Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: cpt :: Central Excise rule to resale the machines to a new company :: TDS :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: form 3cd :: VAT RATES :: due date for vat payment :: empanelment :: ACCOUNTING STANDARD
 
 
« Direct Tax »
 Pune region tops in direct tax kitty growth
 RBI releases draft directions on hedging of commodity price
 Unexplained deposits in focus, taxmen ordered to go all out in the next three months
 Why India’s corporate tax rate should be cut
 Best ways to save tax under section 80C
 Govt may exceed direct tax collection target of FY18 Budget estimates
 CBDT relaxes MAT provisions for companies under corporate insolvency
 CBDT relaxes norms for MAT on firms facing insolvency
  Income-tax deduction from salaries during the financial year 2017-18 under section 192 of the Income-tax Act, 1961
 CBDT to appeal for revival of certain deregistered companies
 How the new tax regime fared in India these last 6 months

CBDT amends law for double taxation
October, 05th 2012

The Ministry of Finance has amended the law (Sections 90 and 90A) governing the tax residency certificate (TRC) to avoid double taxation. The amendments will come into force from April 1, 2013, that is, it will be applicable for the 2013-14.

Incidence of double taxation comes into effect when an taxpayer has earned an income in a foreign country typically, for less than 6 months. Such taxpayer(s) is taxable both in the foreign country and in resident country.

The Central Board of Direct Taxes (CBDT) has come out with Forms 10FA and 10FB for TRC. If you need a residency certificate from the a country's tax authority you will have to file Form 10FA and Form 10FB will be the certificate. It is applicable both for individuals and companies. 

As per the CBDT notification, the application form asks you for basic details - name and address, status (individual, Hindu Undivided Family, body of individuals or company), nationality, address during the period for which TRC is desired, Permanent Account Number (PAN) or Tax Deduction Account Number (TAN) and the purpose of TRC. You also need give documents to support the above information.

Till now, there was no format for a TRC, say tax experts. Individuals or companies would either sign a declaration or the concerned tax authority would issue a TRC according to their own format, says Homi Mistry, tax partner of Deloitte, Haskins and Sells.

Tax experts say there are some issues that the government has not addressed as yet. One, will the foreign government issuing TRC cooperate in providing it the way required by the Indian government? Also, there is no timeline (1-month, 2-month, 10 days) specified within which a TRC has to be issued. In case of companies, beneficial ownership is also a concern, that is, how will the authorities know who is the real owner. 

The Union Budget had mandated TRC to get  benefits under the Double Taxation Avoidance Agreement (DTAA). As per Section 90 and 90A of the Income Tax (I-T) Act the government can enter a pact with a foreign government for avoidance of double taxation. And it can adopt any agreement between specified associations for relief from double taxation. Here, the provisions of the I-T Act or DTAA, whichever is more beneficial, is applicable.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Development Software Programming Software Engineering Custom Software Development Requirement Based Software Development Software Solutions Software Serv

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions