Form 10f income tax

Form 10F Form 10F Last updated : December 17th, 2019 05:32 pm Form 10F- Income Tax Information to be provided under sub-section (5) of section 90 or sub-section (5) of section 90A of the Income-tax Act, 1961 [maxbutton id=”17″ url=”https://img.indiafilings.com/learn/wp-content/uploads/2018/04/12010141/Form-10F.pdf” text=”Download Form 10F in PDF Format” ]

The CBDT notified via issuance of DGIT(Systems) Notification No. 3 of 2022 that, Non-Resident taxpayers who are not having It was also clarified by way of the notification that “such category of taxpayers may make statutory compliance of filing Form 10F till 31’t March 2023 in manual form as was being done prior to issuance of the DGIT(Systems) Notification No. 3 of 2022.” • • June 16, 2023 • The Delhi bench of Income Tax Appellate Tribunal (ITAT) has quashed a time barred reassessment notice issued under Section 148 of Income Tax Act 1961 based on information from investigation wing regarding bogus expenses. The assessee Humboldt Wedag India Pvt. Ltd. is company is mainly engaged in the business of designing, fabricating, manufacturing and supply […] • • June 16, 2023 • The Raipur bench of Income Tax Appellate Tribunal (ITAT) has ruled that no addition could be made on the basis of a rejected book of account by the Assessing Officer. The assessee Five Star Construction Company is a firm of civil contractors, filed the return of Income for the assessment year 2014-2015. Thereafter, the assessee’s […] • • June 16, 2023 • The Delhi bench of Income Tax Appellate Tribunal (ITAT) has directed the Commissioner for de novo adjudication, by condoning the delay of 379 days in filing the appeal due to the default of Charted Accountant (CA) in complying with the income Tax notices. The assessee, Dominic Savio Dasilva is a non-resident Indian residing in United […] • • June 16, 2023 •...

• For benefits available under Double Taxation Avoidance Agreements, nonresident taxpayers will have to electronically provide specific information via Form 10F. • This may also require an Indian Tax Identification Number and registration on the Income Tax E-filing Portal. • Nonresident taxpayers should evaluate the impact of the notification, for Fiscal Year 2021/22 compliance as well as on ongoing transactions. Executive summary On 16 July 2022, the Indian Tax Administration (ITA) issued a notification 1 mandating nonresident (NR) taxpayers to electronically furnish specific information in specified form (Form 10F) to avail Double Taxation Avoidance Agreements (DTAA) benefits. This may effectively require NR taxpayers to obtain an Indian Tax Identification Number (PAN), register on the Income Tax E-filing Portal (Portal) and file Form 10F electronically. The notification comes into force immediately and the NR taxpayers can electronically file Form 10F for the Fiscal Year (FY) 2021/22. Detailed discussion Background The Income Tax Laws require an NR taxpayer to provide a Tax Residency Certificate (TRC) to avail DTAA benefits. NR taxpayers are required to furnish additional documents and information in Form 10F if certain prescribed details are not available in the TRC. Presently, the NR taxpayers provide the TRC and Form 10F either in physical or electronic copy to the payer of income to avail DTAA benefits at the time of withholding. Taxpayers are not required to file t...

In order to claim benefit of any Tax treaty in respect of any income earned in India, a non-resident is required to furnish certain details in Form 10F alongwith the Tax Residency Certificate (TRC), as per Section 90(5) of the Income Tax Act, 1961 read with Rule 21AB of the Income Tax Rules, 1962. Earlier Form 10F which is in the nature of a self-declaration by the non-resident payee, had to be prepared in a physical (offline) manner and furnished to the tax deductor making foreign remittance. However, the Directorate of Income Tax (Systems) – Central Board of Direct Taxes (CBDT) vide the Notification No. 03 2022 w.e.f. 16th July, 2022 has added Form 10F to the prescribed list of forms to be furnished electronically. We are pleased to share our Newsflash titled “Mandatory requirement for Electronic Furnishing of Form 10F in case of Foreign Remittances”, wherein we have tried to cover the various nuances including issues arising out of the new requirement in case of foreign remittances. We trust the Newsflash would serve to provide valuable insights on the subject matter. Each member of the RSM network is an independent accounting and advisory firm each of which practices in its own right. The RSM network is not itself a separate legal entity of any description in any jurisdiction. The RSM network is administered by RSM International Limited, a company registered in England and Wales (company number 4040598) whose registered office is at 50 Cannon Street, London, EC4N 6JJ. ...