FEMA

NRI as per FEMA
FEMA
CA. Kapil Mittal

Residential status as per FEMA | NRI as per FEMA

Applicability of provisions of FEMA are based on the residential status of a person, i.e., a person resident of India has more liberty under FEMA as compared to a NRI as per FEMA or person resident outside India. Therefore, to check the extent of applicability of FEMA provisions, it is important to first check the residential status as per FEMA for a person.

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Process of closure of Project office
FEMA
CA. Kapil Mittal

Process of closure of Project office/ Liaison Office/Branch Office

Provisions related closure of Project Office/Liaison Office/Branch Office are regulated by Foreign Exchange management Act read with FEM (Establishment in India of Branch or Office or Liaison office or a project office or any other place of business) Regulations, 2016 and Master Directions No. 10/2015-16 dated 1st Jan, 2016.

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Permanent Account Number
FEMA
CA. Sachin Jindal

Permanent Account Number to Non-Resident Indians | NRI PAN

Permanent Account Number (“PAN”) issued by the Income Tax Department is a mandatory unique number required for the purpose of all Income tax related compliance in India. PAN also acts as an Identity proof of Indian residents. However, persons who are non-residents and are having presence in India for limited purposes may also need to apply for PAN in certain cases. Permanent Account Number or PAN is mandatory for all the persons including NRI who are required to file their Income tax return (“ITR”) under Income Tax Act, 1961 or who wish to carry out financial functions in India. Therefore,

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person of indian origin card
FEMA
CA. Kapil Mittal

PIO Card | Person of Indian Origin

Government provides various benefits and relaxations to people staying out of India. These people are issued a card known as “Person of Indian Origin card i.e. PIO Card, to avail such benefits.

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FEMA- Foreign Exchange Management Act
Blog
CA. Sachin Jindal

FEMA | Foreign Exchange Management Act

The Central Government of India has formulated the Foreign Exchange Management Act (FEMA) to uplift outward payments and the border trades. In the year 1999, this act, FEMA was introduced, and it replaced the previous one Foreign Exchange Regulation Act (FERA).  There were certain drawbacks and loopholes in FERA which got filled with the FEMA. Moreover, different economic reforms got introduced under this act. Basically, this act came with the purpose of deregulation and to have a wide-ranging economy in India.  1. What are the objectives of the Foreign Exchange Management Act (FEMA)? The basic objective to introduce the FEMA

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How to Determine The Taxability of NRI in India
FEMA
CA. Kavit Vijay

How to Determine the Taxability of Foreign Resident in India?

According to the provisions of the Income Tax Act, 1961; all the foreigners or individuals who belong to a different country but staying and working in India or individuals who belong to India but working in any other part of the world, have to pay income tax, as the Income Tax Act, 1961 provides for taxability depending upon the residential status of a person. Here in this article, we are going to discuss all the details related to tax by NRI and foreigners. This tax is levied regardless of the individual’s status of citizenship, or intention of staying in India.

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FLA Return
Blog
CA. Kapil Mittal

FLA Return- Foreign Liabilities and Assets Annual Return

Any company that has received FDI or made some overseas investment during the previous years including current year by July 15, need to submit an annual return on Foreign Liabilities and Assets i.e. FLA return. In recent times, more companies are involving themselves in foreign investments. As a matter of fact, it brings in more importance to the FEMA (Foreign Exchange Management Act) regulations. The compliance of this act is also becoming an integral part of these companies. Foreign Liabilities and Assets (FLA) annual return is one of these compliances which organizations need to submit mandatorily. Companies involved in Foreign

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