Business Archives - Neeraj Bhagat & Co.

April 29, 2021 / Business

Cross-Border eCommerce in India

India’s e-commerce sector stands 9th in global cross border growth. While China takes the first position, Japan follows India at the tenth place after India as per the global rankings for the growth in e-commerce sector.

Introduction
India known for its rich diversity and culture, is more of a combination of various splendid cultures that make India one of a kind. The cultural diversity makes India unique, beautiful and ethnically diverse nations in the world.

India is the second largest country in …

April 21, 2021 / Business

Key amendments in maintenance of Accounts & Financial Reporting under Companies Act, 2013

The Ministry of Corporate Affairs (MCA) has issued the Company (Accounts) Amendment Rules, 2021, Companies (Audit and Auditors) Amendment Rules, 2021 and made amendments to Schedule III under the Companies Act, 2013 (“the Act”). These amendments require significant additional disclosures in the statutory financial statements of companies, enhance reporting responsibilities of the auditors and require companies to use and maintain accounting software with audit trail functionality.

Companies (Accounts) Second Amendment Rules, 2021

Rule 3 – Manner of books of account …

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 …

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 …

January 1, 2021 / Business

Where to set up a new business in India?

Any Business should base in a city where they have the best relationships with the business environment. This includes relationships with talent, suppliers, buyers, and investors.

Let us understand briefly about some states in India for starting a new venture: –

# Capital State of India i.e. New Delhi: –

New Delhi is the capital city of India. It is one of the most targeted emerging market retail destination in Asia. Since New Delhi is the seat of the Central

…

January 1, 2021 / 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).…

January 1, 2021 / 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 …