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Gifts received and given by NRIs under FEMA

Gifts send by NRIs There are no restrictions on the maximum limit of remittances by NRIs to their relatives or non-relatives, as per the FEMA Act. However, there are specific bars on gifts transferred under the Income Tax Act, 1961 which are:- The taxability of gift would depend on the person from whom the gift [...]

Long Term Capital Gains Tax on Sale of Unlisted shares in Indian Companies

There are several instances where NRIs as well as Residents have invested in shares of Indian private sector companies, especially in those carrying on business of mobile applications, software developments, hospitality etc. and gone abroad later. The value of the shares of some of these companies has gone up exponentially  in recent years on account […]

Modified LLP Settlement Scheme- Clear pending filings without any late fees

What is Modified LLP Settlement Scheme 2020   Ministry of Corporate affairs has notified the modified LLP Settlement Scheme 2020 to provide a one-time opportunity for the defaulting Limited Liability Partnerships registered in India to file their pending returns and document without any late/additional fees and also to provide immunity from all legal proceedings in […]

Companies Fresh Start Scheme 2020

A golden opportunity for defaulter companies to become compliant with savings of lakhs of rupees. What is Companies Fresh Start Scheme 2020 (CFSS 2020)? In order to facilitate the companies registered in India to make a fresh start on a clean slate, Ministry of Corporate Affairs has introduced Company Fresh Start Scheme 2020 vide MCA […]

Every Company other than Govt. Company shall File ONE TIME Return in E-Form DPT – 3 before 22nd April 2019.

Purpose: Disclosure of outstanding receipt of money or Loan which are not considered as DEPOSITS, in term of clause ( c ) of sub-rule 1 of Rule 2 from 1st April 2014 to 22nd January 2019. Details required for filing the Form DPT-3 is as follows. Please confirm and certify that the company has accepted […]

Form INC-22A ACTIVE Another Mandate for Companies in India

  MCA has introduced Form INC-22A ACTIVE seeking particulars of every company that is incorporated on or before the 31st December 2017 including location photo of Registered Office. This form is to be filed on or before 25th April 2019. Information required to be furnished in Form INC-22A ACTIVE Name & Address of the company […]

MCA DETECTING SHELL COMPANIES: ANOTHER MANDATE FOR COMPANIES IN INDIA

MCA has introduced e- Form ACTIVE (Form INC 22A ) seeking particulars of every company that is incorporated on or before the 31st December 2017 including location photo of Registered Office. This form is to be filed on or before 25th April 2019.Companies who do not intimate these said particulars to the Registrar will be marked as “ACTlVE-non-compliant” and will be liable for action

CERTIFICATE OF COMMENCEMENT OF BUSINESS

From 02 November 2018, obtaining of Certificate of Commencement of Business has been made mandatory for all companies in order to commence business activities.

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Black Money Act

Do you own foreign assets or earn income from abroad? Are you planning to repatriate/ relocate/ settle in India? Are you aware that foreign assets and income must be reported? Here is what you should know. What is Black Money? The term “black money” in common parlance means: Money made from illegal activities such as [...]

July 2021 – Compliance Calendar

July Sl No Particulars Due dates Extended Date/ Comments Direct Tax  1 Due date for deposit of Tax deducted/collected for the month of June, 2021 7-July-2021     2 Due date for issue of TDS Certificate for tax deducted under Section 194-IB /194-IA in the month of May, 2021 15-July-2021   3 Quarterly statement of […]

EASY GUIDE TO ADVANCE TAX WITH PAYMENT CALCULATION & DUE DATES

WHAT IS ADVANCE TAX? Advance tax under Income Tax Act, 1961, otherwise called ‘pay-as-u-earn scheme’, refers to the payment of tax before the end of the financial year. The purpose or objective behind the implementation of advance tax provision was that the scheme ensures a constant flow of tax revenue throughout the year for meeting [...]

Gifts received and given by NRIs under FEMA

Gifts send by NRIs There are no restrictions on the maximum limit of remittances by NRIs to their relatives or non-relatives, as per the FEMA Act. However, there are specific bars on gifts transferred under the Income Tax Act, 1961 which are:- The taxability of gift would depend on the person from whom the gift [...]

Important Aspects of FEMA & Studying Abroad

Planning to Study Abroad? Learn How FEMA Affects Residential Status and Loans. The numbers are monumental when it comes to Indian youth studying abroad. Whether to study abroad and return home or to have a permanent stay in those countries, recent reports suggest that India has become one of the major sources of outbound students. [...]

Are you a tax compliant while making payment of commission to a foreign entity? To know more about TDS on foreign commission, please read below

To know more about TDS on foreign commission, please read below Introduction With businesses now able to operate globally, it is possible that foreign agents are engaged by Indian entities for many business activities including sales, sales promotion, tie-ups, etc. The foreign agents are compensated with a commission for the services that they render for [...]

CONVERSION OF A ONE PERSON COMPANY TO A PRIVATE COMPANY/ PUBLIC COMPANY

A One Person Company (OPC) is a company with only one person as member. An OPC may convert into a private company/ public company voluntarily. Before the inception of Companies (Incorporation) 2nd Amendment Rules 2021, it was mandatory for an OPC to convert to a private/ public company, if it’s paid-up share capital exceeded Rs. [...]

Alteration of Memorandum of Association–Object Clause

Memorandum of Association (MoA) is a charter document of a company, which governs relationship between the company and outside. It defines the name, object, capital, subscription, etc. of a company. We define objects of the company at the time of incorporation of the company. However, company may want to modify its object clause for numerous [...]

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Gifts received and given by NRIs under FEMA

Gifts send by NRIs There are no restrictions on the maximum limit of remittances by NRIs to their relatives or non-relatives, as per the FEMA Act. However, there are specific bars on gifts transferred under the Income Tax Act, 1961 which are:- The taxability of gift would depend on the person from whom the gift [...]

Long Term Capital Gains Tax on Sale of Unlisted shares in Indian Companies

There are several instances where NRIs as well as Residents have invested in shares of Indian private sector companies, especially in those carrying on business of mobile applications, software developments, hospitality etc. and gone abroad later. The value of the shares of some of these companies has gone up exponentially  in recent years on account […]

Modified LLP Settlement Scheme- Clear pending filings without any late fees

What is Modified LLP Settlement Scheme 2020   Ministry of Corporate affairs has notified the modified LLP Settlement Scheme 2020 to provide a one-time opportunity for the defaulting Limited Liability Partnerships registered in India to file their pending returns and document without any late/additional fees and also to provide immunity from all legal proceedings in […]

Companies Fresh Start Scheme 2020

A golden opportunity for defaulter companies to become compliant with savings of lakhs of rupees. What is Companies Fresh Start Scheme 2020 (CFSS 2020)? In order to facilitate the companies registered in India to make a fresh start on a clean slate, Ministry of Corporate Affairs has introduced Company Fresh Start Scheme 2020 vide MCA […]

Every Company other than Govt. Company shall File ONE TIME Return in E-Form DPT – 3 before 22nd April 2019.

Purpose: Disclosure of outstanding receipt of money or Loan which are not considered as DEPOSITS, in term of clause ( c ) of sub-rule 1 of Rule 2 from 1st April 2014 to 22nd January 2019. Details required for filing the Form DPT-3 is as follows. Please confirm and certify that the company has accepted […]

Form INC-22A ACTIVE Another Mandate for Companies in India

  MCA has introduced Form INC-22A ACTIVE seeking particulars of every company that is incorporated on or before the 31st December 2017 including location photo of Registered Office. This form is to be filed on or before 25th April 2019. Information required to be furnished in Form INC-22A ACTIVE Name & Address of the company […]

MCA DETECTING SHELL COMPANIES: ANOTHER MANDATE FOR COMPANIES IN INDIA

MCA has introduced e- Form ACTIVE (Form INC 22A ) seeking particulars of every company that is incorporated on or before the 31st December 2017 including location photo of Registered Office. This form is to be filed on or before 25th April 2019.Companies who do not intimate these said particulars to the Registrar will be marked as “ACTlVE-non-compliant” and will be liable for action

CERTIFICATE OF COMMENCEMENT OF BUSINESS

From 02 November 2018, obtaining of Certificate of Commencement of Business has been made mandatory for all companies in order to commence business activities.

View all
case Study

Black Money Act

Do you own foreign assets or earn income from abroad? Are you planning to repatriate/ relocate/ settle in India? Are you aware that foreign assets and income must be reported? Here is what you should know. What is Black Money? The term “black money” in common parlance means: Money made from illegal activities such as [...]

July 2021 – Compliance Calendar

July Sl No Particulars Due dates Extended Date/ Comments Direct Tax  1 Due date for deposit of Tax deducted/collected for the month of June, 2021 7-July-2021     2 Due date for issue of TDS Certificate for tax deducted under Section 194-IB /194-IA in the month of May, 2021 15-July-2021   3 Quarterly statement of […]

EASY GUIDE TO ADVANCE TAX WITH PAYMENT CALCULATION & DUE DATES

WHAT IS ADVANCE TAX? Advance tax under Income Tax Act, 1961, otherwise called ‘pay-as-u-earn scheme’, refers to the payment of tax before the end of the financial year. The purpose or objective behind the implementation of advance tax provision was that the scheme ensures a constant flow of tax revenue throughout the year for meeting [...]

Gifts received and given by NRIs under FEMA

Gifts send by NRIs There are no restrictions on the maximum limit of remittances by NRIs to their relatives or non-relatives, as per the FEMA Act. However, there are specific bars on gifts transferred under the Income Tax Act, 1961 which are:- The taxability of gift would depend on the person from whom the gift [...]

Important Aspects of FEMA & Studying Abroad

Planning to Study Abroad? Learn How FEMA Affects Residential Status and Loans. The numbers are monumental when it comes to Indian youth studying abroad. Whether to study abroad and return home or to have a permanent stay in those countries, recent reports suggest that India has become one of the major sources of outbound students. [...]

Are you a tax compliant while making payment of commission to a foreign entity? To know more about TDS on foreign commission, please read below

To know more about TDS on foreign commission, please read below Introduction With businesses now able to operate globally, it is possible that foreign agents are engaged by Indian entities for many business activities including sales, sales promotion, tie-ups, etc. The foreign agents are compensated with a commission for the services that they render for [...]

CONVERSION OF A ONE PERSON COMPANY TO A PRIVATE COMPANY/ PUBLIC COMPANY

A One Person Company (OPC) is a company with only one person as member. An OPC may convert into a private company/ public company voluntarily. Before the inception of Companies (Incorporation) 2nd Amendment Rules 2021, it was mandatory for an OPC to convert to a private/ public company, if it’s paid-up share capital exceeded Rs. [...]

Alteration of Memorandum of Association–Object Clause

Memorandum of Association (MoA) is a charter document of a company, which governs relationship between the company and outside. It defines the name, object, capital, subscription, etc. of a company. We define objects of the company at the time of incorporation of the company. However, company may want to modify its object clause for numerous [...]

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