The income-tax (12th amendment) rules,2012
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 October 2012
What is TRC certificate & for whom it is applicable?
Rule 21AB & 21AA ?
Any due date for application for from no. 10FA?
Rule 21AB & 21AA ?
Any due date for application for from no. 10FA?
30 October 2012
There is no due date. It is to be obtained from the non resident to whom you are making the payment.
The TRC will be issued by the tax authority of the country in which the non resident resides.An application will be submitted to the tax authority by the non resident and it will issue the TRC to NR.
In India application form is 10FA and TRC form is 10FB
The TRC will be issued by the tax authority of the country in which the non resident resides.An application will be submitted to the tax authority by the non resident and it will issue the TRC to NR.
In India application form is 10FA and TRC form is 10FB
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30 October 2012
India has made it mandatory for all foreigners to furnish a tax residency certificate of their home country to claim benefits under the double taxation avoidance agreement. This will make the process of claiming tax credit easier for foreigners by removing the arbitrariness in the earlier regime.
S. 90 (4) of the Act, as inserted by the Finance Act 2013 w.e.f 1.4.2012 provides that an assessee, not being a resident, to whom an agreement referred to in sub-section (1) of s. 90 applies, shall not be entitled to claim any relief under a Double Taxation Avoidance Agreement unless a certificate, containing such particulars as may be prescribed, of his being a resident in any country outside India or specified territory outside India, as the case may be, is obtained by him from the Government of that country or specified territory. A similar provision has been inserted in sub-section (4) of s. 90A of the Act. Pursuant therto, the CBDT has issued Notification dated 17.09.2012 to insert Rule 21BA and Forms 10FA and 10FB specifying the manner in which the aforesaid Certificate of Tax Residency should be obtained.
S. 90 (4) of the Act, as inserted by the Finance Act 2013 w.e.f 1.4.2012 provides that an assessee, not being a resident, to whom an agreement referred to in sub-section (1) of s. 90 applies, shall not be entitled to claim any relief under a Double Taxation Avoidance Agreement unless a certificate, containing such particulars as may be prescribed, of his being a resident in any country outside India or specified territory outside India, as the case may be, is obtained by him from the Government of that country or specified territory. A similar provision has been inserted in sub-section (4) of s. 90A of the Act. Pursuant therto, the CBDT has issued Notification dated 17.09.2012 to insert Rule 21BA and Forms 10FA and 10FB specifying the manner in which the aforesaid Certificate of Tax Residency should be obtained.
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30 October 2012
If TRC will be issued by the NR on or before getting the payment from the resident of India. If the TRC is not issued then it will attract to TDS
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