FORM-15CA

• As per Section 195, Every person making a payment to Non-Residents (not being a Company), or to a Foreign Company shall deduct TDS if such sum is chargeable to Income Tax and details are required to be furnished in FORM 15CA.
• A Person responsible for making such remittance (Payment) has to submit the form 15CA, before remitting the payment.
• In certain cases, a Certificate from Chartered Accountant in form 15CB is required before uploading the form 15CA online.
• Form 15CA is filed by Remitter.

FORM-15CB

• Form 15CB is a certificate to be furnished by an Chartered Accountant in cases where any payment / aggregate of payments exceeding ₹5 Lakh in a FY, chargeable to income tax is made to a Non-Resident, not being a company or to a Foreign Company, and a certificate from the AO u/s 195/197 is not obtained for Low TDS/Nil TDS.
• In Form 15CB, a CA certifies the details of the payment, TDS rate, TDS deduction and other details of nature and purpose of remittance.
• Form 15CB is filed by Chartered Accountant.

Non-Resident Indians (NRIs) have the option to choose between the old tax regime and the new tax regime under Section 115BAC of the Income-tax Act. Under the old tax regime, NRIs can avail of certain exemptions, deductions, and allowances to reduce their taxable income.

One such exemption is under Section 80C of the Income-tax Act, where NRIs can claim deductions of up to Rs. 1.5 lakh for investments made in specified instruments. These instruments include children’s tuition fees, premium payments for Life Insurance Corporation (LIC) policies, Unit Linked Insurance Plans (ULIPs), Equity Linked Savings Schemes (ELSS), and principal repayments of a home loan.

If the new tax regime is set to be the default. However, taxpayers can opt for the old regime. A tax rebate introduced under the new tax regime for income up to Rs.7 lakhs, if your taxable income is below Rs.7 lakhs, you won’t have to pay any tax due to the introduced rebate. The tax exemption limit of Rs. 2,50,000 has increased to Rs. 3,00,000 under the new tax regime and tax slabs, the new tax regime as follows:

Up to Rs.3,00,000 – Nil

Rs.3,00,000 – Rs.6,00,000 – 5%

Rs.600,000 – Rs.9,00,000 – 15%

Rs.9,00,000 – Rs.12,00,000 – 20%

Above Rs.15,00,000 – 30%

Standard deduction of Rs.50,000 has been extended to the new tax regime.

GST CMP 08 Form due date is 18th January 2024 for the 3rd quarter of October to December 2023

If you missed filing within the due date, You can still file a belated return before December 31, 2023.

GST Amnesty Scheme allowing taxpayers until January 31,2024 to file appeals against demand orders issued by tax officers until March 2023.

The scheme also includes an enhanced Pre-deposit requirement of 12.5% of the Tax demand.

GSTR- 9

Maximum late fee is restricted to ₹20,000 (10,000/- CGST + ₹10,000/- SGST) for filing of Annual Return in Form GSTR -9 for any Financial Year from 2017-18 to 2021-22, if filed on or before 30-06-2023.

Late fee of GSTR -9 for Financial Year 2022-2023:

There are three categories, which are as follows:

(a)  Turnover up to 5 Crore – Late fee CGST ₹25/- + SGST ₹25/- per day subject to a maximum up to 0.04% (0.02% CGST+ 0.02% SGST) of Turnover.

(b)  Turnover between 5 Crore to 20 Crore – Late fee CGST ₹50/- + SGST ₹50/- Per day subject to a maximum up to 0.04% of Turnover

(c)  Turnover above 20 Crore – Late fee CGST ₹100/- + SGST ₹100/- per day maximum up to 0.50% of turnover.

GSTR – 10

As per the GST Provisions on cancellation of GST Registration, a tax payer has to file Final Return (GSTR -10) within 3 months from the date of cancellation.

*  Late fee is restricted to ₹1,000/- (₹500/- CGST + ₹500/- SGST),  if Return GSTR-10 Filed between 01-04-2023 to 30-06-2022