FEMA

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 Taxability of Foreign Resident in India?

According to the provisions of 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 foreigners and NRIs. This tax is levied regardless of the individual’s status of citizenship, or intention of staying in India. However,

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Foreign Liabilities and Assets Annual 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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