Income Tax : Income Tax Department Ministry of Finance, Government of India DTAA & FTC Double Taxation Avoidance Agreement (DTAA) & For...
Income Tax : Form 43 is issued by the Income Tax Department to certify Indian tax residency for DTAA claims. It is essential for taxpayers seek...
Income Tax : The issue was whether DTAA benefits can be claimed without a TRC. It was clarified that Form 42 is essential to obtain a Tax Resid...
Income Tax : Returning NRIs often misjudge residency rules and day counts. The key takeaway is to plan residency early to prevent worldwide tax...
Income Tax : This guide explains the procedure for non-residents without PAN to file Form 10F, ensuring DTAA benefits and avoiding higher withh...
Income Tax : Explore challenges in TRC applications under DTAA by Indian companies. KSCAA proposes reforms for a simpler, efficient process. Le...
Income Tax : ITAT Delhi emphasized that Revenue must present convincing evidence of fraud or economic substance absence to deny DTAA benefits, ...
Income Tax : ITAT Delhi ruled that a valid Tax Residency Certificate (TRC) issued by Mauritius is sufficient proof of residency to claim benefi...
Income Tax : ITAT Chennai rules Section 6 of the Income Tax Act prevails over a Tax Residency Certificate (TRC) for determining Indian residenc...
Income Tax : Assessee-company was engaged in the business of trading of electromechanical relays, wire and wireless equipment, high performance...
Income Tax : ITAT Delhi held that that the departmental authorities cannot question the validity of Tax Residency Certificate. Once the assesse...
Income Tax : Concern has been expressed regarding the clause in the Finance Bill that amends Section 90 of the Income-tax Act that deals with D...
The Tax filing season in the US usually starts on the 31st of January each year and ends on 15th April. In the following sections we shall discuss how income generated in India is taxed for the NRIs’ in U.S. This rule holds for all who are foreign nationals, meaning those who are a citizen of a country other than the U.S. but relocates to U.S. and earns income from there. For those who are U.S. resident or citizen, taxes have to be paid on the global income in the U.S.
There is a peculiar history regarding the amendments of section 90 of the Income-Tax Act, 1961 (the Act), by the Finance Act, 2012 and the Finance Act, 2013, in respect of the requirement of Tax Residency Certificate (TRC) to be obtained by an assessee, in order to avail of the benefit of Double Taxation Avoidance Agreement (DTAA) between India and the country of his residence.
The Finance Minister of India presented his last Union Budget 2013 (The Budget)amidst rough financial environment. The Budget proposals comein light of the current challenging economic scenario.It is clear that Indian economy is not insulated from the global slowdown. The Indian downtrend has forced the Finance Minister to recommend slew of fiscal/monetary measures to revive the economy.
Concern has been expressed regarding the clause in the Finance Bill that amends Section 90 of the Income-tax Act that deals with Double Taxation Avoidance Agreements. Sub-section (4) of section 90 was introduced last year by Finance Act, 2012.
