Too many concerns surround the topic of NRO to NRE Fund Transfer, adding to NRIs’ concern. The notion of NRO to NRE Transfer necessitates familiarity with both of these NRI Banking Accounts in particular, as well as an awareness of the underlying elements related with the fund management of these accounts. In this article we’ll…
The Transfer of Property Act, 1882 (“Act”) governs property transfers as gifts in India. A gift of property is transferring of ownership of one’s property to another person through the execution of a gift deed. A gift deed is an instrument through which the owner of immovable or movable property conveys his/her property to another;…
Business usually is an occupation or trade where one buys or sells products or services for profit. The term business usually refers to an organization that conducts commercial, industrial or professional activities. However, a business organization can be created for a purpose other than generating profits. In such a case, no part of the organization’s…
The government has introduced a presumptive taxation scheme under section 44AD of the Income Tax Act to assist minor taxpayers. Taxpayers who carry out any business other than the hiring, rent, and lease referred to in section 44AE of the Act. 2021 Budget Review: Section 44ADA applies to all Indian resident assessees. For now, it…
From 1st July 2017, goods and services taxes were implemented in India. GST simplifies the tax system and its procedural aspects, which is one of its primary advantages. With the GST law, a variety of tax schemes have been established to simplify taxes. Margin schemes are among them. Let’s explore this tax scheme in detail. …
The Foreign Exchange Management Act (FEMA), which is given by the Reserve Bank of India (RBI) is the watchdog for the acquisition of immovable property in India by non-residents Indians. FEMA describes a Non-Resident Indian (NRI) as an Indian citizen who resides outside of India. A non-Indian citizen who was born in India, or whose…
MCA has extended the deadline for submitting Form CSR-2 till May 31, 2022, from the previous deadline of March 31, 2022. Moreover, the MCA mandated the filing of Form CSR-2 for all companies that fall under Section 135(1) and are required to engage in CSR activities under the Companies Act, 2013. Table of Content Obligation…
The Ministry of Home Affairs (MHA) extended the time limit or due date for filing the FCRA Annual Return in Form FC4 for the fiscal year 2020-21 from 31.12.2021 to 30.06.2022. This extension came almost three months after the due date had passed. Table of Content Rules as per Foreign Contribution (Regulation) Act, 2010 The…
In today’s environment, doing business has changed to the point where concentrating and focusing on one area is no longer sufficient. Most medium and large enterprises have become so diverse that they now run many businesses in different industries. As a result, a single company could contain multiple parts or undertakings. In which, each with…
Every assessee who earns more than the basic exemption limit in a Fiscal Year (FY) is to file a statement detailing his income, deductions, and other relevant information. This is known as the Income Tax Return (ITR). The Income Tax Department will process your income tax returns after you file them as a taxpayer. There…