#FORM 15CB

[taxationplanning]

Form 15CB: CA is Not Required To Check Genuineness Of Documents For Issuing Form 15CB: Madras High Court

Form 15CB: CA Is Not Required To Check Genuineness Of Documents Form 15CB Case: Murali Krishna Chakrala vs The Deputy Director, Directorate of Enforcement Judgement in Short: Even on a demurrer, on a perusal of Form 15CB, we find that a Chartered Accountant is required to only examine the nature of the remittance and nothing more. The Chartered Accountant is not required to go into the…

[taxvic-india]

Filing Form 15CA and 15CB: Essential Information for NRIs

Are you a Non-Resident Indian (NRI) receiving income from India? If so, you might encounter Form 15CA and 15CB during your financial transactions. Understanding these forms and when to file them is crucial for NRIs to comply with Indian tax regulations.

[ankitkumar5566]

"Form 15CA & 15CB for NRIs: Foreign Remittance Rules | India for NRI"

Learn how to file Form 15CA and 15CB for NRIs, foreign remittance rules, TDS requirements, and RBI guidelines. Download and understand Form 15CA for NRIs

[seocaonweb-blog]

Foreign Remittance Certificate in Form 15CA & 15CB

Form 15ca cb procedure can be completed online. Go online, Find Chartered Accountant- must be from trustworthy sources such as Caonweb, caservices online. Request for a call back or write to them. Once you get advice on required information. You can share documents on email and receive certificates online.

[techpedo]

Can I transfer a gifted amount from the NRO account to a foreign bank account?

My relative has gifted me some amount in my NRO (non-resident ordinary) account from her NRO account. I want to transfer this amount to my foreign bank account. Do I have to obtain CA certificate for this transfer too? -Name withheld on request. Form 15CB is required to remit funds from an NRO account to a foreign bank account. It is a certification issued by a chartered accountant under the…

[legalhelpnri1]

NRIs can repatriate Family LLP profits, but FEMA & RBI rules apply. Ensure Form 15CA & 15CB filing for compliance!

📩 Book a free consultation today. Send your queries to query@legalhelpnri.com and follow @legalhelpnri for more insights.

[ushmaassociates]

Form 15CA & 15CB Explained: How NRIs Can Transfer Their Own Funds from India

[taxgoal]

Do You Need a CA for Form 15CA-15CB Filing in Delhi?

Filing Form 15CA-15CB in Delhi requires professional expertise to ensure compliance with tax regulations. While it's not mandatory to hire a CA, their guidance ensures accurate submission, avoiding penalties. For hassle-free filing, trust Taxgoal to navigate the complexities and ensure your Form 15CA-15CB is filed correctly and promptly. Contact us (+91 9138531153) today for Form 15CA – 15CB Filing Near Me.

[accelero25]

Navigating Tax Implications for Indian Startups with US Investments – Insights by Accelero Corporation

Introduction

Indian businesses obtaining US capital face a complex tax landscape that requires expert guidance. Accelero Corporation specializes in simplifying such challenges, which includes offering complete USA Citizen Tax Services in Hyderabad to assist US investors and Indian companies. With assistance from us, firms may achieve compliance, maximize tax savings, and drive worldwide expansion of markets.

Understanding Cross-Border Taxation

American investments in Indian businesses provide funding, access to markets, and critical experience. However, they impose twin tax obligations: in India, where the business operates, and in the United States, where shareholders are taxed on worldwide revenue. Startups need to adhere to India's Income Tax Act and use international tax treaties, such as the India-US Double Taxation Avoidance Act (DTAA).

Tax Implications for Indian Startups

Corporate Taxation in India: Indian startups with US funding must pay corporate taxes on their net profits. Local businesses' ordinary taxation ranges between 25 and 30%, however, entrepreneurs eligible for the Startup India Initiative can claim a three-year tax exemption. Accelero Corporation confirms that business entities take full use of all available incentives.

Transfer Pricing: Transactions between Indian startups and their US-based affiliates must adhere to transfer pricing restrictions. To avoid disagreements, pricing must follow the arm's length concept. Accelero Corporation maintains compliance by properly assessing and documenting intercompany transactions.

Withholding Tax on Payments: Transfers to US investors, such as copyrights or dividend payments, are subject to withholding tax, which is normally 10-15% as per the DTAA. Startups that provide adequate documentation might claim discounted rates. Accelero Corporation supports the setting up of legal filings, which improves everything.

Tax Implications for US Investors

Taxable Returns: Returns on investments, including dividends and capital gains, are taxable in the US. To ensure that they comply with US investors, Indian companies must offer clear documents such as Form 15CA/15CB.

FATCA Compliance: FATCA (worldwide Account Tax Compliance Act) requires investors from the United States to report international investments. Accelero Corporation assists startups in maintaining open records and facilitating investor conformity.

Conclusion

Navigating tax issues necessitates expert advice. Accelero Corporation provides specific services, such as expert USA Citizen Tax Services in Hyderabad, to help entrepreneurs and investors achieve easy compliance. Startups may use our expertise to maximize DTAA benefits, acquire investor trust, and thrive in the global market.

[loanz-360]

Nri's Loan

 Can NRIs Claim Tax Benefits for Home Loans Taken in India?

With the growing demand for residential and commercial properties, many NRIs take home loans to purchase property in India. A common question among them is whether they can avail themselves of tax benefits on these loans. The short answer is yes, NRIs can claim tax benefits for home loans taken in India, but the nuances of this process involve various conditions, eligibility criteria, and compliance with Indian tax laws. This article delves into the specifics, providing a comprehensive guide for NRIs, with insights into how Loanz360 facilitates the process.

Understanding the Taxation Framework for NRIs

Under the Income Tax Act, 1961, NRIs are subject to tax in India on income that is earned or accrued in India. For taxation purposes, an individual is considered an NRI if they do not meet the residency criteria set forth in the Act. For NRIs investing in property, income from house property, capital gains from property transactions, and deductions related to home loans are relevant areas of concern.

Eligibility for Tax Benefits on NRI Home Loans

However, certain conditions apply: • Purpose of the Loan: The loan should be taken for purchasing, constructing, repairing, or reconstructing a property in India. • Loan Source: The home loan must be availed from a financial institution or bank that is recognized and registered in India. If these conditions are satisfied, NRIs become eligible to claim deductions under Sections 24(b) and 80C of the Income Tax Act. Loanz360, a trusted financial partner, simplifies this process by offering tailored loan solutions for NRIs.

Tax Benefits Under Different Sections for NRI Home Loans

Deduction Under Section 24(b) The key points are:

Self-Occupied Property: NRIs can claim a deduction of up to INR 2 lakhs per financial year for the interest paid on a loan for a self-occupied property.

Let-Out Property: If the property is rented out, there is no upper limit on the deduction for interest. However, the overall loss under the head “Income from House Property” is capped at INR 2 lakhs, which can be adjusted against other income sources.

Pre-Construction Period: Interest paid during the pre-construction phase can be claimed as a deduction in five equal installments, starting from the year in which construction is completed.

Deduction Under Section 80C Other expenses such as stamp duty and registration charges for the property are also eligible for deduction within this limit. Loanz360 assists NRIs by providing clear documentation and digital access to loan statements, ensuring hassle-free claims under these sections.

Additional Tax Implications for NRIs

While tax benefits on home loans are attractive, NRIs should also consider the following tax implications:

Income from House Property If an NRI owns multiple properties in India, only one property can be treated as self-occupied, and others will be deemed to be let out, irrespective of their occupancy status.

TDS on Property Transactions When an NRI sells property in India, the buyer is required to deduct TDS (Tax Deducted at Source) at 20% on the capital gains if the property is held for more than two years (long-term capital gains).

Compliance Requirements for NRI Home Loans

To claim tax benefits, NRIs must ensure compliance with the following: • Filing Income Tax Returns (ITR): NRIs must file income tax returns in India to claim deductions for home loans, even if their total income is below the taxable limit. • Proper Documentation: Maintaining records of loan statements, interest certificates, and property-related documents is essential to substantiate claims during assessments. • Form 15CA/15CB: In cases involving remittance of money outside India for loan repayment, NRIs may need to submit Form 15CA and, in some cases, Form 15CB certified by a Chartered Accountant. Loanz360 supports NRIs by providing dedicated guidance on compliance and documentation, ensuring a seamless process.

How Loanz360 Facilitates NRI Home Loans

Loanz360, a leading financial services provider, specializes in home loans for NRIs. Here are some of the standout features that make Loanz360 an ideal choice: • Tailored Loan Options: Loanz360 offers home loans with competitive interest rates and flexible repayment terms, catering specifically to the unique financial needs of NRIs. • Minimal Documentation: Recognizing the challenges NRIs face with paperwork, Loanz360 ensures a simplified process with minimal documentation requirements. • Digital Convenience: With an easy-to-navigate online platform, NRIs can apply for loans, access their accounts, and track repayments from anywhere in the world. • Expert Guidance: A dedicated NRI helpdesk assists with eligibility, documentation, and tax-related queries. • Pre-Approved Loans: Eligible NRIs can benefit from pre-approved loan offers, ensuring quick disbursals.

Practical Scenarios and Examples for NRI Home Loans

Scenario 1: NRI Purchases a Self-Occupied Property An NRI takes a home loan of INR 50 lakhs at an interest rate of 8% per annum to buy a property in India. The interest paid in a financial year amounts to INR 4 lakhs. As the property is self-occupied, the NRI can claim a deduction of INR 2 lakhs under Section 24(b). With Loanz360, the loan process is streamlined, making it easier to focus on tax savings.

Scenario 2: NRI Rents Out the Property If the same property is rented out and earns an annual rental income of INR 6 lakhs, the NRI can claim the entire interest of INR 4 lakhs as a deduction under Section 24(b), reducing the taxable income to INR 2 lakhs (after accounting for a standard deduction of 30% on rental income). Loanz360’s loan statements help simplify tax filing.

Scenario 3: Pre-Construction Period Interest An NRI takes a loan to construct a property, and the construction is completed after three years. During the construction period, the total interest paid is INR 6 lakhs. This amount can be claimed in five equal installments of INR 1.2 lakhs each, starting from the year construction is completed, subject to the overall limit of INR 2 lakhs per year for a self-occupied property.

Common Challenges Faced by NRIs in Home Loans

• Understanding Tax Residency Rules: NRIs often face challenges in determining their residential status, which affects taxability. • Exchange Rate Fluctuations: Currency fluctuations can impact loan repayment in Indian rupees, making financial planning difficult. • Complex Compliance Procedures: Navigating the documentation and compliance requirements, especially when remitting funds from abroad, can be cumbersome. Loanz360 addresses these challenges with expert assistance and tools to simplify the loan and repayment processes.

Conclusion: How Loanz360 Makes NRI Home Loans Easier

NRIs can indeed claim tax benefits on home loans taken in India, provided they meet the necessary conditions and comply with the relevant provisions of the Income Tax Act. By leveraging deductions under Sections 24(b) and 80C, NRIs can significantly reduce their tax liability. With Loanz360’s specialized home loan solutions, tailored features, and dedicated support, NRIs can navigate the complexities of Indian real estate investment and taxation with confidence. Investing in Indian property through Loanz360 is not only financially viable but also a smart and tax-efficient choice.

For the more details about Nri's Loan,Follow us on https://loanz360.com/loanz/

[ebizfilingindia-blog]

All You Need To About Form 15CA and Form 15CB

Introduction

In the course of business, it happens that many payments are made outside India. When payments are made outside India, there are certain compliances that need to be followed and tax deduction is required for any amount that is taxable under the Income Tax Act. The purpose of this compliance is to collect information regarding payments that are chargeable to tax in the hands of recipient NRIs. An NRI is required to file Form 15CA and Form 15CB for any payment made outside India. Form 15CB along with Form 15CA needs to be filed online on the official website of the Income Tax Department.

What is Form 15CA?

Form 15CA is a declaration made by the remitter stating that he has deducted tax from any payment made to a non-resident. Form 15 CA needs to be filed by the remitter — the person making the payment to the NRI or foreign company. It is also used as a tool to collect information regarding payments that are chargeable to tax.

Through Form 15 CA, the Income Tax Department keeps track of all foreign remittances/payments and also their taxability. As per Income Tax Rule 37BB, it is the responsibility and duty of authorized banks or dealers to ensure that they receive such forms from the remitter. Income Tax Form 15 must be filed online in CA Income Tax Department. Also, along with Form 15 CA, 15 CB needs to be filed with the Income Tax Department. However, Form 15CB must be accompanied by an accountant’s certificate in Form 15CB.

What is Form 15 CB?

While Form 15 CA is a declaration, Form 15 CB is a certificate issued by a chartered accountant. A Chartered Accountant has to ensure that all the provisions of the Income Tax Act and Double Taxation Avoidance Agreement are complied with in respect of tax deduction while making payments.

What is the applicability of Form 15CA and Form 15CB?

If the remittance amount is not chargeable to tax, no form is required.

If the remittance is covered under the specified exemption list, only Part D of Form 15CA has to be submitted.

Where the remittance is less than Rs. 5 lakhs in a particular financial year — only Form 15CA — Part A is to be submitted.

Where the remittance is exceeded to Rs. 5 lakh — Form 15CA — Part C and Form 15CB have to be submitted.

Where the remittance is exceeded to Rs. 5 lakhs and certificate under Section 195(2)/195 (3)/197 of Income Tax has been obtained — Form 15CA — Part B is to be submitted.

Redesigned Form 15 CA and Form 15 CB submission process

The IT Department has launched a new redesigned submission process for Form 15 CA and Form 15 CB. This decision has been taken based on various responses from corporates and professionals across India. It is believed that these changes will simplify the entire Form 15 CA and Form 15 CB filing cycle from form preparation to submission to verification process. Let’s look at the significant changes in the process.

For multiple filing of Form 15CA/CB, it is no longer mandatory or necessary to assign the same CA in a particular financial year.

Hence, appointment of Chartered Accountant for Form 15 CB is a one-time activity for a particular financial year.

A CA can now proceed with Form 15 CB for both the remitee and the remitter without the need for the taxpayer to fill up Part C of Form 15 CA and submit it to a Chartered Accountant, after a single assignment is made in a year. Hence, here the earlier process of multiple acceptance and rejection for each form is eliminated and the entire process is simplified.

Chartered Accountants can now access Form 15CB directly from IT Forms functionality for filing instead of work list for action.

The offline/bulk mode of submission process has been enabled from 4th October. Taxpayer can generate XML files using Java-based offline utility. The offline utilities are available on the portal in the “Download” section under the “Income-Tax Forms” page and upload it to the portal for further filing. A new online process will start soon on the portal.

Stay tax-savvy! Know the last date for filing income tax return in India. Timely filing ensures compliance and avoids penalties. Don’t miss out — file on time for a stress-free tax season!

Conclusion

The process of filling Form 15 CA and 15 CB, if understood properly, is not as complicated and tedious as it seems. On top of that, the simplification in the process introduced by the Income Tax Department makes it easier for the taxpayer to follow the procedures. In addition, it also provides an option to withdraw Form 15 CA and 15 CB and gives an opportunity to withdraw these forms when required.

[vbvassociateskochi]

Compliances to Be Made in Respect of Foreign Remittances

The Income Tax Lawrequires authentication of foreign remittances (payments) made to a Non-Resident or Foreign Company, for any amount which is taxable as per the existing laws. For this purpose, certain rules and guidelines have been framed by the Income Tax Act.

> As per Section 195, every person making a payment to Non-Residents (not being a Company), or to a Foreign Company shall deduct TDS if such sum is chargeable to Income Tax and the details are required to be furnished in Form 15CA.

> A person responsible for making such remittance (payment) has to submit the form 15CA, before remitting the payment. This form can be submitted both online and offline mode. In certain cases, a Certificate from Chartered Accountant in form 15CB is required before uploading the form 15CA online.

Form 15CB is the Tax Determination Certificate where a Chartered Accountant determines the taxability of the remittance as per Income tax Act along with the provisions of Double Tax Avoidance Agreement with the Recipient’s Residence Country. If the remittance is taxable, then the same shall be remitted only after deduction of withholding tax (ie, TDS).

The information provided in Form 15CB mainly includes the details of the remitter, details of the remittee, nature of remittance (whether salary, commission, royalty etc) as per agreement between the two parties, Bank details of the remitter and Tax Residency Certificate from the remitter if DTAA (Double Taxation Avoidance Agreement) if applicable.

Banks require these certificates before they make any remittance outside India.

Following documents are required for filing Form No. 15CA:

> Invoice

> Tax residency certificate (TRC)

> Form No. 10F

> Certificate that proves the Remittee does not have any permanent establishment within India.

Purpose of Form 10F

Form 10F is essentially a self-declaration that non-resident taxpayers are required to submit alongside their Tax Residency Certificate. This document holds paramount importance as it enables non-residents to avoid Tax Deducted at Source (TDS) on income earned from India.

Under the provisions of the Income Tax Act, non-resident individuals or entities can only avail of tax treaty benefits if they possess a valid tax residency certificate from their home country. If this certificate lacks crucial information, non-residents are compelled to submit a manual Form 10F, which can be a cumbersome process.

The CBDT had in July 2022 made electronic filing of Form10F mandatory.

To overcome the challenge of obtaining a PAN in India just for filing Form 10F, the CBDT came up with certain relaxations, wherein an exemption was provided to non-residents not having a PAN and not needing to obtain a PAN in India to continue furnishing Form 10F in self-certified manual format till 30 September 2023.

Recently, on the expiry of the exemption period, the Income-tax department has now enabled a new category while registering on the income tax portal, i.e., ‘non-residents not having a PAN and not required to have a PAN‘.

The elimination of the PAN requirement for Form 10F filing is a positive step towards making tax matters more accessible for NRIs.This change represents a significant stride in the direction of simplifying tax matters for non-resident Indians, making it easier for them to manage their financial affairs in the country.

Further clarification from the authorities regarding tax return obligations and digital signatures are awaited.

VBV Associates, Tax Consultants in Ernakulam offers outstanding services including Audit & Assurance, Tax Consulting, Accounting, and Corporate Law Advisory services. Connect with us to know more in detail.

[ankitkumar5566]

"Form 15CA & 15CB for NRIs: Foreign Remittance Rules | India for NRI"

Learn how to file Form 15CA and 15CB for NRIs, foreign remittance rules, TDS requirements, and RBI guidelines. Download and understand Form 15CA for NRIs

[taxmill1995]

Any transfers that a resident receives to a non-resident must be reported according to the Income Tax Act. The principle behind tax deduction and the filing of taxes is to ensure that taxes are collected on time. Form 15CA is a declaration by an individual returning the money that he notices that the non-resident has withheld the tax.

[ushmaassociates]

15ca and 15cb certificates

Form 15CA is a declaration by the remitter of an outward remittance, confirming the tax status of the transaction. Form 15CB, certified by a chartered accountant, is a statement confirming that the remittance complies with Indian tax laws. Both forms are required for foreign remittances above a certain threshold, ensuring tax compliance.

site : https://ushmaassociates.com/15ca-15cb-assistance/ contact no : +91-9910075924