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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.

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Filing annual income tax returns

Filing annual income tax returns is a legal requirement for individuals and businesses to report their income, deductions, and tax liabilities. Timely and accurate filing ensures compliance with tax laws, helps claim refunds, and avoids penalties. It also serves as a record for financial transactions and future assessments.

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Corporate Tax Filing

Corporate tax filing involves reporting a company’s income, expenses, and taxes payable to ensure compliance with the Income Tax Act. It includes accurate computation of taxable profits, availing deductions, and timely submission of returns. Proper filing avoids penalties, ensures regulatory compliance, and optimizes tax efficiency for businesses.

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NRI taxation

NRI taxation in India includes income earned or accrued in India, such as salary, rental income, capital gains, or interest. Key aspects involve TDS under Section 195, filing income tax returns, claiming DTAA benefits, and adhering to FEMA regulations. Proper planning ensures compliance while optimizing tax liabilities effectively.

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Determining Residential status in India

Residential status in India determines tax liability. It includes: Resident: Stays in India for 182+ days in a year. Non-Resident: Does not meet the resident criteria. Resident but Not Ordinarily Resident (RNOR): Meets residency but has limited stay in India. It affects the taxation of global income.

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Double taxation Avoidance Agreement

A Double Taxation Avoidance Agreement (DTAA) is an agreement between two countries to prevent income from being taxed twice. It ensures that individuals or entities earning income in both countries are not taxed twice on the same income. DTAA allows tax credits or exemptions to reduce tax liability.

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ROC Compliance Calendar / Filing

The ROC compliance calendar includes key filing deadlines for companies, such as filing Annual Return (MGT-7) within 60 days of AGM, Financial Statements (AOC-4) within 30 days of AGM, and Director KYC (DIR-3 KYC) annually. Timely filings ensure compliance with the Companies Act and avoid penalties.

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NRO/NRE account in India

NRO (Non-Resident Ordinary) and NRE (Non-Resident External) accounts are bank accounts for NRIs in India. NRO accounts manage income earned in India, while NRE accounts handle income from abroad. NRE accounts offer tax-free interest, whereas NRO accounts are subject to Indian taxes. Both allow repatriation of funds.

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Tax deduction and collection Account Number

A TAN is a unique 10-digit number issued by the Income Tax Department to businesses or individuals responsible for deducting or collecting tax at source. It is mandatory for entities to quote TAN in TDS/TCS returns and payment challans. Non-compliance may lead to penalties.

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What is GST return Filings? GST return filing is the process of submitting details of sales, purchases, and tax payments to the government. Businesses registered under GST are required to file returns regularly (monthly, quarterly, or annually) to report output and input tax. Timely filing ensures compliance and helps businesses claim input tax credits.

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How to get 15CB certificate

To obtain a 15CB certificate, engage a qualified Chartered Accountant (CA) who will verify the remittance details and tax compliance. Provide documents like the remittance invoice, proof of taxes paid, and PAN. The CA will issue Form 15CB after confirming compliance with tax laws for repatriating funds.

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online GST registration in India

To register for GST online in India, visit the GST portal and sign up using your PAN, email, and mobile number. Complete the registration form with business and bank details, upload necessary documents, and submit the application. After verification, you will receive your GSTIN for compliance with GST laws.

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GST Registration Process for NRI

For NRI GST registration, visit the GST portal and create an account using PAN. Complete the registration form with business details and submit documents like passport, address proof, and bank details. After verification, the GST department will issue a GSTIN. NRIs must comply if engaging in business in India.

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GST return filing online

To file GST returns online, log in to the GST portal with your GSTIN. Select the appropriate return form (e.g., GSTR-1 for sales, GSTR-3B for summary). Fill in details of sales, purchases, and taxes. Review and submit the return to ensure compliance and avoid penalties.

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TDS deduction certificate for NRI to income tax

An NRI can apply for a TDS deduction certificate under Section 197 to reduce or eliminate the tax withheld on income like interest, dividends, or property sales. This certificate, issued by the Income Tax Department, ensures that TDS is deducted at the correct rate, in line with the NRI’s actual tax liability.

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Lower/NIL TDS deduction certificate

A Lower/NIL TDS deduction certificate allows taxpayers, especially NRIs, to reduce or eliminate the TDS on income such as interest, dividends, or rent. This certificate, issued under Section 197, ensures that the tax deducted at source aligns with the actual tax liability, improving cash flow and avoiding excess deductions.

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Transfer fund from NRO to person’s NRE account

Transferring funds from an NRO to an NRE account is allowed under RBI guidelines. The transfer requires converting INR to foreign currency and declaring the source of funds. Taxes may apply based on the income in the NRO account. Compliance with legal procedures is necessary to avoid issues.

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