Category: business
How can you ensure FEMA Regulatory Compliance with Expert advisory?
FEMA (Foreign Exchange Management Act) compliance is a critical aspect of doing business in India, as it regulates all foreign exchange transactions in the country. To ensure regulatory compliance, businesses must follow the rules and regulations set out by the Reserve Bank of India (RBI) and the FEMA. However, the FEMA can be complex and challenging to navigate, making it difficult for businesses to know…
Compliances for Mergers and Acquisitions in India under Companies Act, 2013
Section 232 of the Companies Act 2013 deals with the procedures and requirements for the merger of two or more companies. This guide caters relevant sections in mergers and acquisition including section 230, section 232 of the Companies Act 2013, section 233, section 234 of the companies act, etc. It includes the preparation and approval of a merger scheme, shareholder approval, and oversight by the…
Declaration of Dividends by Companies – Legal Guide on Section 123
While the partners in a partnership firm or LLP distribute profits in terms of a predetermined profit-sharing ratio, the distribution of profits in the case of Companies is slightly different. Companies distribute profits by declaring dividends to the Shareholders of the Company. Declaration of dividends is an appropriation of profit that is arrived after providing for all expenses including interest. Above were the explicit provisions…
Applicability of Internal Controls Over Financial Reporting (ICFR) and Internal financial controls (IFC)
The applicability of Internal Controls Over Financial Reporting (ICFR) and Internal Financial Controls (IFC) extends to all companies, regardless of their size or nature of operations. These controls are essential for ensuring the accuracy, reliability, and integrity of financial reporting within organizations. While ICFR applicability specifically focuses on controls and procedures related to financial reporting and disclosure, IFC encompasses a broader range of controls that…
Eligibility to obtain FCRA Registration in India
To be eligible for FCRA (Foreign Contribution Regulation Act) registration in India, an organization must fall into one of the categories: a company registered under the Companies Act, 2013, a society registered under the Societies Registration Act, 1860, or a charitable trust registered under the relevant laws. The entity should have a proven track record of at least three years in carrying out its activities…
EPR Registration compliance for Waste Management Rule in India
According to the Government of India, EPR Compliance concept holds producers responsible for managing the waste generated from their products throughout their lifecycle. The rules mandate EPR registration for manufacturers, brand owners, and importers of specified products, including electrical and electronic equipment, batteries, packaging materials, and more. These entities must establish systems for collection, segregation, and disposal of the waste generated from their products, and…
MSME Form-1 of MCA: Applicability, Due Date, Fees and Penalty
MSME Form-1 provides information regarding outstanding payments as well as delays in payment to any MSME enterprise for a period exceeding 45 days. This form deals with the default by companies for payments to the MSME vendors. It becomes applicable if a company has MSME registered vendors and the payment to such vendor is outstanding for more than 45 days. If the above conditions are…
ITR Filing Services for Direct Tax Compliance in India by ASC
ITR filing services are essential for individuals and organizations in India who are liable to pay direct taxes, such as income tax. These taxes cannot be shifted to others, and the Indian Income-tax Act, 1961 governs the payment of income tax. To expand the tax base, the government enforces strict tax compliance, making it imperative for taxpayers to comply with the Act’s provisions. The ASC…
Apply for BIS Registration for Electronic Products in India
The BIS Registration is applicable for certain electronic products to be sold in India market. The BIS is responsible for formulating and implementing standards to ensure the quality, safety, and reliability of products in the Indian market. The BIS registration is mandatory for certain electronic products under the Electronics and Information Technology Goods (Requirements for Compulsory Registration) Order, 2012. This order covers a wide range…
Maximize Your Savings with Efficient GST Refund Claims
Claiming GST refunds can help businesses to maximize their savings and reduce their tax liabilities. GST refunds are available for businesses that have paid more GST than they have collected from their customers. This can occur when businesses make purchases for their operations that are not recoverable under the GST system. To claim a GST refund, businesses need to follow the correct procedures and provide…