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What is Form 15CA and 15CB? Introduction, Importance, and New Rules

Making payments overseas, or outside India, mandates individuals to fulfill certain documentation, legalities, and guidelines. Remittances to Non-Resident Indians staying in UAE are sanctioned by banks only if the person making the remittance provides an undertaking along with certificates, namely Forms 15CA and Forms 15CB. In simple terms, any NRI staying in UAE in need of funds/money transfer, or remitting funds from India to abroad, is mandatorily required to  submit duly filled Form 15 CA and 15CB . The purpose of the two documents is to ensure that taxes have been paid on the funds involved before overseas remittance is carried. In case, the funds are remitted abroad without the due taxes are being paid, Individual will get notice from Income Tax Department. The two legal documents offer similar information, with the major difference that Form 15 CA is a declaration by the NRI wanting to remit funds, while Form 15CB is a Chartered Accountant’s certification of the same.
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How do I register my company for VAT?

The UAE regulations mandate businesses trading goods and providing services to register for taxation.  Value Added Tax (VAT) registration  is simply a tax registration for such businesses in the UAE. However, not all businesses need to register for VAT. Businesses that exceed the annual aggregate turnover threshold, i.e. AED 3,75,000 and businesses that cross the total value of supplies in the next 30 days, must register for VAT. Get in touch with a VAT consultancy in Dubai to know if your company needs VAT registration. The businesses need VAT registration for showcasing themselves as Government-acknowledged entities. This further allows or authorizes them to collect VAT from their customers, which in turn is remitted to the Government. Why register the company for VAT? Apart from the basic functionality of VAT registration authorizing businesses to collect VAT, there are certain other tasks which can be performed by a VAT registered company: 1. Collect VAT for taxable suppl

Do I need a GST number for my small business?

Under the previous indirect tax regime, multiple registration numbers were required for the different sets of Service Tax, Excise Tax, VAT, etc. However, with the introduction of GST, people or businesses require only a single registration number. Businesses thus need a GSTIN for operations.  GSTIN, or GST identification number is a 15-digit unique alpha-numeric identification number which is allotted to every registered person under GST. However, an individual can have multiple GST numbers if he is an assessee under the Income Tax Act for different states/union territories he operates his business from. Persons or businesses which exceed a certain threshold limit are mandatorily required to register under GST. Precisely, businesses with turnover exceeding Rs. 40 lakhs* (Rs 10 lakhs for NE and hill states) are mandated to register as a normal taxable person. The process of such businesses getting registered for taxes is called  GST registration . Tax authorities use the GST numbe

Which are the top 5 liberal arts universities in India?

Liberal Arts and Sciences is a contemporary subject discourse gaining immense popularity in top institutions across the globe for its multidisciplinary approach. As opposed to the common myth, liberal arts and sciences is a much broader academic stream going way beyond the convention of fine arts, performing arts and humanities-related subjects.  Offering avenues for wider thought horizons, interdisciplinary academic options and creative ideologies, liberal arts universities serve as the perfect career-led option for curious minds. However, liberal arts and sciences is still considered a relatively new field with only a few leaders across the country.  There are only a few renowned liberal arts colleges in India that offer niche liberal arts and sciences programmes. The ones that are currently offering multiple liberal arts and sciences courses are making a mark globally. Thapar Institute of Engineering and Technology being India’s leading educational institute takes a step forward

Kung Fu Action: Fun and entertainment reloaded!

Craving for some shaolin-style action, drama and thrill? Punch the may-bes in the face, coz’ we’re right here with it! Roll up your sleeves and get ready to witness some exhilarating adventures, new challenges and fight fabulous spectacles. With an all new spin-off ‘KungFu Dhamaka’ series featuring ‘Chhota Bheem’ in his 2.0 avatar. Set in a foreign land, amongst unknown characters, the plotline revolves around Chhota Bheem and his gang who travel to China, while an unexpected set of actions are already underway. From clashes with robbers and kungfu battles, there’s so much in motion one can barely keep up with it! Will Chhota Bheem be able to adapt to these alien surroundings? What dangers lurk in the unknown lands? Will the gang stand united or will these tenuous situations split them off? The only relief is in knowing that  Chhota Bheem  is always ready to put his game face on and put up a good fight against all his enemies. And we love it! What’s more are all the

Mashup Mania Masti: Chhota Bheem meets Grizzy and the Lemmings

Loving this time around your home? We bet you kids are gorging on all your favourite treats, binging your favourite shows and spending loads of time with your family.  What’s more?  Chhota Bheem and gang has always been by your side to counter attack that ‘sometimes bored vibes’ with their engrossing storylines and power packed super moves.  And how could we actually leave out the good ol’ fun we have with Grizzy and the lemmings (they tickle us to laughter, till we’re rolling down the floor) Oh, the fun! It’s like we couldn’t have more of it. But, we can! Say, whaaat? Yup you heard it right, we can’t get enough of good things , great shows and masti with you guys.  That’s why Pogo TV will have a mashup episode with Chhota Bheem’ s gang and ‘Grizzy and the Lemmings’ right on the clock from 10- 12th April, 9:30am onwards. Why? Because thodi nahi, weekends pe bahut saari masti to banti hai boss! Can’t imagine, what’s in store? Too excited, you say? You absolute

Complete Guidance on Easy and Hassle-free ITR filing

Complete Guidance on Easy and Hassle-free ITR filing Filing of income tax returns is an obligation for individuals and entities if their income of the preceding year exceeds a certain specified amount that is not chargeable to tax, as mandated by the Income Tax Department of the Government of India. The process of filing of  Income tax return  (ITR) has moved from the traditional offline mode involving paperwork to a fast & more accurate online mode, thanks to the online portal launched by the I-T department that offers citizens a single-window access to all income tax related services. Here’s a comprehensive guide for taxpayers on everything about the ITR filing process: What are e-return intermediaries? Under the Electronic Furnishing of Return of Income Scheme, 2007, authorized intermediaries provide services for electronically filing  Income tax return  on behalf of taxpayers, thus helping them save time & efforts. A noteworthy industry leader with over two decade