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: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: ACCOUNTING STANDARD :: due date for vat payment :: cpt :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: list of goods taxed at 4%
 
 
Direct Tax »
 Companies may have to submit income estimates by 15 November
 CBDT proposal on advance estimates of tax liability irks industry
 Advance tax calculation: Firms may have to furnish Apr-Sept income estimates
 Companies may have to furnish Apr-Sept income estimates to I-T dept
 CBDT working on a draft rule that makes it compulsory for companies to provide income estimates by Nov 15
 Companies, HNIs may soon have to specify reason for paying less advance tax than previous year
 TDS Applicability On Government Contracts Under Gst (Under Section 51 Of The Cgst Act, 2017)
 CBEC tells field officers to take GST disputes to Supreme Court
 Jurisdiction-free income-tax assessment on the cards
 CBDT asks I-T department to take urgent steps
 TDS on interest on deposits made under the Capital Gains Accounts Scheme, 1988 where the depositor has deceased

Disclose all overseas fund transfers: CBDT
April, 07th 2009

Companies and individuals who wish to send funds overseas will have to disclose it to the Income-Tax authorities from July this year, according to a change in tax rules carried out by the Central Board of Direct Taxes.

The new provision will allow tax authorities to keep a tab on remittances and act in time, if they find money being sent out without paying due taxes. The apex direct taxes body has notified new rules as per which post July 1, 2009, details are to be furnished electronically to a dedicated website for the purpose before effecting a remittance.

Subsequently, a signed printout is to be submitted to the tax authorities. This requirement is applicable even if tax is not required to be deducted at source. The move has been prompted by the thinking within the tax authorities that tax could be escaping their eye with increase in remittances.

At present, a remitter is required to furnish an undertaking to tax authority accompanied by a certificate from a chartered accountant. But, these documents are submitted to bank through which remittance is effected, who in turns forwards it to the tax authorities. The increase in remittances has made manual handling and tracking of certificates difficult, leading to time lag and thereby preventing prompt action by the tax authorities.

The introduction of e-filing of information... is with the objective of tracking information on remittances to recipients so that tax recovery can be expedited, a recent CBDT communiqu said.

Tax experts opine that the tax authorities are clearly looking at an early response. It is obvious that the I-T department considers payments to non-residents as a critical area. However, it remains to be seen how effectively and judiciously they are able to act on the data so collected, Amitabh Singh, partner, Ernst & Young said.

Details such as permanent account number, address of the recipient with the country of residence, his status, his principal place of business, e-mail address will have to be mentioned in the new e-form alongwith the tax deduction certificate from chartered accountant.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Portfolio

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