LAW DECODED

FORM 27D Step1.                Bill received or payment to be made. Step2.                Send bill to CA. Step3.                CA will issue certificate in form 15CB mentioning rate of TDS. Step4.                On the basis of 15CB fill online 15CA. Step5.                Submit both 15CA/15CB to bank. Step6.                Bank makes payment Few important points keep in mind before deducting TDS: ü   Whether the income of foreigner is taxable in India , if answer is No, then no need to deduct TDS, just file form 15CA on income tax site To judge whether the Income is Taxable in India, one has to check the following things: ü   Section 9 of Income Tax Act 1961 ü   DTAA between India & foreign country PAN: Ordinarily in terms of Section 206AA of the IT Act, if a person entitled to receive any income on which withholding tax is deductible does not furnish a Permanent Account Number ("PAN") to the person responsible for deducting such ta

FAQs issued by MCA:  Link Date of filing for the FY 2018-19 has been extended from 31.08.2018 to 15.09.2018.

1. CONTRA : Under this head, those entries are recorded, which involves bank and cash or two different banks. For example Cash deposit in the bank. 2.PAYMENT : Under this head, those entries are recorded, where we have to make payments whether in cash or through a bank. For example: pay 2000 through NEFT or cheque or RTGS or cash. 3.RECEIPTS : Under this head, those entries are recorded, where we have received cash or cheque from our debtors or any other transaction such as bank loan. Sometimes, a receipt can be in the form of Advance received   in this case you must record this transaction under advance received tab. This is important when you are entering transaction under GST regime because, under GST law, there is tax liability even on advance received. Otherwise, you can not see this functionality if you have not configured " Tax liability on Advance Received "  4.SALES : Under this head, those entries are recorded, where you sell products or se

NOTICE There have to be 7 days advance notice. Proof of Notice must be kept safe. There shall be a number system and must be assigned to each meeting. MINUTES Minutes have to be numbered consecutively. Minutes must be recorded within one month of the meeting.

1. GROUP SAVING LINKED INSURANCE   Read: https://securenow.in/insuropedia/are-group-health-policies-tax-deductible https://securenow.in/insuropedia/are-group-health-policies-tax-deductible No benefits to employees as a deduction but not even added in their salary

The confusion creeps in because the first page of FLA return [which is an excel based utility] asks for CIN number which is applicable to a company. Therefore, LLP is required to send mail:  surveyfla@rbi.org.in (RBI helpdesk – 022-26578662/8214) to create dummy CIN until RBI amend the FLA return format.

Making foreign payments are very frequent in nature, but before making any foreign payment you must keep in mind the compliances under various laws such as: 1. Under Income Tax Laws :  Section 195 of the Income Tax Act requires to deduct TDS if the sum payable is taxable in India. To know this you must check Section 5, 6 and 9 of the Income Tax Act along with section 195 to get the clear picture. Deciding at what rate you should deduct TDS , is also a crucial task. For this, you must check the DTAA [Double Taxation Avoidance Agreement] between India and the Country where you remitting the funds.  Apart from TDS liability and its TDS return filing, you must also intimate the tax authority by filing form 15 CA and 15 CB [CA Certificate] . However, there are certain notified transactions where you are not required to report such transactions [ Rule 37 BB of Income Tax Rules ]. The wording of section 195 is so wide that it covers almost each and every foreign payment barri