As the year 2022 has come to a close, we approach the Union Budget for FY 2023-24. Focus for this fiscal for the government is likely to be economic growth and development as the vision laid out is to become a $5 trillion economy by 2025. Read the full report HERE
Corporate Social Responsibility And Consequences Of Non Compliance
Companies Act of India lays down tremendous emphasis on the corporate to carry out the social responsibility function. In this article you will find the corporate social responsibility provisions, to which companies these provisions are applicable and how the compliance has to be done along with the disclosures to be made with regard to these […]
In September 2022 the Government had amended the definition of Small Company by increasing their maximum threshold limit for payment of capital from INR 20 million to 40 million and turnover from INR 200 million to 400 million. Due to this now more and more companies would be covered under the ambit of small companies […]
Liberalised Remittance Scheme And Tax Collection At Source Updated 2022
If you are a person in India you may remit amount outside India for various purposes such as foreign trip, education, medical facilities, investment abroad, sale proceeds of investment in India, income earned in India. In order to regulate such remittances laws have been framed under Foreign Exchange Management Act, 1999 and Income Tax Act, […]
How renting a residential dwelling is taxable under the Indian GST laws
Since the introduction of Service Tax Law you had to pay tax only on renting of commercial immovable property and thereafter even upon the introduction of GST regime in 2017 renting of residential property was not covered and was exempt. However in July 2022 Government has made certain amendments and you are now required to […]
Extension for filing an Income tax return as per Income tax laws
* Every Corporate taxpayer is mandatorily required to file an Income-tax return in India * As per the income tax laws the due date is 31st October of the subsequent Financial year * The Income-tax authorities have extended the deadline for filing corporate tax returns for FY 21-22, the new deadline is 7th November 2022 […]
The Ministry of Corporate Affairs of India has amended Schedule III of the Companies Act 2013 which is effective from 1st April 2021. It prescribes additional disclosures to be made in the financial statements. Following is the gist of the amendments:- I) Amendments related to Balance Sheet items 1) Promoters shareholding:- The company shall disclose […]
Government of one country enters into an agreement with the Government of another country or a specified territory for (i) Granting of relief in respect to double taxation (ii) Avoidance of double taxation (iii) Exchange of information (iv) Recovery of income tax. Such agreement is called a Double Taxation Avoidance Agreement (DTAA). Often with the […]
Global Corporate Tax – Move To End The Attraction Of Tax Havens
A milestone global deal to ensure large multinationals enterprises pay a minimum tax rate of 15% and avoid taxation in countries considered as tax havens. The deal aims to end a four decade long “race to the bottom” by governments that have tried to attract investment and jobs by offering low taxes for multinational companies […]
Production Linked Incentive (PLI) Scheme for the Automotive Sector in India
Auto sector contributes 6.40% to the GDP of India and provides employment to 19 million people directly or indirectly hence is a very important sector. By 2026 it is expected to be third largest in terms of volume, at present it is the largest tractor manufacturer second largest bus manufacturer and third largest heavy trucks […]
New Delhi is the national capital of India and having an office in this city is considered to be a matter of stature. Central Government is run from here and all ministries, embassies are stationed here. It is an upcoming trade center of Asia. It is located at the center of the country. It has […]
KCC Group joins IR as the exclusive Business Advisory Services Member in India
IR Global, the world’s largest exclusive network of advisory firms is delighted to introduce Sharad Kohli of KCC Group. Sharad has joined IR as our exclusive Business Advisory Services member in India. Dr (CA) Sharad Kohli: As a celebrity entrepreneur Dr. Sharad Kohli is the Founder & Chairman of KCC Group having diverse business interests. […]
