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. IntroductionIndia known for its rich diversity and culture, is more of a combination of various splendid cultures that make India one …
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 …
An Export in International Trade means Goods and Services produced in one country and sold to buyers in another country (Foreign buyer). India’s Exports & Imports complete the term International Trade and together it decides the country’s Trade Balance. When the country’s export exceeds the imports it leads to Trade Surplus, however it accounts to …
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 31st March, 2021 has gone and the assessee who have failed to file their respective ITR for AY 2020-21 tend to lose their …
Digital Technology is prevalent across every aspect of our daily lives and has transformed the way we live, communicate and conduct business. With an objective to Digitize Tax Administration & ease out the way business is conducted, the Government of India has introduced E-Invoicing for businesses in India. E-invoicing is considered as an important pillar …
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 …
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 …
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 …
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 CompanyA 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 …
Foreign direct investments (FDIs) into India have been continuously growing as the country has one of the most facilitative policies to attract overseas investors, Commerce and Industry Minister Piyush Goyal said on Tuesday. He said that during April-September 2020, FDI increased 13 per cent to about USD 40 billion. “FDI inflows into India have been …