Received the assent of the President on the 28th September, 2020 and is effective from 29th September, 2020 Amendment of section 3 In section 3 of the Foreign Contribution (Regulation) Act, 2010 (hereinafter referred to as the principal Act), in sub-section (1),— (i) for clause (c), the following clause shall be substituted, namely:— “(c) public […]
29
Sep
Sep
The Finance Act 2020 introduced a new provision under Section 206C (1H) for the Tax Collected at Source (TCS) on Goods With effect from 1st of October 2020. Provisions With effect from 1st October, 2020 if any seller of any goods whose turnover in the preceding FY exceeds Rs. 10 Crore then he shall be […]
24
Sep
Sep
As most of you are aware the date for submission of your return of income was extended from July 31, 2020 to October 31, 2020 in the first quarter of this calendar year. Along with that extension the date for submission of audit reports was extended from September 30, 2020 to October 31, 2020 and […]
21
Sep
Sep
The re-registration and renewal of the 12AA and 80G certificates was originally supposed to commence on 1stJune and end by 31st August 2020. This time frame was subsequently extended and was to start from 1stOctober and end by 31st December 2020. The exercise is now likely to be deferred to 1st April 2021 under ‘The Taxation and Other Laws […]
20
Jun
Jun
In order for a person to register under the Foreign Contribution Regulation Act (FCRA), the concerned person must submit Form FC-3A (Application for FCRA Registration) to the Ministry of Home Affairs. Pre-Requisites for Application The following requisites / compliances need to be met before making the FC-3A application. The applicant entity is at least 3 […]
FCRA
Treatment of Money (donation / funding) from Foreign Companies / Subsidiaries of Foreign Companies in India In Local Accounts
18
Jun
Jun
Note : This note is only to cover the changes made by the Finance Act 2016 and Finance Act 2018 redefining the concept of foreign source in respect of companies registered in India and compliant under FEMA. Background The FCRA regulates receipt of foreign contribution from any foreign source. “Foreign Source”, under Section 2(1)(j) subclause […]
15
May
May
Rates of TDS applicable for Financial Year 2020-21 Assessment Year 2021-22 from 14th May 2020 are as under Due dates for TDS quarterly Returns: Due dates for TDS payment: Interest on late payment and Late deduction of TDS: As per section 201(1A) Interest at the rate of 1% per month or part of the month […]