What an NRI Need to Know for Remitting Sale Proceeds of Immovable Property Situated in India?

First of all, it should be noted that when a non-resident Indian sell the immovable property, the tax deduction is the responsibility of the payer of the sale amount under section 195 of the Income Tax Act. So, it is the buyer of the property who will deduct the tax and complete the formality of...

Carbon Credit : 8 Frequently Asked Questions Answered !

Carbon credits is the outcome of the Kyoto Protocol to the United Nations Framework Convention on Climate Change (UNFCCC) which is an international treaty that sets binding obligations on industrialised countries to reduce emissions of greenhouse gases by limiting Carbon Dioxide  (C02) by either reducing emissions or by absorbing emissions through processes such as tree-planting and sequestration. Under...

What is Meaning of Accumulated Profit Used in Sec. 2(22) of The Income Tax Act ?

The definition of word Dividend is provided under section 2(22) of the Income Tax Act which includes the word “accumulated profits” . However , the word “accumulated profits” of a company is itself not defined under Income Tax Act. So, if one desire to know whether a distribution or payment by a company falls under...

Video : How to Decide if Form 15CA or 15CB Required For Payments to Non Residents

Form 15CA or 15CB are online forms for facilitating the remittance of money to non residents .Now the Form 15CA has part A and Part B . Then the accountant certificate is required in Form 15CB . Every payment or remittance to Non Resident has to be seen from angle of withholding tax or whether...

What is the meaning of word “Property ” used in definition of Capital Asset ?

The definition of capital asset is provided in section 2(14) of the income tax Act . It is seen that the definition starts “capital asset” means property of any kind held by an assessee….So , the moot point is what is the meaning of property ? Unfortunately , legislature did not define the word “property”...

Is Export Declaration by Freelancers of Services Required?

The declaration of export is mandatory under Foreign Exchange Management (Export of goods and services) Regulations, 2000. The declaration about export  helps country to understand the export and import of goods , services etc. Primarily the common thread for identification is IEC Code or Import & Exporter Code which may not be necessary for many...