Investing in Debt Mutual Fund in current situation? Beware and understand Why (or Why Not)

Taking benefit of low Bank FD interest and low/negative return on equity mutual funds, many MF agents are marketing medium/long duration funds for low risk investments. However, they may not be a good investment for you on Risk Adjusted Basis. 1. Never Invest In Debt Funds Based On Past Returns a. High […]

15CB, 15CA Procedures Updated: Understand new procedures applicable from April 1, 2016

Finally, the Central Board of Direct Taxes (CBDT) issues Notification no. 93/2015 dated December 16, 2015 that is both reasonable and practical for anyone making payment to a non-resident or an NRI remitting money outside India or transferring from NRO to NRE account. The important changes under the revised Rules are: […]

"Non Filing of Income Tax Return – Reg." notice and Eye-opening Reality of Information Gathering by IT Department

Recently, the Income Tax Department (ITD) has become very aggressive in widening the tax base through identification of stop-filers and non-filers by issuing notices to  persons who it thinks may have filed the return. The notice would say,  “The Income Tax Department has received information on financial transactions / activities relating […]

NRO to NRE transfer Update: 15CB/15CA required for Both “Taxable” and “Non Taxable" Transfers

From June 1, 2015, any person making a payment to a non-resident, including an NRI transferring funds from NRO to NRE account would be required to obtain a certificate from a Chartered Accountant in form 15CB and file form 15CA to the income tax department.   On May 14, 2015, the […]

15CA/CB rules revised Again: 15CA/CB May NOT be required for NRO to NRE transfer

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 […]