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NRI Tax Return- At time of Pandemic

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Due to COVID-19 pandemic since March, 2020, many individuals who came to India for particular durations were compelled to stay for longer time periods. This is due to the reason that there were many travelling restrictions as well as many countries have completely banned people arriving in their territory from other countries.   The Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) who came to India before March, 2020 but could not leave due to lockdown have a confusion regarding their residential status in India for the matters related to taxation.   Usually, the NRIs and PIOs plan their visit duration to India in such a way that their income accrued overseas is not liable to taxes in India and no need to show such income during NRI Tax Return filing . But the pandemic situation has changed their residential status for the same due to the longer stay period in the Indian Territory.   NRI Tax Return liability on basis of Residential status The liability to pay taxes
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How Foreign Companies can enter the Indian Market

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In last decade or so, the Indian economy has witnessed significant growth specially in Information technology and Pharmaceutical sectors. Further, the government of India has introduced policies for stimulating growth in Indian economy like “Make in India” scheme, “Ease of Doing Businees”, Profit Linked Incentive Scheme” which has resulted in increase in FDI in India as well as resulting in more and more foreign company registration in India . Over the years, India has become one of the most popular destinations for business setup owing to following factors: 1.       Skilled workforce 2.       Huge Consumer base with good purchasing power 3.       Relaxation in taxes 4.       Simplification of investment related procedures 5.       Cheaper labor costs 6.       Simplified procedures for Company Registration in India .   What are various routes of making investment in India? Any foreign company/ investor can make investments in India in any of the below mentioned routes
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Financial Reporting and Audit Requirements for WOS, LLP &JVs in India

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  India has complex regulatory and tax requirement with lot of compliance to be done under various laws and statutes. Therefore, post   company registration in India , every company must take into cognizance various compliances to be done under various regulations in order to avoid penalty and interest. In this article, we will be discussing about the compliance requirements for WOS, LLPs and Joint Ventures in India under various regulations post  company incorporation in India . 1.  Accounting or Book Keeping The books of accounts are to be maintained as per the Indian Accounting Standards by every entity. Also, all the supporting documents for the same are to be maintained as well. 2.  Financial Statements It is mandatory for the companies to prepare its financial statements and records for providing a true and fair view of its transactional history to the members and shareholders.The financial statements include the company’s following documents as well- a. Balance sheet at the end
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Annual Information Statement (AIS)

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With the objective of providing complete detailed information about the financial transactions done by the taxpayer or assessee during a particular financial year, a new statement has been rolled out by the Income Tax Department on 1 st November, 2021. The new statement is called Annual Information Statement or AIS. This would become a very important source of information gathering for Income tax department and would be used to identify the assessee who does not disclose income or does not file its Income Tax Return inspite of having taxable income. Form 26AS would continue to exists till the time AIS is fully operational and validated. Therefore, at the time of Income Tax Return filing , it would be very essential to reconcile the figures of Income Tax Return with AIS; otherwise any difference would result in Income Tax notice from the Income Tax department and would lead to commencement of   Income Tax Assessment . What is Annual Information Statement or AIS? Previously,
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Private Limited Company Registration in India- An Overview

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Owning a business is a dream of many for achieving financial freedom and be their own boss. In the recent times, India has become one of the most preferred countries for starting or setting up a business across the globe. The business policies, Foreign Direct Investment (FDI) policies, startup culture and ease of doing business here, are helping people to incorporate their own entities.   More and more entrepreneurs are quitting their lucrative 9 to 5 jobs and opting for company incorporation in India .   There are lots of options for starting business in India like partnership firm, proprietorship, limited companies etc. However, one of the most popular forms of starting business in India is the Private Limited Company Registration .   Private limited company registration provides following benefits or advantages : 1.       It is considered as a separate legal entity compared to its shareholders. 2.       Shareholders have a limited liability 3.       One can easily regis
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