Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: cpt :: VAT RATES :: Central Excise rule to resale the machines to a new company :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: form 3cd :: list of goods taxed at 4% :: empanelment
Direct Tax »
 Filing your return may not mean the end of tax issues
 Filing tax return before March 31? Here is what you should do and what not
 CBDT invites suggestions to draft new Direct Tax Law
 Deadline For Income Tax Returns Filing Only 12 Days Away. 10 Points
 Income Tax: E-assessment ensures greater efficiency in the taxation system
 10 Points Deadline For Income Tax Returns Filing Only 2 Weeks Away.
 Income tax returns (ITR) filing: A step by step guide to check your ITR status online and offline
 How to save tax; amazing tips to make your money stay in your wallet Income tax returns (ITR) filing
 Want to save tax? Here are the best options
 Suggestion For Option To Assessee For Higher And Lower TDS/TCS For Optimization Of Tax Collection And Refunds
 CBDT to conduct nationwide review of tax collection for FY18 today

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 2018 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