Other Briefings
Payment of MCA 21 Fees/ROC Fees through NEFT
MCA 21 payments can be done via credit card, internet banking and physical challan currently. Now, the ministry has recognized five banks (Indian Bank, HDFC, ICICI, PNB and SBI) for collection of MCA 21 fees, which means that only the account holders of these banks can avail Internet banking facility.
Verifying the Accuracy of TDS Certificates
Jun. 28 – India’s National Securities Depository Ltd. (NSDL) has now begun an online service whereby any deductee can verify the accuracy of the TDS Certificate (Form 16A) issued by the deductor. For this particular purpose, the deductee must have the following details, or should have a copy of the TDS certificate issued by the […]
MCA Proposes Mandatory Demat Deposit Receipts of Public Companies
The Ministry of Corporate Affairs (MCA) has suggested vide notification dated June 6, 2011 that all public companies and their subsidiaries convert share certificates and bonds into an electronic (Demat) form.
Balance Sheets, Profit and Loss Accounts Now in XBRL Format
India’s Ministry of Corporate Affairs has decided to get the filing of Balance Sheet and Profit and Loss accounts in extensible business reporting language format. The financial statements to be filed will be based on taxonomies of XBRL as per the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006.
India Signs Double Taxation Avoidance Agreement with Ethiopia
May 31 – India signed a double taxation avoidance agreement (DTAA) with the Federal Democratic Republic of Ethiopia on May 25, 2011 for the prevention of double taxation and fiscal evasion with respect to taxes on income. The contract was signed by External Affairs Minister of India on behalf of the Government of India and […]
Escrow Mechanism
May 10 – The Reserve Bank of India (RBI) has allowed AD Category – I Banks (AD Banks) to permit assurance of shares of an Indian company seized by non-residents subject to under the following situation: Assurance in favor of Indian banks in India Reason: Shares may be assured to secure credit facilities comprehensive to […]
Local DIN Holders in India Need to Submit PAN
May 9 – Earlier, India’s permanent account number (PAN) system was not the mandatory field for directors identification number DIN-1 eForm. So in order to avoid Duplicate DIN, it has been decided that all the DIN holders who have not furnished their PAN earlier at the time of obtaining DIN, are required to furnish their […]
India’s Advance Tax Rulings Benefit Non-Resident Investors
Apr. 28 – Differences of opinions between the tax payers and the tax administration are a universal phenomenon. Advance tax is a mechanism by which such problems would be settled in advance and tax payers are aware of their liability. Therefore, the Indian government has set up an authority to provide advance tax ruling. The […]
