Annual Statement u/s 285 by a non-resident to be furnished within eight monthsÂ
Under section 285 of the Income Tax Act, 1961 (the Act) every person, being a non-resident having a liaison office in India set up in accordance with the guidelines issued by the Reserve Bank of India under the Foreign Exchange Management Act, 1999, in respect of its activities in a financial year, is required to prepare and furnish within sixty days from the end of such financial year, an annual statement in Form No. 49C.
CBDT has vide Notification No. 14/2025 dated 07.02.2025 notified the Income-tax (Fourth Amendment) Rules, 2025. Rule No. 114DA has been amended to provide that said Form No. 49C shall be furnished within eight months from the end of such financial year.
An amended Form No. 49C has also been substituted.
- Prima facie satisfaction u/s 148 can not be a non-existing or incorrect information
- Mutual Funds to value physical Gold and Silver by using the polled spot prices
- SC allows simultaneous CIRP proceedings against principal debtor & corporate guarantor
- Merely because sales were declared for only one month, same cannot be treated as bogus
- ITAT deleted addition as method of accounting had been accepted in earlier years
