The budget proposal to apply indirect transfer provisions to even Category II foreign portfolio investors (FPIs) could lead to the imposition of retrospective tax on certain transactions, experts said. The government had restricted the exemption from indirect transfer taxes to Category I FPIs in the budget. Previously, even Category II FPIs had enjoyed the exemptions. …
NBFC –Peer to Peer Lending platform (NBFC-P2P) is a type of Non-Banking Financial Company which carries on the business of providing services of Loan facilitation to willing lenders and borrowers through online platform. This type of Non-Banking Financial Company is not allowed to accept deposits or lend on its own. It is to moderate the …
In her budget speech, the Hon’ble Finance Minister, Smt. Nirmala Sitharaman had announced launching of a scheme in 2019 that would provide e-Assessment of Income-tax in electronic mode, in a phased manner, with no human interface. -On 7th of October 2019, the Revenue Secretary has launched the faceless assessment in the Income Tax Department by …
“This budget has both vision and action..” Finance Minister Nirmala Sitharaman, on Feb 01, 2020 unveiled the budget for fiscal 2020-21, vowing to boost income of Indians and their purchasing power, in a bid to revive domestic economic growth that has slumped to lowest in decade. This year’s Union Budget centres around three ideas – …
Article discusses Procedure for the appointment of Additional director, Procedure of Regularisation of Additional Director as Normal director and ROC Forms required to be filed for Additional director. Relevant Sections: [161(1), read with 152, 153, Schedule I Table F Regulation 66 AOA of Companies Act, 2013] Generally, every director shall be appointed by the members …
The Competition Commission of India (CCI) said in a study, released Wednesday, that marketplace platforms should adopt self-regulatory measures such as clearly stating the parameters of search ranking, setting out a transparent policy on data collected by them, among others. Releasing the findings and its observations, the CCI said marketplace platforms should bring out a …
An IEC is necessary for Import or Export of goods. The first requirement before you start an Import or Export business in India is to obtain an IEC. IEC Code is unique 10 Digit code issued by DGFT – Director General of Foreign Trade, Ministry of Commerce, Government of India.
The PAN based IEC Registration Certificate generated online (on STP mode), by following the beneath six steps:
1. It is the primary proof for a firm as an Importer/ Exporter in India.
2. It is submitted to obtain various benefits in respect of export and import from customs, DGFT, Export Promotion Council etc.
3. It acts as a license for Importing and Exporting of goods.
4. Through IEC number, Goods are cleared from the custom authorities easily.
5. IEC reduces the transport of illegal export.
6. IEC not required for personal use.
7. No Annual Renewal Fee.
8. No Annual/Quarterly Compliance after obtaining registration.
Foreign direct investment into India grew 15 per cent to USD 26 billion during the first half of the current financial year, according to government data. Inflow of foreign direct investment (FDI) during April-September of 2018-19 stood at USD 22.66 billion. Sectors, which attracted maximum foreign inflows during April-September 2019-20, include services (USD 4.45 billion), …
Article explains about Non- Banking Financial Company (NBFC), Importance of NBFC in Indian Economy, Principal Business activities (Financials Activities) of NBFC’s recognized but not limited, Restricted Activities: Activities that are exclusively restricted to be carried on by the NBFC’s, Difference between NBFC & Bank, Requirement to establish business of Non- Banking Financial Services, Types of …
Startups have asked the government to provide clarity on key tax issues, including ‘significant economic presence’, equalisation levy and tax on employee stock ownership plans (esops). The companies raised these issues during a recent meeting with finance minister Nirmala Sitharaman and senior tax officials, according to a member who took part in the meeting. Startups …