Shreya's Corner

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 sa...

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 taxa...

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 autho...

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...