This Independence Day gives a reason to rejoice to the ever growing Indian Startup Ecosystem. Prime Minister Narendra Modi, addressing the nation on the 69th Independence Day, said, “We are looking at systems for enabling start-ups.
We must be number one in start-ups… Start-up India; Stand up India.” Giving a further boost to the startup industry, PM Modi has launched the new campaign – “Start up India, Stand up India” to promote bank financing for start-ups and offer incentives to boost entrepreneurship and job creation. Continue reading ““Startup India – Stand up India” – A new campaign to boost startups by PM Narendra Modi”
With an attempt to make e-filing completely paperless, the Central Board of Direct Taxes (CBDT) has come out with the technology of e-verification of assesses by means of their Aadhaar number.
This will relax the requirement of sending physical copies of the return acknowledgment for verification to the Centralised Processing Centre (CPC), Bengaluru and will also do away with the need to digitally sign the return. However, this new system is just an alternative to the existing system. This means, those e-filing returns can continue to send their acknowledgements (ITR-V forms) in physical form to the Bengaluru centre within 120 days of filing the return or use digital signatures. Also, those who do not have an Aadhaar card will also have to use the existing system. Continue reading “Electronic Verification to ease Return Filing for Taxpayers”
The Income Tax Law of our country requires authentication of foreign remittances (payments) made to a Non Resident or Foreign Company, for any amount which is taxable as per the existing laws. A person making a remittance (a payment) to a Non Resident or a Foreign Company has to submit Form 15CA. This form is submitted online.
In some cases, a certificate from a Chartered Accountant in Form 15CB is required before uploading Form 15CA online. Form 15CB is the Tax Determination Certificate where a Chartered Accountant determines the taxability of the remittance as per Income tax Act along with the provisions of Double Tax Avoidance Agreement with the Recipient’s Residence Country. Continue reading “Form 15CA and Form 15CB – Compliance for Foreign Remittances”