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01 Mar

National Financial Reporting Authority (NFRA)

The Union Cabinet chaired by the Prime Minister approved the proposal for establishment of National Financial Reporting Authority (NFRA) and creation of one post of Chairperson, three posts of full-time Members and one post of Secretary for NFRA. The decision aims at establishment of NFRA as an independent regulator for the auditing profession which is […]

10 Nov

NRI Services in India

With rapid development and globalisation of economies, the Indians are moving for work abroad. They are often called as Non Resident Indians. The meaning of NRI for Income tax and FEMA (Foreign Exchange Management Act) is different. For tax purpose, India follows a ‘source rule’ basis of taxation, i.e. to tax all incomes which accrue/arise […]

11 Feb

Fee for late filing of Income Tax Return

In view of the non-intrusive information driven approach for improving tax compliance and effective utilization of information in tax administration, it is important that the returns are filed within the due dates specified in section 139(1). Further, the reduced time limits proposed for making of assessment are also based on pre-requisite that returns are filed […]

02 Feb

GST – The Road Map Ahead

GST would be one of the major tax reforms witnessed by independent India completely changing the taxation regime as far as the indirect taxes are concerned. It will replace almost all existing indirect taxes like excise, service tax and VAT. Central Government is trying hard to clear all technical formalities and push the GST implementation. […]

30 Jan

Company Incorporation / Company Set up in India/ Company formation in India/ new company registration

Ministry of corporate affairs (MCA) as an initiative for ease of doing business in India has introduced simplified Proforma in Form INC 32 (known as SPICe) for incorporating company electronically. With a single application, an investor can now apply for new company incorporation and allotment of DIN. Steps in Company Incorporation: Minimum 2 Directors in […]