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Form 15CA – Form 15CB CA Certificate

As per the Income-tax Act, 1961, all bank remittances from India to any Foreign Bank Account requires the assessee to furnish Form 15CA/Form 15CB CA Certificate online on the Income Tax e-filing Portal. Presently, taxpayers upload the Form 15CA, along with the Chartered Accountant Certificate in Form 15CB, wherever applicable, on the e-filing portal, before submitting the copy to the authorised dealer for any foreign remittance. The income tax portal is still under upgradation and due to the continued difficulties reported by taxpayers in electronic filing of Income Tax Forms 15CA /Form 15CB on the portal www.incometax.gov.in, it had earlier been...

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All About TDS on Purchase of Goods – Sec. 194Q of Income Tax Act

Section 194Q - TDS on Purchase of Goods

The Finance Act 2021 has introduced a new section 194Q which is effective from 1 July 2021 to provide for deduction of tax by the buyer from seller on the transaction of purchase of goods. The applicability of section 194Q from the buyer side and section 206C(1H) on the seller side would create a lot of confusion and increase the compliance burden for both the parties.

In the last financial year 2020-21 the Finance Act 2020 was amended and section 206C of the Income-tax Act, 1961 was brought in to widen the income tax base in India. A new sub-section (1H) was inserted for collection of tax at source (TCS) with effect from 1 October 2020. It was introduced to collect TCS @0.1% of the Sale consideration at the time of receipt where sale consideration exceeds Rs.50 Lakhs in any previous year. The TCS was collected by the seller from buyer.

Applicability of Section 194Q

Section 194Q – TDS on Purchase of Goods
This section is applicable to only those buyer’s whose total sales, gross receipts or turnover from the business exceeds Rs. 10 crore during the financial year immediately preceding the financial year in which the purchase of goods has been carried out.

5 Benefits for NRI in Opening an NRO

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We aim to lead in each practice and area of law we work in. Coming from in-depth understanding of the law and the industry, capitalizing on extensive experience, we provide hands-on advice that speaks the language of our client’s business. Whether in aviation, sales and distribution, antitrust, corporate and M&A, finance, employment, energy, IP, litigation, TMT, real estate, or any other area of law, our clients can expect excellence and commitment to their objectives. Ensuring the operational functioning of the organisation, the development of external relations, management of press relations and constant communication with the press....

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5 Benefits for NRI in Opening an NRO / NRE Bank Account in India

a

We aim to lead in each practice and area of law we work in. Coming from in-depth understanding of the law and the industry, capitalizing on extensive experience, we provide hands-on advice that speaks the language of our client’s business. Whether in aviation, sales and distribution, antitrust, corporate and M&A, finance, employment, energy, IP, litigation, TMT, real estate, or any other area of law, our clients can expect excellence and commitment to their objectives. Ensuring the operational functioning of the organisation, the development of external relations, management of press relations and constant communication with the press....

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