The Central Government has given another tremendous opportunities in the recently launched its two schemes w.e.f. 01.06.2016 under Income Tax Regime. One is The Income Declaration Scheme, 2016 & another is in respect of reducing tax litigations under the Direct Tax Dispute Resolution Scheme, 2016.
Foreign Exchange Management Act, 1999 (‘FEMA’) is one of the key Indian legislations brought into force with an objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India. Reserve Bank of India (‘RBI’), which is the Apex Bank, governs FEMA and Regulations made thereunder.
An official level meeting between India and Cyprus took place in New Delhi on 28 and 29 June, 2016, to finalize the new India Cyprus Double Taxation Avoidance Agreement, wherein all pending issues, including taxation of capital gains, were discussed, and in-principle agreement was reached on all pending issues. It was agreed to provide for source based taxation of capital gains on transfer of shares.
Aa ab lautchalen, (meaning let us now return) is the title of a Bollywood movie which reflects the thought of many NRIs’ yearning to return to India. The decision to return requires planning, especially the finances and Resident Foreign Currency (RFC) Account is an ideal vehicle for NRIs’ to park their funds in foreign currency in India and avail off its advantages once they actually return to the country.
We recently got a chance to meet Young & Dynamic CA Lalit Bajaj who has been elected as a Regional Council Member of WIRC, ICAI. CA Lalit Bajaj has more than 18 years of experience in the field of Statutory Compliances, Management Audits, Valuations, Fund Raising and is actively involved in ICAI’S activities since 1998.
The Government has assured complete confidentiality to those declaring their income under the Income Declaration Scheme 2016. Addressing a press conference in Mumbai today, the Revenue Secretary, Government of India Shri Hasmukh Adhia said no source will be asked and no further proceedings will be initiated against those availing of the opportunity to declare their hitherto undisclosed income under the scheme.
Processes of uploading manual/paper Form 1 received by PCIT/CIT, generation of Form 2 for efiled/paper Form 1, viewing of Form 3 submitted online and generation of Form 4 for efiled/paper Form 1 have been implemented on the efiling portal of the Income Tax Department.
In the Employees’ Pension Scheme, 1995, in paragraph II, in sub-paragraph (4), after the words on salary exceeding fifteen thousand rupees per month occurring at the end. the words and the pensionable salary for the existing members who prefer such fresh option shall he based on the higher salary, shall he inserted
It has been a very welcome move from the government to promote start ups in the era of sliding out through dip in valuations or non crystallization of their unique business ideas. The government is resorting to all possible mechanisms where these start-ups could provide an impetus to the country’s GDP.
Where a winding up order is passed by court but before final dissolution of company and a reference is made to BIFR under Section 15 of SICA, and then a question will arise that if provisions of Companies Act will prevail or provisions of SICA will prevail. Various courts have discussed this issue in different matters.
