Section 8 companies, i.e., Non-profit organisations (NPO) is quite a famous concept. As the name itself depicts, companies incorporated without any profit motive but are formed with the motive of promotion of arts, environment, sports, science etc. are incorporated under Section 8 of Companies Act.
Companies Act does not have any specific provisions related to holding shareholders’ meetings through video conferencing or audio visual mode. During COVID-19, MCA allowed holding of AGM or EGM through video conferencing of other audio visual means through Circular No. 14/2020 dated 8th April, 2020 and Circular No. 20/2020 dated 5th May, 2020.
Government has mandated such provisions of dematerialisation for unlisted public companies as well vide notification dated 10th September, 2018 through insertion of Rule 9A to Companies (Prospectus and Allotment of Securities) Rules, 2014.
Concept of Special Purchase Acquisition Companies (SPACs) is not new. This concept has existed for the last 3 Decades. However, this method of funds raising has gain popularity since the advent of COVID-19 pandemic.
The Assessee earned dividend income from its subsidiary company based in Thailand. Assessee was liable to pay Income Tax @ 10% on such dividend income in Thailand. However, tax was exempted due to the statutory regime obtained in Thailand. While filing ITR in India, Assessee disclosed such income and claimed the credit of tax @ 10% which was payable in Thailand but not paid due to exemptions.
Often, we hear about a new unicorn making a turnover in millions and contributing to the growth of our country. With the help of overseas funding and IPOs, many businesses have started adopting a company structure. A company right from its incorporation till its winding up has to adhere to the provisions of all applicable laws of Country be it Company law or Income Tax laws or Goods and Service Tax law, etc. Therefore, it becomes essential that business operators must know essential formalities which are to be completed by a company.
Where foreign company or entity held assets in India through an Indian concern, then such Indian concern is required to file information in Form 49D about transfer of share or interest of such foreign company or entities with Income tax authorities of India India.
Filing of Form LLP-II has become completely online and simple with the introduction of Single Master Form (“SMF”). SFM was introduced with an objective to integrate the reporting structure of various types of Foreign Investment in India.
Finance Act, 2023 amended the provisions of Section 206(1G) to increase the rate of TCS from 5% to 20% for remittance under LRS as well as purchase of tour program packages and removed the threshold limit of INR 7,50,000.
Hearing the term ‘search’ or ‘investigation’ brings people in a terrified state. In India, various laws have different rules and regulations pertaining to search or investigation such as Income tax law, Good and Service Law etc.
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