At the outset, please note one very important thing. Any investment by a foreign company in an Indian subsidiary is termed as Foreign Direct Investment (FDI) and shall be subject to FDI rules and regulations in India. The Procedure can be briefly outlined as follows: A. Pre -incorporation First ascertain if the proposed FDI falls […]
CA Bhavesh Savla
Threshold for MSME Classification revised
In a move which will be vastly beneficial to India’ Micro, Small and Medium Enterprises, the Government has raised the threshold levels for classification of the same which shall enable more businesses to be classified as MSMEs and take the benefit of the same. Existing and Revised Definition of MSMEs Existing MSME Classification […]
Procedure of GST Registration in India
Process is the same as GST registration at any place in India. You need to go to http://gst.gov.in and select on Tax-payers : Register now and follow the process. The first time, there will be an opt to verify the email id and mobile number given. Once thats done, you will get a temporary reference number (TRN). […]
Extension in Income Tax Returns due dates
Considering the situation created due to the prevailing Coronavirus situation and the subsequent expected delays both in deployment of the income tax return preparation utilities and the calculation of the same, the Government has extended the due dates for Financial Year 2019-20 (Assessment Year 2020-21) to November 30, 2020 for filing of income tax returns […]
Tax Deduction (TDS) rates reduced by 25%
As per the announcement made by Honourable Finance Minister, Nirmalaji, the TDS rates for the Financial year 2020-21 have been reduced by 25 % across the Board. It seems that the reduction in TDS rates is not applicable to the Salaried Class. The detailed notification will be issued later by the Central Board of Direct […]
Due date extension for GST payments
Government has given certain extension and relief in interest liabilities for GST payments. Same is given in tabular form below: 1. Interest liability for filing Form GSTR-3B a. Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY Tax period(a) Interest not payable,if filed by(b) Date from which interest is payable@ 9% till date […]
FORM PMT 09 made available on GST Portal
FORM GST PMT 09, to transfer/shift the money available in Electronic Cash ledger, between various major and minor heads of GST has been made available on GST portal. This is a very very useful form for GST payers since earlier the GST paid under one head or even minor head was not available to be […]
How to draft an effective LLP Agreement?
An LLP Agreement is an agreement between the partners of the LLP regarding how to run a Limited Liability Partnership. Limited Liability Partnership Deed (“LLP Deed”) is the singular most important document governing the relationship between the partners, on one hand and between the Limited Liability Partnership (LLP) and each individual partner, on the other […]
Overview about Liaison Office Set up in India
What is a Liaison Office? A Liaison office or a representative office is one of the ways by which a foreign Company may set up a business presence in India; the other means are to open a Branch office or a Limited Liability Partnership or a Limited Company (either as a wholly owned subsidiary or […]
Overview of Limited Liability Partnership (LLP)
A LLP is a business structure that came into being by passing of the LLP Act, 2008 and the notification of the LLP Rules, 2009. It is a relatively new structure in India. Its features is considered to be amalgamation of the features of a traditional partnership firm, formed under the Indian Partnership Act, 1932 […]