Foreign Inward Remittance Certificate FIRC (Foreign Inward Remittance Certificate) is details of information Documents that behaves as a recommendation for all the inward remittances entered in India. This document form is used by the majority of statutory authorities as confirmation that a person has received a payment in the foreign currency from outside India. When …
REQUIRED CONDITIONS OF A FOREIGN COMPANY OPEN A BRANCH OFFICE IN INDIA, The name of the Indian Branch office shall be the same as the parent company. The Branch office does not have any ownership, it is just an extension of the exiting company in a foreign country. All the expenses of the BRANCH office …
REPORTING OF FORM FC-TRS TO RBI RBI Circular No. 40 dated 1st February 2016; RBI has made it mandatory to report any transactions and filing of forms online in respect of issue and transfer of shares from an Indian Entity to outside India. What is RBI Compliance under FORM-FC-TRS? Foreign currency transfer is the absolute …
Professional Update For the Day: DIRECT TAX: Income Tax : CBDT issues 3rd FAQs on Income Declaration Scheme, 2016, Circular No.25 of 2016 -Income Tax Dated 30th of June, 2016. Income Tax : Explanation on disallowance of CSR exp. doesn’t have retro-effect, says ITAT Assistant Commissioner of Income-tax, Circle 1 (1), Bilaspur V. Jindal Power …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 04, 2016 INCOME TAX ACT SECTION 69 UNEXPLAINED INVESTMENTS Purchase of property : Where Tribunal after a detailed examination of documents had arrived at conclusion that assessee-firm failed to explain source of amount paid for purchase of property, same was rightly held as unexplained investment. SECTION 92C TRANSFER PRICING – COMPUTATION …
CORPORATE AND PROFESSIONAL UPDATE ON COMPANY LAW In partial modification to the earlier order of the C.L.B., the Constitution of the Chennai Bench & Kolkata Bench of Company Law Boardhas been changed for the period starting from 14-12-2015 to 12-03-2016. Version of Form-4 and Form-27 are going to be modified w.e.f 18th DEC 2015. Stakeholders are …
COMPOUNDING OF OFFENCES UNDER FEMA, 1999 – CHECKLIST & PROCEDURE Contraventions under FEMA The compounding of contraventions under Foreign Exchange Management Act (FEMA), 1999 is a voluntary process by which an applicant can seek compounding of an admitted contravention of any provision of FEMA, 1999 under Section 13(1) of the FEMA, 1999 For offenses Foreign …
FOREIGN INWARD REMITTANCE CERTIFICATE (FIRC) 1. INTRODUCTION: Foreign Inward Remittance Certificate (FIRC) is a document that provides proof of inward remittance to India. Such remittance could be either on account of Foreign Direct Investment (FDI) or towards export receivables or towards sale of securities by resident to a non resident. It is treated as documentary …
SUM PAID TO UNITED STATE OF AMERICA BASED COMPANY . TO REVIEW DESIGN OF CRANES COULD BE ‘FTS’ IF MAJOR CHANGES WERE SUGGESTED IN ITS DESIGN Gujarat Pipavav Port Ltd. v. ITO (International Taxation), [Mumbai ITAT] ITA No. 7877 of 2010, Date of Decision: August 31, 2015 FACTS OF THE CASE The assessee is a …
COMPANIES ACT SECTION 397 OPPRESSION AND MISMANAGEMENT Where CLB passed status quo order in respect of subject property to restrain creation of third party rights, construction done by respondent tenant to repair that property could not be considered as detriment to interest of anybody and, therefore, contempt application filed to restrain construction by respondent was …