Neeraj Bhagat & Co. - Page 6 of 26 - Chartered Accountants

January 1, 2021 / Taxation

Online unblocking of E-Way Bill (‘EWB’) facility is now made available to the taxpayers

Facility of unblocking EWB has now been provided to the taxpayers on the GSTN Portal. To avail this facility, the taxpayer would be required to file Form EWB-05. The application so filed will be auto-populated on the dashboard of jurisdictional tax official, who can issue a Notice for personal hearing to the taxpayer and pass its order for unblocking as per the law. So far taxpayers were applying to tax officials vide manual application, for unblocking of their EWB generation …

December 7, 2020 / FDI

I&B Ministry asks digital news media to comply with FDI policy

The government on Monday issued a public notice, asking all the news websites, portals, aggregators and agencies to comply with the 26% foreign direct investment (FDI) policy for digital news media in a bid to check foreign influence and interference in domestic affairs, investigate Chinese and other overseas funding in news sites, and create a level-playing field for all media.
This implies that the companies with more than 26% foreign investment will have to bring it down by October 15th, …

January 1, 2021 / FDI

Ministry of Commerce and industry issues consolidated FDI policy, 2020

In order to attract and promote FDI in order to supplement domestic capital, technology and skills for accelerated economic growth and development, the Department for Promotion of Industry and Internal Trade has issued consolidated FDI policy, 2020 which is effected with effect from October 15, 2020.
The consolidated policy is a compilation of various decisions taken by the government with regard to FDI in different sectors. DPIIT, which deals with FDI related matters, compiles all policies related to foreign investment …

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

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January 1, 2021 / 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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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).…

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, …

January 1, 2021 / 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 …

January 1, 2021 / FEMA

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 …