Neeraj Bhagat & Co. – Chartered Accountants

October 23, 2020 / Companies Act

What are the Documents/Information needed to Form an Indian Company?

Article explains Documents/Information needed to Form an Indian Company under Companies Act, 2013 and same includes Documents required from client’s end, Document required In case of Body Corporate/Company acting as Subscriber cum shareholders in Indian Company and Documents that require to be drafted and filed as per Laws in India towards Company Registration.

Documents required from client’s end:

In case of Indian Subscribers and/or Directors:	In case of Foreign National acting as subscriber and/or Directors:
Directors’ Identification Number (DIN), if

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October 19, 2020 / Business

Can A Foreign National Start A Business In India Without Being A Resident?

A Foreign National can start a business in India without being a Resident and one can setup up a new business in India in any of the following ways:

A. Limited Company (Private Limited/Public Limited Company)
B. Limited Liability Partnership (LLP)
C. Branch Office or Liaison/Representative Office, Project Office

A. LIMITED COMPANY
A non-resident Indians can incorporate a Company in India under the Companies Act, 2013, as a Private Limited, a Public Limited or a Wholly Owned Subsidiary (WOS).…

October 13, 2020 / Others

Companies (Amendment) Act, 2020- Overview of provisions

The Companies (Amendment) Bill, 2020 Assented by President as Companies (Amendment) Act, 2020, provides the following, namely: —

♦ To incorporate a new Chapter XXIA in the Act related to Producer Companies.

♦ To decriminalize certain offences under the Act.

♦ To make provisions for allowing payment of adequate remuneration to non-executive directors in case of inadequacy of profits.

♦ To speed up timeline of right issue under section 62.

♦ To extend exemptions to certain classes of…

October 7, 2020 / Taxation

CBDT further extends due date for filing of ITR for AY 2019-20 to 30-11-2020

Taking in view the genuine difficulties being faced by taxpayers due to the Covid-19 situation, CBDT has further extended the due date for furnishing of belated and revised ITRs for Assessment Year 2019-20 from 30th September 2020 to 30th November 2020. As per the Twitter handle of CBDT, the Order Under section 119(2a) has been issued.
For those who had failed to file on time, the due date was March 31, 2020, which was later extended to June 30, 2020, …

September 29, 2020 / FDI

Review of Foreign Direct Investment (FDI) Policy in Defense Sector

The Government of India has reviewed the extant FDI policy in Defense sector. Now, FDI up to 74% under automatic route shall be permitted for companies seeking new industrial licenses. Infusion of fresh foreign investment up to 49%, in a company not seeking industrial license or which already has Government approval for FDI in Defense, shall require mandatory submission of a declaration with the Ministry of Defense in case change in equity/shareholding pattern or transfer of stake by existing investor …

September 25, 2020 / Others

FCRA Squabble: Experts Bat For Rationalization Of Admin Expenses

Views of our Founder, Mr. Neeraj Bhagat on FCRA Amendment Bill published in Business World

However, Neeraj Bhagat, a Delhi-based reputed tax consultant and the head of his own Chartered Accountant firm has a different take. Bhagat said: “It will minimize the illicit and fraudulent usage of overseas funds. Moreover, inclusion of public servants in prohibited list under section 3 will significantly address the ills and reduce corruption in the economy,” said Bhagat.

Overseas Direct Investment Without Remittance of Funds From India

An investment outside India can be done by an Indian party or an individual or (single or in association with another resident individual or with an ‘Indian Party’). All resident individuals, including minors, are allowed to freely remit up to USD 250,000 per financial year.

An Indian Party can make overseas direct investment in any bonafide activity. However, Real estate and banking business are the prohibited sectors for overseas direct investment. But, Indian banks operating in India can set up …

September 11, 2020 / Business

Companies Fresh Start Scheme, 2020 –One time last opportunity to get rectify non-compliances

The MCA on 30th March 2020 launched a compliance relaxation scheme namely, Companies Fresh Start Scheme, 2020. The Scheme was formulated to provide opportunities to companies to make good of any filing default, and make a fresh start as a fully legally compliant entity. The crux of Schemes is to provide a one-time waiver towards payment of additional filing fees by companies with the Registrar of Companies during the term of the Scheme, i.e.: from 1 st April 2020 to …