Under Rule 29BA, the CBDT inserts a new From-15E.
To put the provisions of section 195 into effect, the CBDT adds a new Form 15E to rule 29BA.
The Finance Act, 2019, amended section 195 to empower the board to prescribe the form and manner of filing the application in order to decide the required proportion of the amount so chargeable, and tax to be deducted in accordance with section 195 on that proportion only.
Form 15E is an application for a certificate allowing the reasonable proportion of an amount (other than salary) payable to a non-resident to be paid in the case of the recipients to be decided. The type will be introduced on April 1, 2021.
Using a Digital Signature Certificate (DSC) or an Electronic Authentication Code, an applicant may file Form 15E electronically on the IRS website (EVC).
The Assessing Officer shall review the application and, if satisfied that the entire amount is not income chargeable in the case of the recipient, may issue a certificate for the purpose of TDS measuring the required proportion of such sum chargeable under section 195 of the Act.
Copyright infringement case on Kangana Ranaut
A case of alleged cheating was filed against actor Kangana Ranaut by the Mumbai Police on Friday on a local court’s orders after the author of Didda: The Warrior Queen of Kashmir accused her of copyright violation.
The FIR was filed at Khar police station against Ms. Ranaut, Kamalkumar Jain, Rangoli Chandel and Akshat Ranaut.
As per the complaint, he had sent an email about the storyline of his book to Ms. Ranaut, and she used some part of the story in a tweet while announcing her movie without Mr. Kaul’s permission. On the Bandra metropolitan magistrate’s order, the FIR was registered under sections of the Indian Penal Code and also under the Copyright Act. Further probe is on.
Promotion of Local Manufacturing
An outlay of INR 1.97 lakh crore has been announced in Union Budget 2021-22 for PLI schemes for 13 main sectors for a period of 5 years starting from fiscal year (FY) 2021-22, keeping in mind India’s vision of becoming “Atmanirbhar” and to enhance India’s Manufacturing Capabilities and Exports. These 13 sectors include three already existing sectors, Mobile Manufacturing and Defined Electronic Components, Critical Key Starting Materials/Drug Intermediaries & Active Pharmaceutical Ingredients, and Medical Device Manufacturing, as well as ten new key sectors approved by the Union Cabinet in November 2020. The PLI schemes will be introduced by the relevant departments and will remain within the budgetary constraints set. Beneficiaries of these PLI schemes may be both domestic and foreign-owned companies.
The PLI Schemes are expected to enable the global champions developed under the scheme to build a large supplier base. It will assist in bringing scale and size to key sectors, as well as the development and nurturing of global champions.