Exploring the New Form 10B and 10BB for A.Y 2023-24 Onwards
Exploring the New Form 10B and 10BB for A.Y 2023-24 Onwards Introduction Every year, the Indian government introduces changes and updates in the income tax filing process to ensure better compliance and transparency. One such notable change for the Assessment Year (A.Y) 2023-24 onwards is the revamped Form 10B and the introduction of Form 10BB. […]
Tax Incentive for New Manufacturing Companies may expire soon!
Indian Government has rolled out a separate tax regime under Section 115BAB for setting up of new manufacturing companies in India. This move was brought after the COVID-19 pandemic under the Indian Government strategy to become China + 1. Section 115BAB provides that if anybody setup a domestic company on or after 01 October 2019 […]
IEPF – Reposing Investors Trust by helping investors to claim back their securities
The Investor Education and Protection Fund (IEPF) is a statutory fund established by the Government of India under the Companies Act, 2013. Its primary purpose is to protect the interests of investors and promote investor education and awareness. Here are some key features and functions of the Investor Education and Protection Fund (IEPF): Unclaimed Dividends […]
Investment in US – File with BEA
Do we need to file any form in US for the newly setup company? This question haunts all the investors who are setitng up a business for the 1st time in United States. While the laws in US are complicated and one needs to look into the respective state laws to understand what all is […]
Mandatory Audit of Foreign Subsidiaries of Indian Companies
RBI has through Foreign Exchange Management (Overseas Investment) Regulations, 2022 has amended the regulations governing overseas investment by Indian Companies. The amended regulations inter alia covers the reporting requirements of the Indian Party. As per the Reporting Requirements under the supra mentioned regulations, the Indian company which has made Overseas Direct Investment or making financial commitment […]
Finance Act 2023
The Government has passed Finance Act 2023 with over 64 amendments including contentious changes to the taxation of debt instruments and increase in the rate of taxation on Fee for Technical Services / Royalty to 20% from existing 10%. This year Budget fails to bring cheer for the public at large even though this is […]
India Budget 2023
Click Here Previous Next Finance Minister announced Budget 2023 which is the last full year budget before the General Elections. While the expectations of the mass was that the budget will be full of Sops to incentivize the common people however, the Budget suggests to be continue to focus on structural reforms on which the […]
Interplay of TDS/ TCS requirements on trading business
Introduction Finance Act, 2021 has introduced Section 194Q with effect from 1st July, 2021. Briefly about Section 194Q Who needs to comply: Buyer of Goods having total sales, gross receipts or turnover from the business of more than ₹ 10 crores during financial year immediately preceding the financial year in which purchase of goods is […]
Global Minimum Tax — A Turning Point for Corporate Taxation?
The Biden administration in April 2021 released an outline of its proposed changes to U.S. corporate tax policies, called the “Made in America” tax plan. It includes a proposal to establish a “Global Minimum Tax” rate on businesses, potentially bringing the U.S. fully on board with an effort that has so far been led primarily by […]
Global Minimum Tax – Gamechanger for US and global economy
The Biden administration in April, 2021 released an outline of its proposed changes to U.S. corporate tax policies, called the “Made in America” tax plan. It includes a proposal to establish a ‘Global Minimum Tax’ rate on businesses, potentially bringing the U.S. fully on board with an effort that has so far been led primarily […]