(A) Introduction on AIS System (i) Now CBDT has introduced new AIS system by replacing of existing 26AS statement commencing from year ending March 31, 2021 and onward (ii) Existing 26AS statement is continuing in operation till new AIS system is 100% in operation. (iii) New AIS system will provide the comprehensive information’s relating to […]
Understand the intricacies of remittance and banking for Non-Residents of India. Explore permitted and restricted businesses, remittance processes, and key considerations for NRI/PIOs. Stay informed about regulatory requirements and facilitate smooth transactions.
1. Introduction on the Imprisonment + Fine (both) for Corporate Fraud under Section 447 of the Companies Act, 2013 (Act). (a) Corporate frauds are increasing in India by the person(s) those are directly or indirectly connected or even not-connected to the corporate. (b) It’s required that high standards for corporate governance and strong legal provisions should […]
1. Introduction on FIs by Non-residents in India (i) Permitted capital instruments (a) Equity Shares (b) Convertible Debentures (c) Convertible preference Shares (d) Shares warrants (e) American Deposit Receipts (ADRs) (f) Global Deposit Receipts (GDRs) (g) Foreign Currency Convertible Bonds (FCCBs) (h) Real Estate Investment Trust (REIT) (i) Alternative Investment Fund (AIF) (j) Indian Depository […]
Article contains Provisions related to Buying of the Properties in India by Non Resident Indians (NRIs), Income Tax Act, 1961 provisions applicable to Non Resident Indians (NRIs) in India, Provisions related to Investments in Shares and Securities by Non Resident Indians (NRIs), Investments in Equity shares and Securities on Non-Repatriation basis by NRIs, Investments in […]
1. Reporting for Property, Plant and Equipment (PPE) and Intangible Assets CARO-2020 – Clause 3(i) for maintaining of records for PPE and Intangible assets (a) (A) Whether the company is maintaining proper records showing full particulars, including quantitative details and situation of PPE ? (B) Whether the company is maintaining proper records showing full particulars […]
1. Applicability of the TDS provisions @ 0.1% (i) It’s applicable from 1st July 2021 against the purchases of goods from Indian resident seller. (ii) It’s applicable where purchaser is purchasing of goods from Indian resident seller for minimum of Rs. 50 Lakhs during the Financial year (FY) ending on March 31, 2022 and also […]
(A) Applicable from 01st April, 2021 (For the financial year ending on 31st March, 2022) 1. Amendments for the preparation of Financial Statements (Schedule III) (i) ‘Disclosure’ for the shareholding of the promoters (ii) Trade ‘Payables’ in the following ageing :- (a) From 0 to 1 Year (b) From 1 to 2 Year […]
Article explains March (2022) Month’s Legal Obligations for India under Income Tax Act, 1961, Central Goods and Services Tax Act, 2017, Foreign Exchange Management Act, 1999, Employees’ State Insurance Act, 1948, Employees Provident Fund & Miscellaneous Provisions Act, 1952 and Companies Act, 2013. March (2022) Month’s Legal Obligations for India (A) Income Tax Act, 1961 […]
1. Annual filing of Return of Deposits with the MCA (DPT‐3) under Section 73 and Rule 16 ♦ ‘All’ companies are required to file for the period ending on 31st March up to 30th June for the ‘actual deposits’ and also for ‘considered not deposits’ (exempted deposits) 2. Filing of disclosure of Substantial Beneficial Ownership […]
