Mandatory requirement for Electronic Furnishing of Form 10F in case of Foreign Remittances
Purpose of Form 10F
In order to claim benefit of any Tax treaty in respect of any income earned in India, a non-resident is required to furnish certain details in Form 10F along with the Tax Residency Certificate (TRC), as per Section 90(5) of the Income Tax Act, 1961 India has signed Double Taxation Avoidance Agreements (DTAAs) with many countries so that the income is taxed only once. One has to file Form 10F, a tax residency certificate and self-declaration in the prescribed format to the entity responsible for deducting tax at source
DOCUMENTS REQUIRED TO FILE FORM 10F
Tax Residency Certificate
The TRC helps you establish your residential status. And thus, it is issued by the country you are a resident of.
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Power of Attorney
A power of attorney is a written authorization to file Form 10F on your behalf.
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No PE Declaration
No PE Declaration is a certificate given by a non-residents deriving income from India, this will enable the Indian payor, to hold tax at a lower/ nil rate.
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From a non-resident perspective,
a PAN is mandated when :
PAN Requirement for
Non-Residents
Permanent
Account
Number
- Their total assessable income under the Income Tax Act exceeds the prescribed tax-exempt threshold.
- They are involved in a business or profession with sales, turnover, or gross receipts expected to exceed five lakh rupees in any given financial year.
Exemption for Eligible Foreign Investors for obtaining PAN
Only these Non residents are eligible to file Form 10F without obtaining PAN
- Non-residents who have invested in a specified fund may, however, be exempt from obtaining a PAN, subject to specific conditions outlined in Rule 114AAB of the Income Tax Rules, 1962.
- Eligible foreign investors, partaking in capital asset transactions as specified in section 47(viiab) and listed in IFSC RSE, may also be exempt from the PAN requirement, provided they meet certain stipulations.
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