Ezybiz India

Form 15CA and 15CB   When an individual or company transfers funds from an Indian bank account to the foreign bank account in foreign country, it is called as foreign remittance. For remitting money outside India, besides other mandatory documents, bankers often ask for the copies of form 15CA and 15CB .   Form 15CA is an online declaration made by the remitter of money stating that tax has been deducted from any such payment made to person in other country. The purpose of form 15CA is that before remittance of money, if any tax is liable to be deducted, same has been deducted.   Form 15CB is CA certificate issued online by a Practicing Chartered Accountant. The purpose of form 15CB is to ensure that taxes have been properly computed taking into consideration the provisions of the Income tax Act and the provisions of the Double Taxation Avoidance Agreement.   Money is permitted to be remitted outside India by the AD Banker when following conditions are ful...

  What is income tax assessment ? Every year, every person who is liable to pay tax to the government and other prescribed assessee, files Income Tax Return with the tax department. After filing of Income Tax Return, the tax department makes processing of such tax returns filed and verifies the returns for its accuracy. This process of verification and examination of tax return filed is called as Income Tax Assessment in India . Further, under the tax laws, Income tax assessment also includes reassessment and best judgment assessment. Various types of Income Tax Assessment in India are as under: 1)       Summary Assessment or assessment u/s 143(1).   This is done without calling the assessee on the basis of income tax return filed and Tax Audit report filed by the assessee. Here, there is no detailed scrutiny of Income Tax Return filed. Here, adjustments are made on account of following:   a)       any...

  Form 15CA and 15CB  Normally, when any money is to be remitted outside India, the bankers often ask for the copies of form 15CA and 15CB which need to be filed electronically. It means that firstly the assessee need to upload form 15CA and 15CB electronically which requires e- verification through EVC mode and later copy of same need to be submitted to the banker for further processing of remittance outside India. Form 15CA and 15CB need to be filed even if all the taxes are already paid in India. Therefore, one cannot take a plea that since all the taxes are already paid, so what is the need for electronically uploading form 15CA and 15CB. For instance, often when an NRI disposed of his property in India, He need to compute capital gain tax liability, sometimes there is no capital gain tax but refund in the case of the assessee. However, while making remittance of sale proceeds, He needs to submit copy of form 15CA and 15CB. Another issue which normally arises in c...

  Foreign company registration in India     India has become a favorable destination for global investments in recent years. This has resulted in increase in Foreign company registration in India . There has been an increase of 27% in foreign direct investment in the year 2020 as compared to year 2019. India’s ranking is 5th amongst the top 20 FDI host economies. Some of the advantages and disadvantages of foreign direct investment (FDI) in India through foreign company registration are as under: Strong points for FDI in India:   a)       Effective and vibrant democratic set up which guarantees a peaceful and stable government which is idle for any sort of investments in India.   b)       Independent judiciary and highly developed administrative set up   c)       Availability of highly skillful, educated and hardworking work force both white collar and blue col...

  PRIVATE LIMITED COMPANY REGISTRATION The Covid-19 pandemic has not been able to dampen the spirit of entrepreneurial spirit in India and many new private limited company registration has taken place during last 2 years of pandemic.   This is quite remarkable since there has been economic and business uncertainty owing to pandemic and still Indian businessmen were quite upbeat with their entrepreneurial spirit.   After hitting an all-time law company registration in India in April 2020, there has been month on month growth in new private limited company registration in India.   As per MCA database, the number of private limited company registration was only 3,209 in April 2020 which slowly and steadily gained momentum and crossed 16000 registrations in July 2020 which again rose to 17,324 companies in March 2021. Between September 2021 to January 2022, there has been consistent rise in new company registration and number ranges between 15,000 to 20...

  Form 15CA and 15CB For remittance of money outside India, every assessee need to submit form 15CA and 15CB electronically. However, since the inception of new Income tax portal in June 2021, the tax payers were facing lot of problems in uploading the form 15CA and 15CB electronically on the portal www.incometaxindia.gov.in. Therefore, CBDT has permitted that such tax payers can submit forms 15CA and 15CB manually to the authorized dealer till 15 th July 2021. This time period has been extended to 15 th August 2021. Also, CBDT has promised that later on when the portal starts working perfectly, a facility will be provided on the portal to upload the form 15CA and 15CB. Now, as promised by the CBDT, new functionality has been enabled on the tax portal on 31 st January 2022 for uploading form 15CA and 15CB which was earlier submitted with the bankers manually during the period 7 th June 2021 to 15 th August 2021. It means that the offline utilities have been updated to ...