After Demonetization, the next focus of Indian government to curb black money is Benami Properties. Because of relaxed provisions, informal ways of doing things until now, it became part of a normal business to do certain things in the name of tax planning or to circumvent the laws. As a result, […]
CBDT vide notification 67/2003 revised the rules and procedures AGAIN for payment to NRI. And this time, for good. The updated rule will also be effective from October 1, 2013. I hope they do not change the rules again. 1. As per the revised rule, Form 15CA/CB is applicable only if a […]
On August 5, 2013, CBDT (Central Board of Direct Taxes) changed the rules, procedures and forms for making payment to a non-resident from October 1, 2013. The revised forms and procedures will also be applicable for transfer of funds from NRO to NRE account. While the revised rule reduces the procedures for […]
CBEC (Central Board of Excise and Customs) Circular No. 163/14/2012 –ST dated July 10, 2012 clarified that there is no service tax per se on the amount of foreign currency remitted to India from overseas. This is a good news for NRIs as they will not be charged any service tax on money […]