The Central Board of Direct Taxes (CBDT), vide notification1 dated 16 July 2022, had mandated the electronic filing of Form 10F. Due to this requirement, the non-residents transacting with residents in India and relying on any provision of the tax treaty for exemption/beneficial tax rates had to face certain challenges as: To file Form 10F electronically, the non-resident had to register themself on the income tax portal. For registration, PAN was mandatorily required. To sign Form 10F digitally, the non-resident had
Tag: Income Tax
RNM Tax Alert – Direct Tax Part for December 2023
CBDT Vide Circular No. 19/2023 dated 23.10.2023; Condonation of delay under u/s 119(2)(b) of the Act, in the filling of Form No. 10-IC for AY 2022-23; To avoid genuine hardship to the domestic companies in exercising the option u/s 115BAA of the Act, CBDT condone delay in filing subject to following conditions:- The return of income for the relevant A.Y. has been filed on or before due date specified u/s 139(1) of the Act. The assesse company has opted for
Indirect Tax Alert – April 2023
GST Calendar –Compliances for the month of April 2023. Nature of Compliances Due Date GSTR-7 (Tax Deducted at Source ‘TDS’) May 10, 2023 GSTR-8 (Tax Collected at Source ‘TCS’) May 10, 2023 GSTR-1 May 11, 2023 IFF- Invoice furnishing facility (Availing QRMP) May 13, 2023 GSTR-6 Input Service Distributor May 13, 2023 GSTR-2B (Auto Generated Statement) May 14, 2023 GSTR-3B May 20, 2023 GSTR-5 (Non-Resident Taxable Person) May 20, 2023 GSTR-5A (OIDAR Service Provider) May 20, 2023 PMT-06 (who have
Direct Tax Alert – April 2023
1. Personal income tax to GDP ratio rises to 2.94 in FY 2021-22 The Finance Minister, Smt. Nirmala Sitharaman chaired a periodic review meeting with the Central Board of Direct Taxes (CBDT). During the review meeting, the FM was apprised about the impact of various initiatives. Introducing new data sources in SFT has led to an 1118% increase in reported information. Further, FM was also apprised of the fact that the Personal Income Tax to GDP ratio has been steadily
DIRECT TAX ALERT-JUNE 2021
Finance Act, 2022 inserted section 194R, providing for withholding tax on the provision of any benefit perquisite provided by any person to any resident, in the exercise of the business or profession by such resident. Applicable in case the value of such benefit or perquisite provided in the aggregate exceeds Rs. 20,000/- during the F.Y. This section is applicable from 01.07.2022. Finance Act, 2022 inserted a new section 194S in the Act w.e.f. 1st July 2022. The new section mandates
Roll out of the new Annual Information Statement (AIS)
Important Judicial Precedents RNM was established by Late Mr. R.N. Marwah in the year 1946. RNM India is one of the top ca firm in Delhi. Commencing from the pre-independence era to the modern age of science and technology, RNM has loyally stood as a witness to the sequence of events that have gradually molded the nation and led to the rise of a new India, over the past 75 years. RNM has been one of the best audit firm
Extension! Extension!
On consideration of difficulties reported by the taxpayers and other stakeholders in electronic filing of certain Forms under the provisions of the Income-tax Act, 1961 read with Income-tax Rules, 1962 (Rules), Central Board of Direct Taxes (CBDT), in exercise of its powers under section 119 of the Act, extends the due dates for electronic filling of such forms as under. The due date of furnishing of Return of Income for the Assessment Year 2021-22, which was 31st July 2021 under
One More Extension!
On consideration of difficulties reported by the taxpayers and other stakeholders in electronic filing of certain Forms under the provisions of the Income-tax Act,1961 read with Income-tax Rules,1962 (Rules), Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for electronic filing of such Forms vide Circular No.15/2021 dated 03.08.21. The details are as under: Further, considering the non-availability of the utility for e-filing of certain Forms, the CBDT has decided to extend the due dates
2nd Wave Extension!
A. Extension of Timelines! B. Exemption! Exemption (in case of death due to COVID and money received as relief in FY 2019-20 and onwards): Important Judicial Precedents
Extension of Due Date!
Extension of time limits of certain compliances to provide relief to taxpayers in view of the serve pandemic. Compliance Original Due Date Revised Due Date TDS Return for quarter ending March 2021 31st May 2021 30th June 2021 Issuance of TDS Certificate in Form 16 15th June 2021 15th July 2021 Filing of Return of Income for FY 2020-21(Non audit Case) 31st July 2021 30th September 2021 Tax Audit for FY 2020-21 30th September 2021 31st October 2021 Filing of