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TDS on non-resident payment has always been a complex area of Income Tax Compliances. Detailed analysis is required to be performed to each transaction to understand TDS on foreign payment before you can initiate a payment. Wrong TDS on foreign party may put your company at greater risk in later years when the assessment is done. TDS on non-resident payments needs to be analyzed under section 195 of the Income Tax Act 1961. Under section 195 of the Income-Tax Act, when a person makes a payment by way of interest or any other sum other than salary to a foreign company or NRI, tax should be deducted at source at the rate applicable at force. To identify the TDS rate on payment to non-resident, one has to follow the below sequence: S.No Question to be asked Possible Response Expert opinion 1. Does the payment relate to Import of Goods or services? 1.Goods 2.Services 1. Goods: No TDS 2. Services: Refer below 2. Is there any specific section under which TDS on foreign payments...

Compliances are critical part of the Indian Businesses. In India Compliances are complex, vast and never ending. From monthly to quarterly to annual, there are countless number of compliances a business entity has to take care in India. As the Covid-19 has hit the entire business world, government has given relaxations in various due dates. For the benefit of business world, we have summarized key due dates and their revised due dates. VARIOUS COMPLIANCES DUE DATES & OTHER IMPLICATIONS AFTER COVID-19 PANDEMIC Name of compliances For the period/ FY/Months Revised Due Date/ Other implications Original Due Date/ Other implications Income Tax Return FY 2018-19 (AY 2019-20) 30 th  June 2020 31 st  March 2020 Income Tax Return – for Non-Auditable Assessee FY 2019-20 (AY 2020-21) 30 th  November 2020 31 st  July 2020 Income Tax Return – for Auditable Assessee FY 2019-20 (AY 2020-21) 30 th  November 2020 31 st  October 2020 Tax & Statutory A...

                                              Enterprise Risk Assesment The COVID-19 outbreak incident surfaced in Dec 2019 and the condition has continued to evolve throughout after April 30 th , 2020. The lockdown has eased in certain parts of the country based on the zone ratings. However, the overall risk remains high. Finance & accounting along with internal auditing will have to undergo a sea of changes to keep up with this pandemic. This publication covers key areas to be considered during and after the pandemic  by CFOs and Internal Audit professionals. 1. Pandemic risk not covered as part of Enterprise Risk Assessment Your Company is not the only one who has not covered the pandemic as part of the ‘Enterprise Risk Assessment’. However, you must need to response faster now. Below are the key actionable strategies for such a scenario: ·  C...