Finally, the Central Board of Direct Taxes (CBDT) issues Notification no. 93/2015 dated December 16, 2015 that is both reasonable and practical for anyone making payment to a non-resident or an NRI remitting money outside India or transferring from NRO to NRE account. The important changes under the revised Rules are: […]
Recently, the Income Tax Department (ITD) has become very aggressive in widening the tax base through identification of stop-filers and non-filers by issuing notices to persons who it thinks may have filed the return. The notice would say, “The Income Tax Department has received information on financial transactions / activities relating […]
NRE Bank FDs have always been considered the best investment product for NRIs to earn SECURED, TAX-FREE return in India. NRIs have poured in BILLIONS of dollars in NRE bank deposits to generate Secured tax-free return in India. However, with change in global compliance and reporting requirements to report foreign income […]
Speedbreakers on the highway of Ind AS Implementation Financial reporting in India is passing through very remarkable moments owing to adoption of Indian accounting standards (Ind AS). For companies covered under Phase – 1 of mandatory Ind AS Financials, 1st April 2015 is the transition date. Few months are left for […]
A FATCA (Foreign Account Tax Compliance Act) / CRS (Common Reporting Standard) declaration was prepared by financial institutions/ intermediaries to comply with the Central Board of Direct Taxes (CBDT) rules. After signing FATCA agreement with USA and Multilateral Competent Authority Agreement (MCAA) developed by the Organization for Economic Co-operation and Development […]
Sharing and Reporting of accounts and income has become a hot topic among NRIs and there is a lot of confusion about whether, when , which information, why, how India will share the information. India will soon be sharing the information of financial accounts and income generated in India but owned […]
New Revenue Recognition Standard Ind AS 115 deferred? The corresponding standard of Ind AS 115 is IFRS 15 Revenue from Contracts with Customers. Let us first understand why there was need to issue new standard IFRS 15 by IASB in 2014. There was a joint project between IASB and US National […]
From June 1, 2015, any person making a payment to a non-resident, including an NRI transferring funds from NRO to NRE account would be required to obtain a certificate from a Chartered Accountant in form 15CB and file form 15CA to the income tax department. On May 14, 2015, the […]
On February 16, 2015, the ministry of corporate affairs notified the Indian version of International Financial Reporting Standards (IFRS), to be referred as Ind AS. 39 IND AS are issued aimed at convergence of the Indian accounting framework with globally recognised IFRS. It is not full adoption of IFRS, but only […]
Setting up Business in Vibrant Gujarat & Incredible India 7th Vibrant Gujarat Summit, has well begun today on 11th January 2015 at Mahatma Mandir, Gandhinagar, Gujarat, India. At this time, it is imperative to know the key facts of Gujarat and various entry options available for setting up business in Gujarat. […]