Other Briefings
Annual Audit and Compliance for Foreign-Invested Entities in India
Annual audit and compliance procedures are relatively simple for foreign representation entities compared to Indian setup entities. We outline all of these procedures in this article.
Board and General Meetings for Indian Companies
By Gunjan Sinha Oct. 10 – Limited Liability Companies (LLCs) duly incorporated in India with the Company Registrar are governed by provisions of The Companies Act, 1956. The corporate scenario in India is more or less stringent when it comes to the governance of companies. Company management must comprise of a minimum two directors for […]
Reforms in India: Government Allows FDI in Aviation
Sept. 19 – The government of India has recently decided to permit foreign airlines to buy stakes of up to 49 percent in local carriers. This has been a highly anticipated policy move that provides for potential support to India’s debt-laden airlines by opening up a fresh source of funding. Experts from the aviation sector […]
Time Extended for Reporting of Annual Accounts with Company Registrar in India
Sept. 11 – Reporting of the annual accounts and balance sheet for the financial year ending March 2012 can now be made in Schedule VI format, bringing Indian companies on par with global reporting standards. The reporting in extensible business reporting language (XBRL) is a mandate for companies having a paid up capital base of […]
Latest on GAAR
Aug. 22 – The Central Board of Direct Taxes (CBDT) recently issued draft guidelines on General Anti-Avoidance Rules (GAAR), which will be applicable to income accruing on or after April 1, 2013. The guidelines state that GAAR applies only where an overseas institutional investor takes advantage of double taxation avoidance treaties.
New Service Tax Regime Introduced from July 1, 2012
A new service tax system has been introduced this week in India based on a list of 38 exemptions, rather than the previous list of 119 explicitly taxed activities. Under this regime, a tax of 12 percent will be levied on all services not included in the negative list.
Retrospective Taxation – Probably Not Applicable to Most Foreign M&A Deals
Jun. 5 – Foreign investors have been wary of investing in India since the beginning of the year after the budget introduced the General Anti-Avoidance Rules, or GAAR, and retrospectively changed the income tax law. Vodafone is expected to be the first victim of this tax and the press has subsequently dubbed the retrospective tax […]
Morgan Stanley Obtains Indian Banking License
The Reserve Bank of India has granted the U.S. financial institution Morgan Stanley a banking license.
