INDIVIDUAL & NRI TAXATIONS

The Individual & NRI taxation undergo change every year, we will try to keep you update on the same as and when change occurs.

The below INCOME TAX RATES are applicable for the Financial Year ending March 31, 2015(Financial Year 2014-15)-Assessment Year 2015-16):

Some of the Changes IT Act in FY 2014-15

Investment limit under section 80C of the Income-Tax Act raised from Rs.1 lakh to Rs. 1.5 lakh.
Deduction limit on account of interest on loan in respect of self occupied house property raised from Rs.1.5 lakh to Rs. 2 lakh.
Personal Income-tax exemption limit raised by ` 50,000/- that is, from Rs. 2 lakh to Rs. 2.5 lakh in the case of individual taxpayers, below the age of 60 years.
Note: - For any assistance please feel free to contact us.

NRI Taxation

NRE A/c : - All NRE fund though in INR are Non Taxable and Repatriable.

NRE FD : - All NRE FD’s are Non Taxable & Repatriable

NRO A/c : - NRO Fund are considered as Indian Income and directly comes under TDS on interest amount.

NRO FD : - NRO FD is applicable for TDS

FCNR : - Non Taxable & Repatriable

RFC: - Taxable & Repatriable under certain conditions.

Double Taxation Avaoidance Agreement

With Reference to GOI and Ministry of Finance and Central Board of Taxes New Delhi Notification dated 17th Sep 2012.

S.O. 2188(E): - In exercise of the power conferred by section 90 & 90A read with the section 295 of the Income-Tax Act 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely: -

1. 1. These rule may be called the Income-tax (12th Amendment) Rule, 2012

    2. They shall come into the force on the 1st day of April, 2013.

2. In the Income-tax Rules, 1962 (hereafter referred to as a principal rules),-

   a. After rule 21AA, the following rule shall be inserted, namely: -

“Certificate of claiming relief under an agreement referred to in section 90 & 90A”.

21AB(1) The Certificate referred to in sub-section (4) of section 90 & sub section (4) of section 90A to be obtain by an assessee, not being a resident of India, from the Government of the country or the specified territory shall contain the following particular’s, namely: -

·         Name of the assessee
·         Status (Individual ,Company, Firm, etc) of the assessee
·         Nationality (in case of Individual);
·         Country of specified territory of Incorporation or Registration (in case of others)
·         Assessee’s tax identification no. in the country or specified territory of residence or in case of no such no. then, a unique number on the basis of which the person is identified by the Government of the country or the specified territory;
·         Residential status for the purpose of the tax;
·         Period for which the certificate is applicable, and
·         Address of the applicant for the period for which the certificate is applicable
(2) The Certificate referred to in sub-rule (1) shall be duly verified by the Government of the Country or the specified Territory of which the assessee, referred to in sub-rule (1), claim to be resident for the purpose of tax.

(3) An assessee, being the resident of India, shall, for obtaining the certificate of resident for the purpose of an agreement referred to in section 90 & section 90A, make an application in Form 10FA to the assessing officer.

(4) The assessing officer on the receipt of an application referred to in sub-rule (3) and being satisfied in this behalf, shall issue a certificate of residence in respect of the assessee in the form;

(b) In Appendix-II, after the form No.10F, the following form should be inserted namely 10FA / 10FB

Contact us for the details & Forms of Double Taxation Avoidance Agreement.

Note: - For any assistance please feel free to contact us.