Business Strategy - India Financial Consultancy

July 14, 2021 / Audit

RELIEF CANNOT BE GRANTED IF ASSESSE DOES NOT COMPLY WITH PROVISIONS OF VOLUNTARY COMPLIANCE ENCOURAGEMENT SCHEME VCES, 2013

RELIEF CANNOT BE GRANTED IF ASSESSE DOES NOT COMPLY WITH PROVISIONS OF VOLUNTARY COMPLIANCE ENCOURAGEMENT SCHEME VCES, 2013 Recently on 1st September, 2015, Hon’ble Bombay High Court dismissed Writ petition no. 1735 of 2015, seeking availment of benefit of ST- Voluntary Compliance Encouragement Scheme (VCES), 2013, by the petitioner in the matter of Sunil Agnihotri Productions vs. …

July 14, 2021 / Audit

CORPORATE TAX UPDATE FOR THE MONTH

Corporate tax Update for the Month : Company Law: Query: Is sitting fees payable to a director who participates in a meeting through video conferencing? Answer: Yes, sitting fee is payable to a director who participates in a meeting through any of two modes viz. in person or through video conferencing or any other audio visual means. …

September 29, 2024 / Business Services

KEY POINTS ON ANNUAL FILINGS TO ROC

KEY POINTS ON ANNUAL FILINGS TO ROC – MGT-14 for Approval of Accounts & draft board report a. Pvt Co. – Not Required b. Public Co. – Required New forms AOC-4 (earlier 23AC/23ACA) and MGT-7 (earlier 20B) are introduced for annual filings. Board Report shall include various disclosures as per sec 134 & other section …

July 14, 2021 / Accounting Services

CORPORATE UPDATES ON SEBI, DVAT, MCA, SEZ, DGFT

CORPORATE UPDATES ON SEBI, DVAT, MCA, SEZ, DGFT A. Bombay Stock Exchange (BSE) BSE has changed the head of Payment of SEBI Turnover Fees of Equity Segment/Equity Derivative/Currency Derivatives Segment/Interest Rate Derivatives/New Debt Segment. Trading members of the Exchange are hereby informed that the SEBI Turnover fee for the month ended will be debited to their respective …

July 14, 2021 / Business Consultancy

COMPANIES (AMENDMENT) ACT 2015 – AMENDMENTS AT A GLANCE

COMPANIES (AMENDMENT) ACT 2015 – AMENDMENTS AT A GLANCE In a move to reduce compliance, to attract the new investment and for ease of doing business government has made following amendments. Companies (Amendment) Act 2015 – Amendments at a glance….. This Act shall come into force on 26th May, 2015 Details Of Amendment: The proposed amendments deal …

July 14, 2021 / Accounting Services

FATCA LAW OF USA

FATCA LAW OF USA Introduction: On 9th July 2015, India has signed the inter-governmental agreement (IGA) on Foreign Account Tax Compliance Act (FATCA) with the USA. The government would now receive information about Indian “tax resident” persons having financial accounts in the USA. Financial institutions (FIs) have to perform required due diligence processes, identify “reportable persons” from their …

July 14, 2021 / Business Strategy

Case Study on DTAA – Taurus Shipping Services. In A Recent Ruling, If Ship Voyages Between Two Indian Ports, On Part Of Its International Voyage, It Cannot Be Termed As Indian Voyage And Benefit Of Article 8 Cannot Be Denied.

Case Study on DTAA – Taurus Shipping Services. In A Recent Ruling, If Ship Voyages Between Two Indian Ports, On Part Of Its International Voyage, It Cannot Be Termed As Indian Voyage And Benefit Of Article 8 Cannot Be Denied. Facts The issue came up for consideration in appellate proceedings was whether a vessel which had operated …

July 14, 2021 / Business Set Up in India

CONCEPT OF GROSSING UP/ INCOME TO BE PAID “NET OF TAX”& SECTION 206AA

CONCEPT OF GROSSING UP/ INCOME TO BE PAID “NET OF TAX” & SECTION 206AA 1. Sec 206AA The provisions of Section 206AA of the Income tax Act, 1961 have been reproduced hereunder: Notwithstanding anything contained in any other provisions of the Act, any person entitled to receive any sum or income or amount, on which tax …

July 14, 2021 / Business Strategy

PAYMENT MADE TOWARDS STUDENTS COLLEGE FEES IS NON-TAXABLE

PAYMENT MADE TOWARDS STUDENTS COLLEGE FEES IS NON-TAXABLE Indian resident students go abroad for studies and they have to incur expenses on account of payment towards fees to university which may include accommodation charges also. Payment made towards college fees is non-taxable whether paid to government or non-government institute as in this case income is not …

July 14, 2021 / Business Set Up in India

RBI granted ‘in principle’ approval for establishment of payment banks- An Overview

RBI GRANTED ‘IN PRINCIPLE’ APPROVAL FOR ESTABLISHMENT OF PAYMENT BANKS – AN OVERVIEW Payment Banks An Overview: On August 19, 2015 the RBI had granted ‘in principle’ approval to 11 entities for establishment of payment banks. The ‘in-principle’ approval shall be valid for a period of 18 months during which the applicants shall have to …