Neeraj Bhagat & Co. - Chartered Accountants

April 8, 2021 / FEMA

FEMA and GST implications on Export of Goods

An Export in International Trade means Goods and Services produced in one country and sold to buyers in another country (Foreign buyer). India’s Exports & Imports complete the term International Trade and together it decides the country’s Trade Balance. When the country’s export exceeds the imports it leads to Trade Surplus, however it accounts to Trade Deficit when the country’s imports are more than the exports.

With an objective to spur economic growth and cross border trade, it’s imperative to …

April 7, 2021 / Business

How to file Income Tax return when window to file the tax return is closed by Income Tax portal

How to file Income Tax return when window to file the tax return is closed by Income Tax portal.

How to file Income Tax return when window to file tax return is closed

31^st March, 2021 has gone and the assessee who have failed to file their respective ITR for AY 2020-21 tend to lose their claim of income tax refund what they are eligible for. Section 139 of Income Tax Act allow the assessee to file its ITR …

April 2, 2021 / Goods and Services Tax (GST)

E-Invoicing under GST – Provisions

Digital Technology is prevalent across every aspect of our daily lives and has transformed the way we live, communicate and conduct business. With an objective to Digitize Tax Administration & ease out the way business is conducted, the Government of India has introduced E-Invoicing for businesses in India. E-invoicing is considered as an important pillar of the digital architecture of tax administration both from tax payer’s and government’s perspective.

“E-Invoice” or “Electronic Invoice” is a form of electronic billing. It’s …

March 27, 2021 / Business

Liberalised Remittance Scheme (LRS)

Liberalised Remittance Scheme (LRS) is a measure to facilitate Resident Individuals (including minors) to remit funds outside India up to USD 250,000 or its equivalent in any freely convertible foreign currency per financial year (April-March) for any permissible capital or current account transaction or a combination of both.

The scheme was introduced by Reserve Bank of India vide A.P. (Dir Series) circular no 64 dated 4^th February, 2004 with the remittance limit of USD 25,000 and was subsequently amended …

March 26, 2021 / Business

FAQs on Company Formation in India

1. What are the types of Companies that can be registered in India?
–One Person Company (OPC)
-Private Limited Company
-Subsidiary of a Foreign Company
-Public Limited Company
-Limited Liability Partnership (LLP)
-Non-Profit Organizations (Sec. 8 Companies)
-Nidhi Company

2. Can a Foreign National incorporate a Company in India?
A Foreign National can incorporate a company in India provided there must be another person who stays in India for a total period of not less than 182 days during …

March 18, 2021 / Business

India reviews requests from NRIs facing double taxation due to Covid-19 restrictions

India has asked non-resident citizens stranded in the country due to Covid-19 travel restrictions to submit relevant information if they faced double taxation.

India’s Central Board of Direct Taxes (CBDT) said it received various requests for “relaxation in determination of residential status for year April 2020 to March 2021” from NRIs or non-resident indians, who had to prolong their stay due to the movement restrictions.

In a notice on late Wednesday, the CBDT said that NRIs who faced double taxation, …

March 17, 2021 / Business

Is it mandatory for a foreign national to be resident for starting business in India?

A Foreign National need not be a resident to start a business in India, and there are several ways to set up a new business in India as:

Limited Company
A company in India can be incorporated by a Non-Resident Indian as a Private Limited, a Public Limited or a Wholly Owned Subsidiary (WOS) under the Companies Act, 2013.

In Limited Companies, Foreign Direct Investment (FDI) is freely permitted subject to the FDI Policy in almost all sectors. Under the …

February 9, 2021 / Others

Checklist for Visa Extension under FRRO

WHAT IS FRRO REGISTRATION:
Registration under FRRO is a mandatory requirement by the Government of India under which all foreign nationals (excluding overseas citizens of India) visiting India on a long term visa (more than 180 days) are required to register themselves with a Registration Officer within 14 days of arriving in India.

Pakistani nationals visiting India are required to register within 24 hours of arrival regardless of the duration of their stay.

Foreign registration was mandated and is regulated …

February 5, 2021 / Others

Key Highlights of Union Budget 2021

The Union Budget 2021-22 was presented by the Hon’ble Finance Minister Nirmala Sitharaman on 1st February 2021 in the Parliament. This year’s Budget lays focus on the seven pillars for reviving the economy – Health and Wellbeing, Physical and Financial Capital and Infrastructure, Inclusive Development for Aspirational India, Reinvigorating Human Capital, Innovation and R&D, and Minimum Government Maximum Governance. Several regulations around the securities market are proposed to be merged as a single code. Several direct taxes and indirect taxes …