In accordance with sub-rule (3) of Rule 37BB, Form 15CA and Form 15CB are not required to be furnished in case of following transactions: Remittance is made by an individual and it does not require prior approval of the Reserve Bank of India as per the provisions of section 5 of the Foreign Exchange Management […]
Who is required to file Form 15CA ?
As per Rule 37BB, any person responsible for paying to a non-resident, not being a company, or to a foreign company, any sum chargeable to tax under the provisions of Income tax Act, 1961, shall furnish such information in Form 15CA and Form 15CB: In case the payment or the aggregate of such payments made during the financial year […]
What is the procedure of filing Form 15CB?
To file Form 15CB, taxpayer is required to Add CA in his account. CA can be added by using the following steps: • Firstly Login to e-Filing Portal, click on “Authorised Partners” tab and select “My Chartered Accountant (CA)” option. • Click on “+Add CA” and enter “membership number”. Once CA has been added by the taxpayer, […]
What is the procedure of filing Form 15CA?
Form 15CA shall be furnished electronically online. Procedure for filing of Form 15CA at e-filing portal is given below- Step 1 – Log on to ” E-filing ‘ portal at https://www.incometax.gov.in/iec/foportal by assessee by using his credentials Step 2 – Go to the ” E-file” menu located at the upper side of the page, select “Income Tax Forms” and […]
Is there any minimum amount upto which tax is not deducted?
The Income-tax Act has prescribed a different threshold limit for deduction of tax at source under various sections. If the expenditure incurred/payment made during the year is below the threshold limit, then there is no requirement to deduct tax at source. The threshold limit for deduction of tax at source under various sections is as […]
What is Tax Deducted at Source?
For quick and efficient collection of taxes, the Income-tax Law has incorporated a system of deduction of tax at the point of generation of income. This system is called as “Tax Deducted at Source”, commonly known as TDS. Under this system tax is deducted at the origin of the income. Tax is deducted by the […]
What is Form 26AS?
It is a form issued under Rule 114-I, wherein the following information related to taxpayer is published: a) Information relating to TDS and TCS; b) Information relating to Specified Financial Transactions (SFT); c) Information relating to payment of taxes; d) Information relating to demand and refund; e) Information relating to pending proceedings; f) Information relating to […]
Is it necessary to attach any documents along with the return of income?
ITR return forms are attachment less forms and, hence, the taxpayer is not required to attach any document (like proof of investment, TDS certificates, etc.) along with the return of income (whether filed manually or filed electronically). However, these documents should be retained by the taxpayer and should be produced before the tax authorities when […]
Which mode of filing of return is applicable to whom?
The applicable return of income shall be furnished by a person mentioned in column (ii) of the Table below to whom the conditions specified in column (iii) apply, in the manner specified in column (iv) thereof:— Sl. Person Condition Manner of furnishing return of income (i) (ii) (iii) (iv) 1 Individual or Hindu undivided […]
What are the different modes of filing the return of income?
The Return Form can be filed with the Income-tax Department in any of the following ways, – (i) by furnishing the return in a paper form; (ii) by furnishing the return electronically under digital signature; (iii) by transmitting the data in the return electronically under electronic verification code; (iv) by transmitting the data in […]