CBDT (DGIT Systems) vide notification no. 03/2022 dated 16.07.2022 has prescribed the following forms to be filed electronically :
1. Form 3CEF – Annual Compliance Report on
Advance Pricing Agreement.
2. Form 10F – Information to be furnished
u/s 90(5) or 90A(5) of the Income-tax Act.
3. Form 10IA – Certificate of the medical
authority for certifying ‘person with disability’, ‘severe disability’,
‘autism’, ‘cerebral palsy’ and ‘multiple disability’ for purposes of section
80DD and section 80U.
4. Form 3BB - Monthly statement to be
furnished by a Stock Exchange in respect of transactions in which client codes
have been modified after registering in the system for the month of.
5. Form 3BC - Monthly statement to be
furnished by a Recognized Association in respect of a transactions in which
client codes have been modified after registering in the system for the month
of.
6. Form 10BC - Audit report under (sub-rule
(1) of rule 17CA) of Income-tax Rules, 1962, in the case of an electoral trust.
7. Form 10FC - Authorization for claiming
deduction in respect of any payment made to any financial institution located
in a Notified jurisdictional area.
8. Form 28A - Intimation to the Assessing
Officer under section 210(5) regarding the Notice of demand under section 156
of the Income-tax Act, 1961 for payment of advance tax under section
210(3)/210(4) of the Act.
9. Form 27C - Declaration under sub-section
(lA) of section 206C of the Income-tax Act, 1961 to be made by a buyer for
obtaining goods without collection of tax.
10. Form 58D - Report to be submitted by a
public sector company, local authority or an approved association or
institution under clause (ii) of sub-section (5) of section 35AC of the
Income-tax Act, 1961 to the National Committee on a notified eligible project
or scheme.
11. Form 58C - Report to be submitted under
clause (ii) of sub-section (4) of section 35AC of the Income tax Act, 1961 to
the National committee by an approved association or institution.
12. Form 68 - Form of application U/s
270AA(2) of the Income Tax Act, 1961.
Now let us analyse the impact of few forms.
Form 10-IA to be filed electronically
As per the Income Tax
Act, 1961, in case of person with disability, deduction is allowed u/s 80U and
incase of a dependent with disability, deduction is allowed u/s 80DD. Disability u/s 80U & 80DD includes
Autism, Cerebral palsy Multiple Disabilities, Person with disability and severe
disability.
A Certificate of the
medical authority for certifying ‘person with disability’, ‘severe disability’,
‘autism’, ‘cerebral palsy’ and ‘multiple disability’ for purposes of section
80DD and section 80U was required to be obtained in Form 10-IA for claiming
deduction. As per the attached
notification no.03/2022 dated 16-July-2022, FORM 10-IA is required to be
furnished electronically effective from the date of the notification.
The implication of
the above notification is:
1.
Individuals are required to file Form 10-IA
electronically on the Income tax portal to claim deduction u/s 80DD/80U.
2.
Individuals are now required to provide
e-filed Form 10-IA to their employers along with physical certificates.
Therefore, going
forward we must mandatorily obtain the electronically filed Form 10-IA
along with the physical certificates before proceeding to give deduction u/s
80DD or 80U to any of our employees of STL India
Form 10F to be filed electronically
Foreign payments are
an important part of our business and with Foreign Payments come compliances.
In case of a payment
to any of our foreign vendor from STL India, we are required to obtain the
documents mentioned below, to analyze the withholding obligation and withheld
taxes before making the payment:
1.
Form 10F – A declaration given by
Non-Residents stating that they are tax resident of a country other than India.
2.
No PE Declaration – A declaration given by
Non-Residents stating that they do not have a permanent establishment in India.
3.
Tax Residency Certificate – A Certificate
issued to the Non-resident by the Tax Authority of the Country in which it is a
resident.
As per the attached notification
no.03/2022 dated 16-July-2022, FORM 10F is required to be furnished
electronically effective from the date of the notification.
The implication of
the above notification is:
3.
Non-Residents are required to file Form 10F electronically
on the Income tax portal.
4.
Non-residents are now required to provide
e-filed Form 10F to their customers in India.
5.
Physically signed declarations in Form 10F are
no longer valid.
Therefore, going
forward we must mandatorily obtain the electronically filed Form 10F
before proceeding to make any payments to our foreign vendors from STL India
No comments:
Post a Comment