Other Briefings
India Proposes to Amend the Term ‘Foreign Company’
Keeping in view the present scenario which has been witnessing a large number of business transactions through the electronic mode, the Indian government has proposed to adapt the definition of the term, “foreign company,” under the Companies Bill (2011) to provide for effective regulation of such entities.
Rules of Overseas Chartered Accountant Firms
Mar. 27 – India’s Ministry of Corporate Affairs informed the Upper House today that Indian chartered accountant (CA) firms are regulated by the Institute of Chartered Accountants of India (ICAI) in terms of provisions of the Chartered Accountants Act (1949) and the rules and regulations framed thereunder. What that means is that no CA firm, […]
India Decreases Interest Rate for Employees’ Provident Fund
Mar. 16 – Before the Union Budget 2012-13, the Finance Minister of India made the decision to decrease the rate of interest on deposits in the Employees’ Provident Fund to 8.25 percent for 2011-12. This move represents the largest rate cut in over a decade and would be 1.25 percent lower than the 9.5 percent […]
Reporting Activities of Liaison Offices in India
Non-resident entities having liaison offices in India are obligated to submit a prescribed annual statement to the tax authorities in respect to their activities within 60 days from the end of the financial year.
Greater Scrutiny for Foreign-Owned Liaison Offices in India
On February 6, India’s Central Board for Direct Taxes (CBDT) introduced a new regulation governing foreign-operated liaison offices in India.
RBI Eases Payment System for Exporters
Feb. 22 – The RBI has permitted banks to allow exporters to accept advance payment for shipment of goods which would take more than one year to manufacture, a stride which will decrease transaction time. The RBI stated that to liberalize the process, AD Category-I banks would be able to allow exporters to receive advance […]
Income Tax Returns in India
Walkthrough of the E-filing process when you do not use a digital signature
India’s Supreme Court Sets Corruption Bill Deadline
Feb. 6 – India’s Supreme Court has put pressure on the government to commit to making a decision within four months on whether a public official can be prosecuted for corruption. If a consensus has not been reached by then, prosecution will be considered sanctioned by India’s highest court, the BBC reported. The announcement comes […]
