(COR).
The event would also throw light on what is COR, benefits of COR, eligibility of obtaining of COR, requisite documents and procedures for obtaining the same. Lastly, webinar would emphazise the importance of limitation of benefit clause in DTAA
Key Takeaways:
Analysing the provisions of Sec 6
Recent budget amendments of Finance Act, 2020
Residency provisions under DTAA
Illustrations and Judicial Precedents
Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill...DVSResearchFoundatio
The document summarizes key amendments proposed in the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020 relating to direct tax provisions in India. Some key amendments include providing tax incentives to Category-III Alternative Investment Funds located in International Financial Services Centres, reducing the surcharge on dividend income for Foreign Portfolio Investors, clarifying provisions related to residential status, extending timelines related to the Vivad se Vishwas scheme for settling tax disputes, and introducing faceless assessment schemes for various tax proceedings. The Bill also proposes some other miscellaneous amendments related to exemptions, penalties, and powers of tax authorities.
SEBI (LODR) Regulations, 2015- Obligations on listing of NCDs / NCRPs - Part IIDVSResearchFoundatio
Key Takeaways:
- Intimations to debenture trustees / holders of NCDs and NCRPs
- Structure / terms of NCDs and NCRPs
- Record date
- Functional Website
Objectives & Agenda :
One of the charitable forms of organisation is Trust. It is generally formed for the benefit of public at large (public charitable trusts) or for a specified group of persons (private trusts). Formation of trusts is governed by different legislations and involves various registrations under several Acts. The webinar dwells upon the aspects of formation of trust under relevant legislations, various types of trusts, registration of trusts, taxation of trusts and other relevant aspects of management of trust.
Key Takeaways:
Restrictions on allotment and commencement of business
Allotment of shares by private and public companies
Rights and powers attaching shares
Issue of shares with differential voting rights
What are the key elements of the companies (amendment) bill, 2020DVSResearchFoundatio
The document summarizes key proposed amendments to the Companies Act 2013 in India based on recommendations to decriminalize certain offenses. Some key points:
- It proposes to decriminalize certain offenses that do not involve larger public interest by removing imprisonment and relaxing penalties.
- It empowers the central government to exempt certain classes of companies from the definition of "listed company".
- It reduces timelines for rights issues to speed them up and provides exemptions to certain classes of companies from filing certain resolutions.
- It allows companies with CSR spending obligations up to Rs. 50 lakhs to not constitute a CSR committee and allows eligible companies to set off excess CSR spending against future obligations.
SEBI (LODR) – Obligations on listing of specified securities / NCDs / NCRPS /...DVSResearchFoundatio
The document discusses the obligations of listed entities on Indian stock exchanges that have listed specified securities such as non-convertible debentures (NCDs), non-convertible redeemable preference shares (NCRPs), or Indian depository receipts (IDRs). It outlines disclosure requirements for material events, financial results, annual reports, and corporate governance practices. It also describes the process for issuing IDRs and the general obligations of listed entities with respect to providing information to IDR holders.
Establishing foreign branches abroad by indian companyVineeth T
Setting up a branch office abroad involves several steps and requirements. An Indian company can establish a branch office outside India to conduct normal business activities. The key steps include obtaining board approval, appointing an authorized representative, opening a bank account, and filing required forms and applications with the RBI through an Authorized Dealer along with supporting documents. The branch office must promptly report bank account details to the Indian company's banker and repatriate any profits to India. Specific requirements may apply depending on the host country location of the branch office.
OBJECTIVE
In the present era of cross-border transactions across the globe, the effect of taxation is one of the important considerations for any trade and investment decisions in other countries. Where a taxpayer is resident in one country but has a source of income situated in another country it gives rise to possible double taxation, to address the same Double Taxation Avoidance Agreements (DTAAs) are entered between countries. In this webinar, we shall understand and analyse the DTAA entered by India-UAE.
NRI - Finance Act 2020 - Implications for NRIsTilak Agarwal
Finance Act 2020 has amended Residency rule for Indian citizens and PIOs, and has also introduced citizenship based tax in India. The implications of such amendment in direct tax law has been captured here along with benefits from elimination of DDT.
This document discusses Form 15 CB/15 CA and provides guidance on properly completing and using these forms.
It begins by outlining the target audience for the discussion, which includes professionals looking to start or expand their practice in this area as well as those without much experience.
The presentation then covers the key takeaways, which are understanding the objective and importance of Form 15 CB and 15 CA, the procedures and processes for implementation, how to determine the nature of remittances, understanding chargeability under the Income Tax Act and DTAAs, and how to protect one's own and client's interests.
It emphasizes the growing importance of Form 15 CA/CB due to increased cross-border payments, revenue
This document discusses taxation provisions for non-resident Indians (NRIs). It defines an NRI as an individual who is a citizen of India or person of Indian origin who is not a resident as per the Income Tax Act. Residential status is important for determining the scope of income taxable and availability of tax concessions. For NRIs, income earned in India from employment, house property, capital gains and other sources is taxable in India. Special provisions provide preferential tax rates for investment income and long-term capital gains from specified foreign exchange assets if reinvested in India. To claim relief under double taxation avoidance agreements, NRIs must obtain a tax residency certificate from their country of residence.
This document discusses the rules for mandatory and voluntary registration under GST. It outlines the threshold limits for registration, which is aggregate turnover exceeding Rs. 20 lacs or Rs. 10 lacs as applicable. It also lists other scenarios where registration is mandatory even if threshold limit is not crossed, such as inter-state supplies. The process for registration, amendment, cancellation and suo moto registration by the department is also described. Key points like common registration structure, effect of cancellation and procedure for revocation of cancellation order are highlighted.
Application for Lower/No Withholding of Tax: Sec 195 (2) & (3)DVSResearchFoundatio
Objectives & Agenda :
To understand the process involved in making an Application to Assessing Officer for Lower withholding in case of payments to non-residents by the Payer [Sec 195(2)] or the request by the recipient for No withholding [Sec 195(3)]. We shall also look at procedural aspects involved and relevant caveats to be kept in mind.
This document provides an overview of different types of taxes in India including direct taxes like income tax, wealth tax, and property tax as well as indirect taxes like sales tax, excise duty, customs duty, and service tax. It discusses income from different sources like salary, house property, business/profession, and capital gains. It also covers topics like PAN requirements, tax planning and precautions for senior citizens and NRIs. Common tax planning tips are provided along with information about the Annual Information Report submitted by specified entities on high value transactions.
The document outlines the procedures for tax deduction at source (TDS) under the Goods and Services Tax (GST) in India, including that certain government agencies and departments must deduct a 1% tax when making purchases over 250,000 rupees. It provides details on filing returns for the deducted tax, issuing tax deduction certificates to suppliers, and penalties for non-compliance with TDS obligations. Exemptions to TDS include when the supply value is below the threshold or involves exempted goods and services.
The document outlines the procedures for tax deduction at source (TDS) under the Goods and Services Tax (GST) in India, including that certain government agencies and departments must deduct a 1% tax when making purchases over Rs. 2.5 lakh, and that the deducted taxes must be paid to the central or state government and filed in monthly returns by the 10th of the following month along with certificates provided to suppliers. Non-compliance with TDS requirements, such as failure to deduct, file returns, or pay deducted taxes can result in financial penalties.
The document outlines the procedures for tax deduction at source (TDS) under the Goods and Services Tax (GST) in India, including that certain government agencies and departments must deduct a 1% tax when making purchases over Rs. 2.5 lakh, and that the deducted taxes must be paid to the central or state government and filed in monthly returns by the 10th of the following month along with certificates provided to suppliers. Non-compliance with TDS procedures, such as failure to deduct, file returns, or pay deducted taxes can result in financial penalties.
This document provides an overview of key Indian income tax rates, rules, and compliance requirements for the assessment years 2022-23 and 2023-24. It summarizes tax rates for individuals, HUFs, companies, cooperative societies, and local authorities. It also outlines rules regarding residential status, scope of total income, advance tax payments, taxes deducted at source (TDS), and presumptive taxation schemes. The document is intended to help taxpayers and tax professionals understand India's personal and corporate income tax system.
Tax refund includes refund of tax on goods and/or services exported out of India or on inputs or input services used in the goods and/or services which are exported outside India, or refund of tax on the supply of goods regarded as deemed exports, or refund of unutilized input tax credit as provided under section 38(2).
This document provides an overview of direct tax implications in India for companies looking to do business in the country. It discusses key aspects like the scope of taxable income for resident and non-resident companies, applicable corporate tax rates, considerations around dividend income, minimum alternate tax, and other tax obligations. The document also covers indirect tax implications and specifics of the taxation system relevant for non-resident entities operating in India.
This document provides an overview of Sections 1-17 of the Income Tax Act of 1961 as amended by the Finance Act of 2013. It begins with background information on nationality, citizenship and types of persons under the act. It then summarizes key points about determining residential status for individuals, HUFs, firms/AOPs/LLPs and companies. Several sections are summarized including income deemed to accrue in India, special provisions for newly established units in SEZs and meanings of terms like computer programs. Conditions for tax exemption of trusts and institutions are also outlined.
Article is about when to apply GST Refund when goods or services are exported out of India. Legal provisions for process of GST refund scheme. GST is a destination based consumption tax where in the levy of tax moves along with goods and /or services.where a goods exporter is not in position to utilize the GST paid in inputs such as raw material , inputs etc. which are used for export of goods shall apply for refund of GST paid by goods exporter. By taking GST Refund Exporter of Goods can increase its business working capital.
This document provides an overview of key economic indicators and tax reforms in India. It discusses GDP growth rates, fiscal deficit, foreign exchange reserves, and inflation rates. It also summarizes recent changes to direct taxes like corporate tax rates, thin capitalization rules, and the introduction of GAAR. International tax reforms regarding place of effective management, indirect transfers, and secondary adjustments are also covered at a high level.
The document discusses refunds under the CGST Act. It states that refunds shall be allowed for tax paid on supplies where invoices have not been issued, tax paid but not passed on to others, and unutilized input tax credit. Refund of input tax credit is allowed for zero-rated supplies or when input tax rate is higher than output tax rate. The process for claiming refund requires filing form GST RFD-01 within two years along with supporting documents. Refunds must be granted within 60 days, with interest for delays. Provisional refund of 90% is allowed for zero-rated supplies pending final settlement.
#Comprehensive Guide on TDS Under GST# By SN PanigrahiSN Panigrahi, PMP
#Comprehensive Guide on TDS Under GST# By SN Panigrahi,
Essenpee Business Solutions,
Tax Deducted at Source, GST,
Government or Local Authorities,
PSU Contracts,
- GST refunds are available if a taxpayer has paid more GST than owed through excess tax payments, input tax credits, or other qualifying situations.
- To claim a refund, the taxpayer must file an electronic application in FORM GST RFD-01 along with supporting documents like invoices and statements. For refunds over Rs. 2 lakhs, an accountant certificate is required.
- The time limit to claim a GST refund is generally two years from the date of payment, export, or other relevant event. Specific dates and processes apply for different refund-eligible situations like exports, court orders, exports of services, and more.
Similar to Implications and Procedures for NRI Selling Property in India and Remittance Outside India (20)
SCRAPPING OF RETRO TAX PROVISIONS : A REVIVAL OF OVERSEAS INTEREST IN INDIADVSResearchFoundatio
The document summarizes the scrapping of retroactive tax provisions in India. It provides background on retroactive taxation laws introduced in 2012 in response to court rulings. It analyzes prominent cases like Vodafone and Cairn Energy that challenged the retroactive taxes under bilateral investment treaties. The Taxation Laws Amendment Act of 2021 was passed to scrap these retroactive provisions and provide tax refunds to affected companies like Cairn Energy. The act aims to improve India's reputation as an investment destination and revive interest from foreign investors.
Key Takeaways: - Analysis of section 45(4), section 9B of the Income Tax Act...DVSResearchFoundatio
Key Takeaways:
- Analysis of section 45(4), section 9B of the Income Tax Act and Rule 8AA and Rule 8AB of Income Tax Rules
- Illustrations to understand the relevant impact
- Critical Issues concerned with the provisions
Key Takeaways:
- Facts of the case
- Issues and Orders of the case
- Contention of the parties
- Observations by Honourable Supreme Court
- Conclusions
Key Takeaways:
- Facts of the case
- Issues and Orders of the case
- Contention of the parties
- Observations by Honourable Supreme Court
- Conclusions
FALLACIOUS DISREGARDING OF TRANSACTIONS THAT RESULT IN A TAX BENEFIT TO THE A...DVSResearchFoundatio
Key Takeaways:
- Facts of the case
- AO's contention
- Ruling of CIT(A) and issues for consideration of the ITAT
- Observations of ITAT
- Final Ruling
- Way Forward
ALLOWABILITY OF OUTSTANDING INTEREST CONVERTED INTO DEBENTURES AS AN EXPENSE ...DVSResearchFoundatio
The Supreme Court ruled that the conversion of outstanding interest into debentures by the assessee company qualified for deduction under Section 43B of the Income Tax Act. The conversion was done under a rehabilitation plan agreed with institutional creditors to extinguish the interest liability. The Court observed that Section 43B was not meant to affect bona fide transactions, and debentures were different than loans/borrowings under Explanation 3C. It set aside the High Court's decision and allowed the assessee's claim for deduction, noting the conversion was an actual payment of interest rather than postponing the liability.
Key Takeaways:
- Facts of the case
- Issues and Orders
- Contention of the parties
- Observations of Honourable Supreme Court
- Conclusion and way forward
This document outlines the process and documentation required for an SME to obtain an in-principle approval for an initial public offering (IPO) listing on the National Stock Exchange of India (NSE). It details the documents required to be submitted on T+2, T+3, T+4, and T+5 days from the date of in-principle approval to finalize the listing. These include annual reports, board resolutions, shareholding details, basis of allotment, post-issue shareholding pattern, and confirmation from issuers, merchant bankers, and statutory auditors. It also provides information on NEAPS platform registration and payment of processing and annual listing fees.
1) Prior to listing on an SME exchange, a company must file an offer document with SEBI and the relevant stock exchange and appoint qualified intermediaries like lead managers, registrars, and syndicate members.
2) The company must make required disclosures in the offer document and the lead manager must conduct due diligence on these disclosures.
3) After filing the offer document, the company must price the issue, keep the issue open for subscription for at least 3 days, and ensure the issue is underwritten and market making arrangements are in place.
This document outlines the criteria for Small and Medium Enterprises (SMEs) to list on the SME platforms of the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) in India. The key eligibility criteria are a positive net worth, a track record of at least 3 years of operations, and operating profits over the last 2-3 years. Additional disclosure requirements include details on directors, regulatory actions, litigation status, and defaults. SMEs listed can later migrate to the main board of the exchanges if they meet certain criteria like company size and track record. As of now, over 220 companies are listed on NSE's SME platform and over 100 have migrated from BSE's SME platform
Key Takeaways:
- Background and Overview of Legal Provision
- Facts of the Case
- Contentions of the Assessee and Revenue
- Supreme Court’s Verdict
- Key Learnings and Way Forward
An Indian individual seeks to incorporate a company in Singapore. The process involves obtaining name approval, determining the company structure as a private or public company, appointing directors and other key personnel, selecting a registered office address, and drafting a company constitution. Once incorporated, the new company can open a Singapore bank account and obtain a tax residency certificate. Indian regulations allow for foreign direct investment through the automatic route or approval route depending on the amount and financial commitment. The entire incorporation process can be completed quickly online but setting up documents may take a few days.
AUTOMATIC VACATION OF STAY GRANTED BY TRIBUNALDCIT v. PEPSI FOODS LTD. [2021]...DVSResearchFoundatio
Key Takeaways:
- Background and Overview of Legal Provision
- Facts of the Case
- Contentions of the Assessee and Revenue
- Supreme Court’s Verdict
- Key Learnings and Way Forward
Commissioner of income tax-iv.reliance energy ltd.[2021] 127 taxmann.com 69(sc)DVSResearchFoundatio
The Supreme Court ruled that deductions under Section 80-IA of the Income Tax Act can be adjusted against income from other sources, not just business income.
The Revenue Department had argued that Section 80-IA(1) limits deductions to only business income based on the phrase "derived from". However, the Supreme Court observed that Section 80-IA(5) deals only with computing the deduction amount, not limiting it.
The ruling allows eligible businesses to set off Section 80-IA and similar deductions against any head of income, not just profits and gains from business, subject to the overall gross total income limit. This provides tax relief to companies with other sources of income.
Part 2 Deep Dive: Navigating the 2024 Slowdownjeffkluth1
Introduction
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3. Legends used in the Presentation
AO Assessing Officer
CGDS Capital Gains Deposit Scheme
DTAA Double Taxation Avoidance Agreement
ITA Income Tax Act, 1961
NRE Non-Resident External
NRI Non Resident Indian
NRO Non-Resident Ordinary
PY Previous Year
RBI Reserve Bank of India
TDS Tax Deducted at Source
4. Presentation Schema
Power to Levy Tax
Implications under
DTAA
Applicable Tax Rates
Exemptions Withholding of Tax Form 15CA & 15CB
Relevant
Considerations
Implications under
FEMA
Judicial Precedents
6. Power to Levy Tax on NRI for Transfer of
Immovable Property
NRI means a person resident outside India who is a citizen of India
For example, Mr. T a citizen of India works in Microsoft Corporation, Washington. He is an NRI
Scope of Total Income – Sec 5 of ITA
The total income of any PY for a person who is a NRI includes all income from whatever source derived which
is received or is deemed to be received in India in such year by or on behalf of such person or
accrues or arises or is deemed to accrue or arise to him in India during such year
Income deemed to accrue or arise in India – Sec 9 of ITA
Incomes shall be deemed to accrue or arise in India whether directly or indirectly through or from
Any property in India
Any asset in India
Transfer of a capital asset situated in India
The above-mentioned sections empowers ITA to levy tax on NRI on transfer of
immovable property in India
7. Implication under DTAA
Double Taxation Avoidance Agreement is a mutual agreement between two countries which decides on
the applicable tax on NRIs in case of inter-country transaction
DTAA ensures there is no double taxation for a given transaction
India follows UN convention model of DTAA, whereby it states that gains derived by a resident of a
Contracting State from the transfer of immovable property and situated in the other Contracting
State may be taxed in that other State
Thus, for a non-resident, capital gains arising on sale of immovable property in India shall be taxable in
India as per the tax laws in India
8. Applicable Tax Rates
Particulars STCG LTCG
Period of Holding 2 years or less More than 2 years
Computation Mechanism Same as resident
Transfer expenses Allowed as deduction
Indexation benefit for cost of
acquisition and improvement Not available Available
Tax Slab rates 20%
Exemptions from capital gains* Not available Available
TDS**
Rates in force
Non-availability of PAN – 20% if
applicable rate lower than 20%,
otherwise applicable rate
Rates in force
Non-availability of PAN – 20% if
applicable rate lower than 20%,
otherwise applicable rate
**If the rates prescribed for taxation of capital gains in the DTAA are less than the
20% rate or the slab rate, then tax will be deducted at that rate
*Common forms of exemption are explained in subsequent slide
9. Particulars Section 54 Section 54F Section 54EC
Assessee Individual non-residents Individual non-residents Any non-resident
Assets being sold Residential property
Any asset other than residential
property Any immovable property
Nature Long term Long term Long term
Nature of investment
1 Residential property in
India. assessee shall have
an option to invest in two
residential houses situated in
India if the capital gain does
not exceed 2 crores. This
option can be availed only
once in a lifetime. 1 Residential property in India
NHAI or RECL or other
specified bonds, redeemable
after 5 years
Time period
Purchase within 1 year before
the sale or 2 years after the sale
or construct within 3 years after
the sale
Purchase within 1 year before
the sale or 2 years after the sale
or construct within 3 years after
the sale
Within 6 months from the
date of transfer
Quantum of Exemption
Amount invested or Capital
Gains whichever is less
- If cost of new residential
house >= Net sale consideration
of original asset, entire capital
gains is exempt, otherwise,
- LTCG* Amount invested/ Net
consideration
Investment amount or
exemption, whichever is less,
maximum exemption being
Rs. 50 lakhs
Exemptions
10. Particulars Section 54 Section 54F Section 54EC
Capital Gains
Deposit Scheme
(CGDS)
Investment in CGDS, if purchase or
construction not possible before
return filing due date
Investment in CGDS, if purchase or
construction not possible before return
filing due date Not Available
Additional
Conditions
Return filing is mandatory if before
claiming exemption, the total
income is more than the basic
exemption limit
-Non resident should not owned more
than 1 residential property apart from
property on which exemption is being
claimed
-No new asset shall be purchased within
1 year of transfer or constructed apart
from exemption property within 3 years
of transfer of property
- Return filing is mandatory if before
claiming exemption, the total income is
more than the basic exemption limit
- No loans shall be
acquired against
these bonds or
bonds should not be
converted
- Return filing is
mandatory if before
claiming exemption,
the total income is
more than the basic
exemption limit
Lock-in period 3 years 3 years 5 years
Violation
- Unutilised amount in CGDS
account shall be charged as capital
gains
- New asset shall be considered as
short term capital asset and cost
of acquisition for the purpose of
calculating gains shall be reduced
by exemption claimed earlier
- Unutilised amount in CGDS account
shall be charged as capital gains
- Exemption shall be withdrawn and
charged as LTCG
- STCG shall also be computed on
transfer of new asset
Exemption shall be
withdrawn and charged
as long term capital
gains. If the original
asset is depreciable
asset, then short term
capital gains
Contd..
11. Withholding of Tax – Sec 195 of ITA
As per Sec 195 of ITA, any person responsible for paying to NRI shall deduct income tax
Time of Deduction
At the time of credit or payment whichever is earlier
Certificate of non-deduction or lower withholding of TDS
The NRI who is entitled to receive the sum, shall make an application in Form No. 13 to the Assessing Officer
(AO) for grant of certificate authorising him receive the sum without the deduction of tax
As long as the certificate is effective, person responsible for payment of such sum make payment without
deduction of tax
Where the person responsible for paying any sum to NRI, considers that the whole of such sum would not be
chargeable in the hands of the recipient, he may make an application to an AO for lower withholding of tax
Implication
Entire sale consideration shall be liable for withholding of tax
12. Documents Required for Application
Agreement Binding
the Transaction
Form 26AS of
Recipient
Proof of No
Outstanding
Demand
PAN and TAN of
Parties Involved
Citizenship Proof of
Non-resident
Guideline Valuation
in case Immovable
Property is Involved
Passports
Details of
investment for
exemption
Bank Statements
and Details of Loan,
if any
Power of Attorney,
if Authorised
Representative
In practice, following documents and clarifications may be requested by the AO to substantiate the application
for no or lower withholding of tax
14. Upon receipt of money, if NRI intends to transfer the money outside India (from NRO to NRE
account)
Form 15CA-15CB needs to be furnished to the authorised dealer bank
To confirm that amount received is already been subject to withholding of tax
Form 15CA
Assessee (the remitter) has to submit form 15CA mandatorily
Authorised Dealer need form 15CA before effecting the remittance outside
India
Form 15CB
An Accountant must certify the correctness of details present in Part C of Form 15CA
i.e. tax if any is duly deducted on the proceeds involved
Before filing Form 15CA, Form 15CB duly certified by an Accountant, must be filed
Overview
15. Parts of Form 15CA
Form
15CA
Part A
If remittance is
chargeable to tax and
the payment or
aggregate of such
payments during the
financial year (“FY”) is =<
Rs. 5 lakhs
Part B
If remittance is
chargeable to tax and
payment or aggregate
of such payments
during the FY is > Rs. 5
lakhs and a lower/no
withholding certificate
has been issued
Part C
If remittance is
chargeable to tax and
payment or aggregate
of such payments
during the FY is > Rs. 5
lakhs and a certificate
in Form 15CB has been
obtained
Part D
If remittance
is not
chargeable to
tax
16. Contents of Form 15CA
Details of Remitter Details of Remittee Details of Remittance
Bank details of the
Remitter
1. Name
2. PAN (if available)
3. TAN (if available)
4. Address, email,
phone number
5. Principal place of
business and ward
details (For Part C)
6. Status (Company/
Firm/ Individual, etc.)
7. Residential status
1. Name
2. PAN (if available)
3. Address, email,
phone number
4. Status (For Part C)
4. Principal place of
business (For Part C)
4. Country of Remittee
1.Amount payable before
TDS in Indian currency &
in foreign currency (For
Part B & C)
2.Aggregate amount of
remittances (including
proposed) during the FY
3.Proposed Date of
remittance
4.Nature of remittance
5.Purpose code as per RBI
6.Amount and rate of TDS
7.Date of deduction
1.Name and
branch of
the bank
2.BSR code
of the bank
(only for
Part B & C)
17. Contents of Form 15CB
1. Name and
2. Address of
beneficiary
of
remittance
1.Country to which remittance is made and
its Currency
2.Amount payable in foreign and Indian
currency
3.Proposed date of Remittance
4. Nature of remittance as per agreement /
document
5. Grossed up remittance (explained in
example later)
6.Amount of TDS in foreign and Indian
currency
7.Rate of TDS as per Income Tax Act or as
per DTAA
8.Actual amount of remittance after TDS in
foreign currency
9.Date of deduction of tax at source
1.Name and branch
of the bank
2.BSR code of the
bank
18. Contd..
Details of Taxability as per Income Tax Act Details of Applicability of DTAA
1.Taxability under the provisions of Income
tax Act (without considering DTAA)
2.Is remittance is chargeable to tax
If yes,
(a) the relevant section of the Act under
which the remittance is covered
(b) the amount of income chargeable to tax
(c) the tax liability
(d) basis of determining taxable income and
tax liability
If no – reasons
1.If income is chargeable to tax in India and
any relief is claimed under DTAA
2. If yes, whether Tax Residency Certificate
(“TRC”) is obtained from the recipient of
remittance
3.Relevant DTAA and corresponding article
4.Taxable income as per DTAA and tax
liability as per DTAA in Indian Rs.
5. Nature of remittance (explained in next
slide)
19. Relevant Considerations
Buyer needs to obtain Tax Deduction Account Number (“TAN”) before deducting TDS
TDS return needs to be filed by the buyer
If the payment is made to a non-resident outside India, then compliance of 15CA-15CB needs to be
done by the buyer as well
Thus, for a non-resident, capital gains arising on sale of immovable property in India shall be taxable in
India as per the tax laws in India
21. Transfer of Immovable Property
To a person resident in India – any immovable property
To a person resident outside India - any immovable property
other than agricultural land or plantation property or farm house
An NRI may transfer
22. The RBI regulation prescribes prohibition for citizens of certain countries from transferring of immovable
properties in India. The prohibited citizens of certain countries are
Pakistan Bangladesh Sri Lanka Afghanistan China Iran
Nepal Bhutan Macau Hong Kong
Democratic People’s
Republic of Korea
The above-mentioned citizens cannot without prior permission of RBI transfer immovable property in India
However, they are allowed to lease an immovable property in India not exceeding 5 years
It shall be noted that citizens shall include natural persons and legal entities
Prohibited Persons
23. Conditions
The immovable property was acquired by the seller in accordance with the provisions of the foreign
exchange law in force at the time of acquisition by him
The amount for acquisition of the immovable property was paid in foreign exchange received through
banking channels or out of funds held in Foreign Currency Non-Resident Account or in Non-Resident
External Account
The repatriation of sale proceeds for a residential property is restricted only for 2 such properties
Consideration for any transfer of immovable property cannot be made by traveler’s cheque or by foreign
currency notes or by any other mode other than those specifically permitted by RBI
Repatriation of Sale Proceeds of
Immovable Property
25. Relevant Case Laws
Where assessee purchased a property jointly owned by co-owners, in view of fact that one of co-owners of
property was a non-resident, assessee was required to deduct tax at source under section 195 to extent sale-
consideration was paid to said co-owner – R. Prakash vs. Income-tax Officer, International Taxation, Ward-
2(1), Bangalore [2013] 38 taxmann.com 123 (Bangalore Tribunal)
Where seller of Indian property was NRI according to address given in sale deed, assessee-purchaser ought
to have made TDS under section 195 on sale consideration payable to NRI seller, failing which he was to be
treated as assessee-in-default under section 201(1). If NRI purchaser fails to take recourse to section 195(2),
he would be required under section 195(1) to deduct tax on entire sale consideration payable to NRI seller
and not only on capital gain arising on transaction – Syed Aslam Hashmi vs. Income-tax Officer,
(International Taxation), Ward 2(1), Bangalore [2012] 26 taxmann.com 6 (Bangalore Tribunal)