From June 1, 2015, any person making a payment to a non-resident, including an NRI transferring funds from NRO to NRE account would be required to obtain a certificate from a Chartered Accountant in form 15CB and file form 15CA to the income tax department. On May 14, 2015, the President of India gave […]
Which ‘YEAR’ is this? Understanding Assessment Year (AY), Financial Year (FY), Previous Year (PY) and Preceding Year
A “Year” is very important. The Income Tax Act (ITA) and Foreign Exchange Management Act (FEMA) both mention various years, such as Assessment Year, Previous Year, Financial Year, Calendar Year, Preceding Year, etc. The deadlines, reporting requirements, limits, etc. are prescribed based on a “Year”. It is very important to understand the differences between the […]
The definition of Relative is different in different Acts and also for different provisions. Also, the definition changes based on the point of view. For example, if Umang is Aanya’s mother’s brother; Umang is a relative to Aanya but Aanya may not be a relative to Umang. This couldeasily confuse anyone. Let us understand the […]
USA-India FATCA Agreement update: Is India Preparing for FATCA compliance? The Budget 2014 proposes so.
Finance Budget (No.2) proposed many important changes related to NRI investments and taxation. One of the very important changes that has gone unnoticed by tax experts is that India is preparing to comply with FATCA (Foreign Account Tax Compliance Act ) of USA. While India has not yet signed the US-India FATCA agreement yet, India […]