Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015 Where is Black money stashed abroad? When will it hit Indian shores? Will it ever come to India? Is it just hype, a myth? These are the questions lingering in the minds of millions of Indians. No one is …Read More »
How much money can an Individual transfer out of India?
The Reserve Bank of India (RBI) in its monetary policy review enhanced the limit under Liberalized Remittance Scheme (LRS) to $250,000 per person per year from existing limit of 125,000 USD. RBI had reduced the eligibility limit for foreign exchange remittances under LRS to $75,000 in 2013 as a macro-prudential measure. …Read More »
Can an NRI purchase a coffee estate in India?
I come across many queries about acquisition of purchase by Non Resident Indians (NRI) or Person of Indian Origin (PIO) or Overseas Citizenship of India (OCI). Most recently, I have been asked a specific question – Can an NRI buy a coffee plantation? Maybe NRIs have sufficiently invested in …Read More »
Buying property from NRI and consequence of Non Deduction of Tax
Purchase of property in India from Non-Resident Indians (NRI) is a bit tricky when compared to buying it from Resident Indians. TDS at the time of buying the property – You may be aware about Tax Deduction at Source (TDS) to be done at the rate of 20.6% …Read More »
Step by Step procedure to handle notice received u/s 245 of Income Tax
Income tax department started sending reminder notice u/s 245 of Income tax Act 1961. In our other article “Did you receive communication on Arrear Demand Notice u/s 245 from Income Tax Department?” We have explained why CPC has started sending email notice u/s 245″. In this article we tried to explain …Read More »
Purchase of immovable property in India by Person of Indian Origin (PIO)
A PIO means an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan) who – At any time, held an Indian Passport or either of whose father or mother or whose grandfather was a citizen of …Read More »
The TDS provisions on Sale of properties by Resident Indians and Non-Residents
The common factor is ‘sale of property’ and the difference is the status of the seller – Resident or Non-Resident. The rules for Tax Deduction at Source (TDS) on sale of property are different for non-residents. This article is about such differences. Sale of property by Resident Indians …Read More »
Am I eligible for External Commercial Borrowings (ECB)
Mr. Keshavaiah, owner of an educational institution (Trust) wanted to know whether his institution is eligible to take ECB (say, foreign loan or loan from Non Resident lenders). He was living peacefully with whatever he had. It’s only after one of his extraordinarily intelligent friend suggested him to avail …Read More »
Different type of communication letters sent by Central Processing Center (CPC)
My mail box is full of communication from Income Tax department. Of course, it is my profession, so I get the mails sent by the department to our clients. Believe me, reading and understanding the ‘intimations’ is a big task. Look at the following types of letters you may get …Read More »
FAQ- CPC Communication on processing of Income Tax Return and filing of Rectification application.
Article deals with frequently asked question(FAQ) related to CPC Communication, Processing of Income Tax Return by CPC, Filing of Rectification Application, Intimation u/s 143(1), Rectification order U/s. 154, non consideration of TDS, Advance Tax/self-assessment tax, adjustment of refund against old demand etc. Which return will be processed if Original & …Read More »