Late filing fee under section 234F is one of the most commonly encountered levies by taxpayers who miss the due date for filing their income-tax return. The fee is imposed automatically by the system and often comes as an unpleasant surprise at the time of filing or while processing under section 143(1). A common question … Read more
Form 26QB not visible on TRACES is a common problem faced by property buyers after paying TDS on purchase of immovable property. When Form 26QB does not reflect on the TRACES portal, buyers are unable to generate Form 16B, which leads to complaints from sellers and unnecessary panic. This article explains why Form 26QB does … Read more
TDS on property under section 194-IA is a mandatory compliance for buyers of immovable property in India and must be followed strictly to avoid interest and penalties. This provision was introduced to track high-value real estate transactions and ensure reporting of capital gains. However, due to lack of awareness, many buyers end up paying TDS … Read more
NRO to foreign remittance tax is one of the most misunderstood areas for Non-Resident Indians (NRIs). While remittance of funds from an NRO account to a foreign bank account is legally permitted, it is subject to strict tax and regulatory compliance under FEMA and the Income-tax Act, 1961. This article explains the legal framework, tax … Read more
Form 15CA / 15CB are compliance requirements prescribed under the Income-tax Act for foreign remittances, and they apply only where the payment is chargeable to tax in India, subject to exemptions under Rule 37BB. What these forms are They apply only to taxable remittances, subject to exceptions. Statutory Background of Form 15CA and Form 15CB … Read more
Avoid excess TDS, DTAA errors, and Section 201 litigation Section 195 TDS governs tax deduction at source on payments made to non-residents and applies only where the income is chargeable to tax in India. Statutory Scope of Section 195 Section 195 of the Income-tax Act governs deduction of tax at source on payments made to … Read more