Cross Border Advisory

No Penalty for non-disclosure of foreign Asset in Indian Return

  No penalty u/s 43 of BM Act can be imposed for non-disclosure of foreign asset (foreign bank account) in ITR, where- The amount was not assessee’s unexplained investment as, though held in her name, they represented her deceased mother’s tax paid monies held by assessee in fiduciary capacity and hence it was not ‘undisclosed…

Read more

Taxability for NRI due to the extension of stay in India in covid period

Residential status might be getting impacted due to extended stay, in which case DTAA will come to the rescue. Under Indian laws, service rendered from India is taxable in India irrespective of residential status However, there is a short stay exemption u/s 10(6)(vi) for non-resident As per updated Guidance of OECD Article 15 may be…

Read more

Is Foreign dividend costlier as per Budget 2020

We have made an attempt to analyse proposed provision of section 80M of the budget 2020, which delivers benefit on one hand by removing structural barrier but costlier on the other hand by excluding foreign dividend from avoidance of cascading effect. Author has analysed it for the benefit of readers which can be read in…

Read more