Other Briefings
Benefits of Furnishing a Permanent Account Number
Oct. 16 – As per Section 206 AA, any individual who receives any sum or income or amount on which tax is deductible shall furnish his/her permanent account number (PAN) to the tax deducting authority. Failure to furnish a PAN card will attract tax deductions at higher rates under the following terms: At the rate […]
Annual Audit and Compliance for Foreign-Invested Entities in India
Annual audit and compliance procedures are relatively simple for foreign representation entities compared to Indian setup entities. We outline all of these procedures in this article.
Asia Briefing Report: An Introduction to Doing Business in India
Asia Briefing, in cooperation with its parent firm Dezan Shira & Associates, has just released a new 30-page report introducing everything that a foreign investor should be familiar with when establishing and operating a business in India. This guide, titled “An Introduction to Doing Business in India,” is immediately available as a complimentary PDF download on the Asia Briefing Bookstore.
Time Extended for Reporting of Annual Accounts with Company Registrar in India
Sept. 11 – Reporting of the annual accounts and balance sheet for the financial year ending March 2012 can now be made in Schedule VI format, bringing Indian companies on par with global reporting standards. The reporting in extensible business reporting language (XBRL) is a mandate for companies having a paid up capital base of […]
GAAR Execution May Be Postponed to 2016-17
Sept. 5 – A specialist group on tax laws recommended that the Indian government postpone execution of the General Anti-Avoidance Rules (GAAR) until financial year 2016-17 and eliminate capital gains tax on securities transfers to ensure investment and capital flows. The group, appointed by the Prime Minister of India, suggested a series of steps which […]
Registered Capital in India
Aug. 15 – In India, the Companies Act of 1956 made rules and regulations for the establishment of both public and private organizations. The most widely used business form is the limited company, unlimited companies being comparatively rare. An organization is formed by registering the Memorandum and Articles of Association with the State Registrar of […]
Date Extended for Filing of Income Tax
The Central Board of Direct Taxes (CBDT) has extended the due date for filing income tax returns for assessment year 2012-13 to August 31, 2012, in respect of assesses who are liable to file such returns by July 31, 2012. This has been done in response to the disruption caused by the recent power failure […]
India Tax Deadline Approaching
Jul. 27 – The tax filing date for the financial year 2011-12 is July 31, 2012. Returns can be filed after July 31, 2012 but before the relevant assessment year (March 31, 2013), however it is advisable to file the tax returns by the due date. The timelines for filing up of tax returns are […]
