Form 10F will now be required to be filed through the e-filing account of the non-resident taxpayer on the Income Tax portal. Know the How and details to file Form 10F online
CBDT has recently amended Rule 128 to ease the conditions for claiming Foreign Tax Credit. Please read our latest article to comprehend the amendment and get insight into the concepts of double taxation and Foreign Tax Credit.
Budget 2016 was recently announced by the Finance Minister of India. This Presentation unravels the Transfer Pricing and International Tax proposals of the Budget 2016.
What is equalization levy? When is it charged? What rate is it levied at? Who is liable to pay such tax? Know all about this new model of collecting tax through our latest article.
CBDT has recently amended Rule 128 to ease the conditions for claiming Foreign Tax Credit. Please read our latest article to comprehend the amendment and get insight into the concepts of double taxation and Foreign Tax Credit.
Budget 2016 was recently announced by the Finance Minister of India. This Presentation unravels the Transfer Pricing and International Tax proposals of the Budget 2016.
What is equalization levy? When is it charged? What rate is it levied at? Who is liable to pay such tax? Know all about this new model of collecting tax through our latest article.
Updates on Circulars and Notifications - V. K. SubramaniD Murali ☆
Updates on Circulars and Notifications - V. K. Subramani - Article published in Business Advisor, dated June 25, 2016 - http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
Tweeted on www.twitter.com/BusinessAdvDM
The subject matter experts of VsV Bill 2020 gives presentation about the thorough analysis of the bill, the amendments made and how its going to affect taxpayers (directly or indirectly) in the long run. See More :https://www2.deloitte.com/in/en/services/tax.html
Our Tax team has summarised the important compliance related provisions of Income Tax Act 1961 and prepared the compliance hand book for easy reference.
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.
The remittance of funds abroad from perspective of Income Tax Act, 1961 (“IT Act”) requires a clear understanding of its process flow (right from the applicability of the Act to the procedure in which the funds will be remitted outside India). By way of this presentation, we have tried to simplify the Income Tax provisions for remittance of funds abroad for our readers.
Compilation of CBDT Notifications & Circulars issued in July 2020ManishBhatnagar21
Below is the list of Notifications & Circulars issued by CBDT in the month of July 2020 and the same has been compiled so that you won't miss any Notifications & Circulars updates from Income Tax Department:
Updates on Circulars and Notifications - V. K. SubramaniD Murali ☆
Updates on Circulars and Notifications - V. K. Subramani - Article published in Business Advisor, dated June 25, 2016 - http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
Tweeted on www.twitter.com/BusinessAdvDM
The subject matter experts of VsV Bill 2020 gives presentation about the thorough analysis of the bill, the amendments made and how its going to affect taxpayers (directly or indirectly) in the long run. See More :https://www2.deloitte.com/in/en/services/tax.html
Our Tax team has summarised the important compliance related provisions of Income Tax Act 1961 and prepared the compliance hand book for easy reference.
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.
The remittance of funds abroad from perspective of Income Tax Act, 1961 (“IT Act”) requires a clear understanding of its process flow (right from the applicability of the Act to the procedure in which the funds will be remitted outside India). By way of this presentation, we have tried to simplify the Income Tax provisions for remittance of funds abroad for our readers.
Compilation of CBDT Notifications & Circulars issued in July 2020ManishBhatnagar21
Below is the list of Notifications & Circulars issued by CBDT in the month of July 2020 and the same has been compiled so that you won't miss any Notifications & Circulars updates from Income Tax Department:
What Documents Are Required For TAN Application? A duly filled and signed application form, A passport-sized photograph of the authorised partner, ID proof of all partners. Copies must be made on an A4 paper,Address proof , latest partnership deed, Account statement,Registration certificate for the business and KYC details etc.
Applying for a Pan Card? Don't miss out on the important documents required for a PAN Card. Make your Pan Card application stress-free by knowing the documents needed beforehand.
Nowadays Form 15CA and 15CB are of a lot importance. We professional atleast have to issue one Form 15CB every day and form 15CA is also to be made by the professional on behalf of the client.
During trademark registration, you will face lot of trademark objections. In this section, we discuss how you can deal with trademark objection and what documents required for Trademark.
A trademark checklist starts with developing a trademark. Then, you need to search its availability, create and submit a trademark application, and enforce it.
Do your e-way bill registration faster . Find out everything about the registration process, details of the form, process of registration for transporters.
GST refund process involves many steps. RFD-01 must be filed on GST portal for most types of the refund whereas GSTR-1 and GSTR-3B filing is done for few.
MAG provides a comprehensive guide for GST compliance, detailing checklists for inward/outward supplies, reports, and internal documents, with specialized advice for consultants on various aspects like ITC, documentation, e-way bills, and reconciliation.
Cancellation of GST registration means that the taxpayer will no longer be a registered person under GST and will not have to pay/collect any GST, claim an input tax credit or file returns. GST registration cancelled is covered under Section 29 of the CGST Act and Rules 20 to 22 of the CGST Rules.
More from Manish Anil Gupta & Co. - A CA firm in Delhi, India (20)
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
Know more: https://www.synapseindia.com/technology/mean-stack-development-company.html
Kseniya Leshchenko: Shared development support service model as the way to ma...Lviv Startup Club
Kseniya Leshchenko: Shared development support service model as the way to make small projects with small budgets profitable for the company (UA)
Kyiv PMDay 2024 Summer
Website – www.pmday.org
Youtube – https://www.youtube.com/startuplviv
FB – https://www.facebook.com/pmdayconference
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
Buy Verified PayPal Account | Buy Google 5 Star Reviewsusawebmarket
Buy Verified PayPal Account
Looking to buy verified PayPal accounts? Discover 7 expert tips for safely purchasing a verified PayPal account in 2024. Ensure security and reliability for your transactions.
PayPal Services Features-
🟢 Email Access
🟢 Bank Added
🟢 Card Verified
🟢 Full SSN Provided
🟢 Phone Number Access
🟢 Driving License Copy
🟢 Fasted Delivery
Client Satisfaction is Our First priority. Our services is very appropriate to buy. We assume that the first-rate way to purchase our offerings is to order on the website. If you have any worry in our cooperation usually You can order us on Skype or Telegram.
24/7 Hours Reply/Please Contact
usawebmarketEmail: support@usawebmarket.com
Skype: usawebmarket
Telegram: @usawebmarket
WhatsApp: +1(218) 203-5951
USA WEB MARKET is the Best Verified PayPal, Payoneer, Cash App, Skrill, Neteller, Stripe Account and SEO, SMM Service provider.100%Satisfection granted.100% replacement Granted.
Digital Transformation and IT Strategy Toolkit and TemplatesAurelien Domont, MBA
This Digital Transformation and IT Strategy Toolkit was created by ex-McKinsey, Deloitte and BCG Management Consultants, after more than 5,000 hours of work. It is considered the world's best & most comprehensive Digital Transformation and IT Strategy Toolkit. It includes all the Frameworks, Best Practices & Templates required to successfully undertake the Digital Transformation of your organization and define a robust IT Strategy.
Editable Toolkit to help you reuse our content: 700 Powerpoint slides | 35 Excel sheets | 84 minutes of Video training
This PowerPoint presentation is only a small preview of our Toolkits. For more details, visit www.domontconsulting.com
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
At Techbox Square, in Singapore, we're not just creative web designers and developers, we're the driving force behind your brand identity. Contact us today.
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
https://viralsocialtrends.com/vat-registration-outlined-in-uae/
Company Valuation webinar series - Tuesday, 4 June 2024FelixPerez547899
This session provided an update as to the latest valuation data in the UK and then delved into a discussion on the upcoming election and the impacts on valuation. We finished, as always with a Q&A
Company Valuation webinar series - Tuesday, 4 June 2024
Mandatory E-Filing of Form 10F – A Challenge for Non-Resident Assesses
1. The Central Board of Direct Taxes issued a notification on 16thJuly, 2022 mandating the
electronic filing of certain forms, returns, statements, reports, and orders under the Income-
tax Act with immediate effect. One of such forms listed in the notification was Form 10F.
This step of the Government of mandating e-filing of Form 10F has led to certain practical
difficulties on the part of non-resident taxpayers. In this article, we will throw light upon
these hardships and understand the procedure of filing the Form electronically.
But before diving into the discussion of the same, let us first understand what Form 10F of
Income tax Actis and why it is required to be furnished in the following portion:
Form 10F
Form 10F is required to be filed by a non-resident taxpayer with the Income-tax department
of India under section 90 and section 90A of the Income-tax Act, 1961, in order to claim
relief under the applicable Double Taxation Avoidance Agreement.
Here, it becomes worthwhile to understand the provisions of section 90 and section 90A of
the Act. The same have been described as follows:
Relief under Sections 90 and 90A
Relief under these sections may be claimed by an assessee only if India has entered a DTAA
(commonly referred to as a tax treaty also) with the other country or specified association in
the specified territory outside India from where such assessee has earned income or he is a
2. resident of. If the Indian Government has a DTAA with any country, then tax relief can be
availed under section 90, and if the agreement is with the specified associations, then the
relief can be claimed u/s 90A.
As per Section 90 and Section 90A, the Central Government may enter such DTAAs with the
Government of any country or any specified association outside India:
a) for providing relief in respect of the income on which tax has been paid both under
the Income-tax Act of India and tax law prevailing in such other country or specified
territory outside India, or
b) for granting relief in respect of income-tax chargeable under the Income-tax Act and
the corresponding law prevailing in such other country or specified territory to
promote trade, investment and mutual economic relations, or
c) for avoiding double taxation of income under the Income-tax Act and the
corresponding law prevailing in such other country or specified territory, or
d) for exchange of information:
(i) to prevent tax evasion or tax avoidance under the tax laws prevailing in either
of the countries or
(ii) for the investigation of cases of such tax evasion or tax avoidance, or
e) for the recovery of income tax under the Income-tax Act of India and under the
corresponding law in force in such other country or specified territory outside India.
The Sections also provide that if any non-resident of India to whom a DTAA applies wants to
claim relief under such agreement will have to furnish a certificate of his/her being a
resident in any country outside India obtained from the Government of that country.
Further, sub-sections 5 of sections 90 and 90A also require such non-resident of India
desiring to claim relief under the applicable DTAA to provide such other documents and
information, as prescribed under Rule 21AB of the Income-tax Rules, 1962.
Rule 21AB of Income Tax Rules
Sub-rule 1 of Rule 21AB provides that for the purpose of Sections 90(5) and 90A(5), the
assessee has to furnish Form 10F to the Income-tax department.
So, the key takeaway from the above discussion can be that if any non-resident of India
wants to claim relief under the applicable DTAA to avoid paying taxes twice on the same
income, he will have to furnish the following two important documents to the tax
authorities of India:
3. 1) A tax residency certificate obtained from the Government of the country or the
specified territory he claims to be a resident of, and
2) Form 10F
Also read: Timeline to Claim Foreign Tax Credit Extended - Major Relief against Double
Taxation
Components of Form 10F
Rule 21AB also prescribes the required information that an assessee must furnish in Form
10FIncome tax department. Accordingly, the details that an assessee has to provide while
filing Form 10F are as follows:
1) Status (individual, firm, company etc.) of the assessee;
2) Nationality (in case of an individual assessee) or country or specified territory of
registration or incorporation (in case of another assessee);
3) Tax identification number (TIN) in the country or specified territory of his residence.
If the assessee does not have any such number, then a unique number based on
which he is identified by the Government of the country or the specified territory of
which the assessee claims to be a resident;
4) Address of the assessee in the country or specified territory outside India, and
5) Period for which the residential status of the assessee, as mentioned in the tax
residency certificate, is applicable.
Procedure of filing Form 10F
Form 10F will now be required to be filed through the e-filing account of the non-resident
taxpayer on the Income Tax portal. So, let us go through the steps that would be required to
be followed to furnish the Form electronically:
1) Click on the link- https://www.incometax.gov.in/iec/foportal/
2) Login to your account on the Income-tax portal using your login credentials.
Kindly note that for logging in on the Income-tax portal, PAN is mandatory.
3) On the E-file tab, click on ‘Income Tax Forms’ and then select ‘File Income Tax
Forms’.
4) Click on ‘Persons not dependent on any Source of Income (Source of Income not
relevant)’.
5) Now select Form 10F from the list of available forms.
4. 6) Select the Assessment Year (AY) for which it is required to be filed and click on
‘Continue’.
7) Fill in the required details (as mentioned in the earlier portion of the article)
and attach your Tax Residency Certificate.
8) Save the draft and then click on preview.
9) In the next step, verify the Form, either through a digital signature or an electronic
verification code, as the case may be.
10) Once the form has been verified, click on the ‘Submit’ tab.
Also read: Residential Status of Certain Individuals under Income Tax Act, 1961
Implications of Mandating Electronic Filing of Form 10F
Coming to the implications of the notification, in the following portion, we have highlighted
the practical challenges that have got triggered due to mandating e-filing of Form 10F:
1) Requirement to Obtain PAN
This step of the Government has created additional compliance requirements for non-
resident taxpayers as they would now be required to obtain a PAN (which may not be
mandatory otherwise in all cases) and register on the Income-tax portal to be able to file
Form 10F electronically.
2) Conflict with the Government’s Intention in Rule 37BC
This requirement of getting a PAN for filing Form 10F conflicts with the Government’s
intention of providing relaxation to non-residents from obtaining PAN under Rule 37BC.
In accordance with Rule 37BC of the Income-tax Rules, in the case of non-resident
assessees, payments such as interest, royalty, fees for technical services, dividend, and
payment on the transfer of any capital asset will not be subject to the higher TDS rate of
20% even in cases where PAN is not furnished, so long as such assessee (deductee)
provides certain details and documents such as name, e-mail address, contact number,
address in the resident country, TRC, etc. to the deductor.
On the contrary, now that the e-filing of Form 10F is mandated, every assessee would be
compelled to acquire a PAN to submit the Form through the portal.
3) Requirement to Obtain a DSC
Moreover, Rule 131 of the Income-tax Rules, which deals with the procedure for
electronic filing of the forms, requires the forms to be signed either through an Electronic
Verification Code or through a Digital Signature Certificate (DSC).
5. Accordingly, in cases where an assessee is a person other than an individual, the director
or partner or authorised signatory of such assessee, who might also be a non-resident
having no income from India, would be required to obtain a DSC in India to e-verify Form
10F.
In order to alleviate such practical difficulties caused for non-resident taxpayers due to the
mandatory e-filing of Form 10F, several representations are presently being made to the
ITA. However, until any clarification is issued by the Income-tax department, the non-
resident assessees who want to avail relief under the applicable DTAA should evaluate the
impact of the notification and accordingly plan to meet the compliance requirements.
Also read: Tax Implications on Forex Transactions – TCS on remittances outside India
Conclusion:
Mandatory e-filing of Form 10F has certainly posed practical challenges and created an
unnecessary compliance burden on the part of non-resident assessees availing of tax treaty
benefits who are otherwise not required to undertake any further compliance under the
Act.
Hence, considering such hardships, we expect the Income-tax department to either do away
with the mandatory electronic filing of Form 10F or develop a mechanism wherein the Form
can be furnished electronically without having to create a PAN-based login ID on the
Income-tax portal for non-resident assessees.
Source:https://www.manishanilgupta.com/blog-details/mandatory-e-filing-of-form-10f-a-
challenge-for-non-resident-assesses