created by
Rajesh Dhruva
Representation to Finance Ministry & Financial Institutions » FEMA'99 Anomalies- our submission to Hon.Finance Minister - Year 2000
Representation to Finance Ministry & Financial Institutions INDEX
- Aadhaar Enrolment to NRIs and PIOs
- Suggestions Re. Provisions of FEMA 1999 - 11th May, 2022
- Representation for providing details of Foreign Bank accounts by NRIs in Income Tax Returns.
- Levying of Income Tax on interest earned on NRE & FCNR Accounts of NRIs
- Indian Banks requested to inform USA NRIs regarding reporting under FATCA
- TDS as per DTAA - our rep. to SBI in 2008 finds place in Finance Bill, 2012
- Suggestions Re. Provisions of FEMA 1999 - 8 June 2011
- NRI's Global Income to be taxed - a Fallacy -19.10.2010
- DTC 2010 - Anomalies - our submission to Hon.Finance Minister - 30.10.2010
- Anomalies in deposit application of Tata Motors Ltd. - 04.03.2009
- THANKS - Hon.Finance Minister,Sir! Our Memo.re:TDS finds favour & Compies of various Memorandams
- Anomaly in Tax Deduction at Source (TDS) under Double Tax Treaty - 06.12.2008 (SBI)
- Anomalies in Times of India / Economic Times article regarding : "NRIs and PIOs can invest in real Estate in India - 01.12.2008
- Anomalies in Mid-term Review of Annual Policy for 2006-07 (04.11.2006)
- TDS anomalies regarding Long Term capital gains of NRIs. - 06.03.2006
- NRE / FCNR interest not Tax Exempt ! - 06.02.2006
More ...
Representation to Finance Ministry & Financial Institutions INDEX
- Aadhaar Enrolment to NRIs and PIOs
- Suggestions Re. Provisions of FEMA 1999 - 11th May, 2022
- Representation for providing details of Foreign Bank accounts by NRIs in Income Tax Returns.
- Levying of Income Tax on interest earned on NRE & FCNR Accounts of NRIs
- Indian Banks requested to inform USA NRIs regarding reporting under FATCA
- TDS as per DTAA - our rep. to SBI in 2008 finds place in Finance Bill, 2012
- Suggestions Re. Provisions of FEMA 1999 - 8 June 2011
- NRI's Global Income to be taxed - a Fallacy -19.10.2010
- DTC 2010 - Anomalies - our submission to Hon.Finance Minister - 30.10.2010
- Anomalies in deposit application of Tata Motors Ltd. - 04.03.2009
- THANKS - Hon.Finance Minister,Sir! Our Memo.re:TDS finds favour & Compies of various Memorandams
- Anomaly in Tax Deduction at Source (TDS) under Double Tax Treaty - 06.12.2008 (SBI)
- Anomalies in Times of India / Economic Times article regarding : "NRIs and PIOs can invest in real Estate in India - 01.12.2008
- Anomalies in Mid-term Review of Annual Policy for 2006-07 (04.11.2006)
- TDS anomalies regarding Long Term capital gains of NRIs. - 06.03.2006
- NRE / FCNR interest not Tax Exempt ! - 06.02.2006
FEMA,1999 – ANOMALIES & REMEDIAL SUGGESTIONS
Pg. 4
INCOME TAX ACT, 1961 – ANOMALIES AND REMEDIAL SUGGESTIONS
The following sections of Income Tax Act, 1961 continue to incorporate / refer to the provisions of Foreign Exchange Regulations Act, 1947 and Foreign Exchange Regulations Act, 1973.
Sr No
|
Section
|
Explanation
|
Regarding
|
Act
|
1
|
10 ( 4 ) ( ii )
|
|
Exemption of interest from NR(E) / FCNR(B) Account
|
FERA 1973
|
2
|
10 ( 4 )(B)
|
|
Granting exemption on interest from saving certificates
|
FERA 1973
|
3
|
10 ( 15 ) ( g )
|
Explanation
|
Granting exemption on foreign currency borrowings by a company providing long term housing finance.
|
FERA 1973
|
4
|
10 A (9)
|
2 ( ii )
|
Defining “convertible foreign exchange”
|
FERA 1973
|
5
|
10 B (9)
|
2 ( ii )
|
Defining “convertible foreign exchange”
|
FERA 1973
|
6
|
43 A (i)
|
1 ( b )
|
Defining “foreign currency” and “Indian currency”
|
FERA 1947
|
7
|
48 (ii)
|
( I )
|
Defining “foreign currency”
|
FERA 1973
|
8
|
80 HHB (2)
|
( a )
|
Defining “convertible foreign exchange”
|
FERA 1973
|
9
|
80 HHB (3)
|
( iii )
|
Defining “convertible foreign exchange”
|
FERA 1973
|
10
|
80 HHC (4B)
|
( a )
|
Defining “convertible foreign exchange”
|
FERA 1973
|
11
|
80 HHD (7)
|
( a )
|
Defining “travel agent”
|
FERA 1973
|
12
|
80 HHD (7)
|
( d )
|
Defining “Authorised dealer”, “foreign exchange” and “Indian currency”
|
FERA 1973
|
13
|
80 RRA (2)
|
( a )
|
Defining “foreign currency”
|
FERA 1973
|
14
|
115 AB
|
( c )
|
Defining “foreign currency”
|
FERA 1973
|
15
|
115 C
|
( a )
|
Defining “convertible foreign exchange”
|
FERA 1973
|
16
|
138 (1) (a)
|
( I )
|
Defining officer, authority, or body
|
FEMA 1947
|
17
|
196 A (2)
|
|
As regards Deduction from income in respect of units of non residents
|
FERA 1973
|
18
|
196 A (2)
|
( a )
|
Defining “foreign currency”
|
FERA 1973
|
19
|
204 (iia)
|
|
Referring to Non Resident External Account
|
FERA 1973
|
20
|
204
|
(b)
|
Defining “Authorised dealer “
|
FERA 1973
|
WEALTH TAX ACT, 1957 – ANOMALIIES AND REMEDIAL SUGGESTIONS
The following sections of Wealth Tax Act, 1957 continue to incorporate / refer to the provisions of Foreign Exchange Regulations Act, 1947 and Foreign Exchange Regulations Act, 1973.
Sr No
|
Section
|
Explanation
|
Regarding
|
Act
|
1 (v)
|
5
|
( 2 )
|
Referring to exemption to balance held in Non Resident External Account
|
FERA 1973
|
2
|
6
|
( 1A )
|
Referring to “Person Resident Outside India”
|
FERA 1973
|