Now every non residents required to submit tax residency certificate in prescribed forms as the CBDT has notified Rule 21AB and Form 10FA & 10FB for this purpose.The new rule for tax residency has been made effectve from 01/04/2013 .Please read previous post three most frequently asked questions about tax residency , was explained. However , the...
No Education Cess if DTAA Rate Applicable !
February 6, 2013 by
The education cess was introduced from Assessment Year 2005-06 vide Finance Act 2004 by which an additional tax was imposed computed on the basis of tax & surcharge.However, this new additional tax has created a controversy in case of non resident assessees specially with respect to tax resident of countries with whom India has a...
Non Resident Status:Planning Arrival & Departure !
January 31, 2013 by
Having Non Resident status in India is good from taxation angle .The readers are already informed in previous post that the residential status of an Individual is determined as per his/her physical presence in India . If you are not aware or want to refresh the basics of how to know the residential status or when one acquires...
Tax Residency in India Simplified For You !
January 30, 2013 by
The tax residency of a person in India determines whether an amount received or accessed to him in a year is taxable under I.T. Act. This is so because section 5 of the Income Tax Act which defines Total Income excludes all income earned , accrued or arisen abroad in hand of a Non-Resident whereas...
AAR : Gain on Shares of Company Having Immovable Property Taxable in India
May 1, 2012 by
Authority of Advance Ruling on a petition of Mrs. Punnika Parikh [2012] 19 taxmann.com 314 (AAR – New Delhi) has held that the gain on sale of shares of a company which derives its value from immovable property owned by the company in India , is taxable in India under Article 13.4 . The facts of...
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