Neeraj Bhagat & Co. – Page 4 – Chartered Accountants

April 8, 2020 / Direct Taxation

Income Tax E-Assessment Proceeding

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 inaugurating the NeAC (NeAC) in Delhi.

-Under e-Assessment scheme 2019: –

(i) There would be a setup of Digital Technology for Risk Management …

April 8, 2020 / Business

FM presents Union Budget 2020-21

“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 – Aspirational India, Economic Development, a Caring Society.
Here are the key highlights of the budget on:

Taxation:
1. New taxation regime has been introduced for …

April 8, 2020 / Companies Act

Additional Director Appointment under Companies Act, 2013

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 in General Meeting of the Company, but appointment of an Additional Director is an exception to this, accordingly:

Procedure for the appointment of Additional director:

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April 8, 2020 / Business

CCI for self-regulation in e-commerce sector

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 clear policy on discounts. This would include the basis of discount rates funded by platforms for different products or suppliers and the implications of participation …

April 8, 2020 / Business

Procedure for Import Export Code (IEC) Registration

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:

BENEFITS OF IEC REGISTRATION:

1. It is the primary proof for a firm …

January 6, 2020 / Foreign Investment

FDI rises 15 per cent during Apr-Sep to $26 billion

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), computer software and hardware (USD 4 billion), telecommunications (USD 4.28 billion), automobile (USD 2.13 billion) and trading (USD 2.14 billion), the commerce and industry ministry …

April 8, 2020 / Business

Incorporating a Non- Banking Financial Company (NBFC)

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 NBFC’s, NBFC Registered with RBI , Procedures of Registration of NBFC, Foreign Direct Investment (FDI) in NBFC and Opportunity for NBFC’s.

1. Non- Banking Financial

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April 8, 2020 / Business

Indian Visa Requirements for Foreigners

Under Indian law, the legal rights and the restrictions imposed on foreign nationals depend on whether they are categorized as residents or non-residents.

Entry into India generally requires a valid visa granted by an Indian Mission (that is, consulate of the Indian embassy) abroad. Furthermore, foreign nationals who enter India must register themselves with the Foreign Regional Registration Office (FRRO) within 14 days of arrival if they intend to reside in India for a consecutive period of more than 180 …

April 8, 2020 / Business

Indian Visa Requirements for Japanese Nationals

Under Indian law, the legal rights and the restrictions imposed on Japanese nationals depend on whether they are categorized as residents or non-residents.