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Taxmann’s FEMA Practice Manual – Comprehensive Commentary on FEMA, Simplifying Complex Cross-border Transactions with—Checklists | Examples | Case Studies | Compounding Orders | Case Laws
This book aims to simplify the fundamentals while providing exhaustive coverage of the relevant laws and regulations. It provides a comprehensive commentary on various sections, rules, and regulations under the Foreign Exchange Management Act (FEMA), making it a complete guide to foreign investment provisions. This book is a comprehensive resource for professionals and Authorized Dealer (AD) banks, enabling effective management and implementation of Foreign Exchange law in India. It is a one-stop solution for: • Professionals, including Chartered Accountants, Company Secretaries, Cost Accountants, and Lawyers • Chief Financial Officers (CFOs) of multinational and Indian companies • Aut...
Taxmann's Overseas Investment Ready Reckoner – Simple, exhaustive and practically useful guide on the 'New OI Regime' with compounding orders, case studies & practical examples
This is a comprehensive book on overseas investment outside India by various entities covering all provisions in every possible detail. Every attempt has been made in the book to keep the complex law simple. Pictorial representation, checklist, examples, case studies, and compounding orders issued by the Reserve Bank of India have also been provided for clear understanding. It is a one-stop solution to all the needs of professionals, global investors, institutional investors, CFOs of multinational companies looking to expand globally, and the AD banks dealing with overseas investment for undertaking the transaction and effective implementation, management and execution of overseas investment...
Taxmann's Analysis | Chartered Accountants Act – Key Ethical Standards and Compliance
Ethics form the foundation of chartered accountancy, guiding professionals to act with integrity, impartiality, and accountability. Established by the Chartered Accountants Act, 1949, these standards uphold public trust by promoting the responsible and transparent handling of sensitive financial information. They also help prevent conflicts of interest and ensure confidentiality, strengthening the profession's reputation while reducing legal and reputational risks. This article examines the significance of these ethical standards and the repercussions of failing to adhere to them.
Taxmann's Analysis | Levy of Interest on Delayed Payment of Tax – Persisting Challenges
Levy of interest under GST on late payment of tax has always been a litigation matter in terms of what should be considered as the tax that 'remains unpaid'. The recent judgment of Patna High Court in the case of Sincon Infrastructure has again cropped up the discussion. This article discusses the provisions of Section 50 related to the levy of interest on delayed payment of tax, covering the following key points: ‣ Background of the Issue ‣ Brief Facts of Sincon Infrastructure Case ‣ Relevant Provisions of the GST law ‣ Court's Observations and Decision in the Case of Sincon Infrastructure ‣ Earlier Decisions on the Same Matter and Future Outlook
Taxmann's Analysis | SEBI's New Insider Trading Norms – Balancing Flexibility and Compliance
Insider trading refers to buying or selling a company's shares by individuals with access to confidential information. This article examines key amendments to the SEBI (Prohibition of Insider Trading) Regulations, 2015, which take effect on June 25, 2024. The amendments include: ‣ Reducing the trading commencement period for insiders to 120 calendar days ‣ Exempting insiders from maintaining a 12-month trading period ‣ Broadening parameters for each trade execution with defined price limits ‣ Clarifying trade splitting durations to prevent misuse ‣ Allowing deviations from trading plans only in exceptional cases ‣ Requiring insiders to execute trades within specified price limits ‣ Mandating compliance officers to approve or reject trading plans within two trading days
Taxmann's Analysis | PMS vs AIF vs MF – How to Choose an Investment Vehicle?
This article discusses selecting the right investment vehicle and guiding investors to make well-informed decisions that match their financial objectives and risk tolerance. It provides a comprehensive examination of various investment options, including Portfolio Management Services (PMS), Alternative Investment Funds (AIFs), and Mutual Funds (MFs). The coverage includes: ‣ Comparative Analysis ‣ Minimum Investment Amounts ‣ Lock-in Periods and Returns ‣ Governing Regulations ‣ Differences and Benefits of Each Option ‣ Taxation Implications
Taxmann's Analysis | SEBI's New Proposals to Streamline the AIF Valuation Framework
SEBI issued a Consultation Paper on May 23rd, 2024, to review specific aspects of the valuation framework for Alternative Investment Funds (AIFs) investment portfolios. The primary objective is to seek public comments on proposals to provide relaxation in certain areas of the AIF valuation framework. The key proposals include: ‣ Applicability of Valuation Norms Under SEBI (Mutual Funds) Regulations to Compute Valuation of AIFs' Investment Portfolio ‣ Change in Valuation Methodology and Approach to be considered as 'Material Change' ‣ Proposes Revised Eligibility Criteria for Independent Valuers to be Appointed by AIFs ‣ Proposal to Extend the Timeline to Report Valuation of Investments to Performance Benchmarking Agencies to 7 Months
Taxmann's Analysis | Revisiting the Requirement of ITC Reversal for Time-Expired Goods
The expiry of goods manufactured and the remaining unsold are inseparable parts of the business. Such expired goods must be destroyed as they do not remain usable. However, the provision of reversal of ITC on destroyed/written-off goods comes into play in such situations, creating an unsettled position. This article analyses Section 17(5)(h) concerning time-expired goods, along with the ambiguities surrounding the reversal of ITC, covering the following key points: ‣ Understanding the Relevant Legal Provisions and their Interpretation ‣ Applicability of the Same in the Given Scenarios ‣ Relevant CBIC Clarification and Contradictory Jurisprudence ‣ Conclusion
Taxmann's Analysis | CBDT's New Compounding Guidelines for Offences – Every-thing You Need to Know
The Central Board of Direct Taxes (CBDT) has introduced updated guidelines for compounding offences under the Income-tax Act, 1961, following the Finance Minis-ter's budget proposal to streamline the process. These new guidelines replace all previously issued guidelines on the compounding of offences. This article presents an overview of the key updates in an FAQ format. The key changes include: ‣ Removal of Offence Categorization and Limits on the Number of Applications ‣ Provision for Fresh Applications after Defect Rectification ‣ Inclusion of Offences under Sections 275A and 276B for Compounding ‣ In cases involving Companies and HUFs, both the Main and Co-Accused can com-pound offences by paying the applicable charges
Taxmann's Analysis | Strengthening Business Integrity – The Power of Internal Audit & Controls
This article highlights the significance of internal controls and internal audits in promoting compliance, safeguarding assets, and maintaining investor trust. It explores the legal obligations for internal audits under the Companies Act, 2013 and underscores how they enhance processes, mitigate risks, and ensure regulatory adherence. The critical areas of focus include: ‣ The Role of Internal Controls in Enhancing Corporate Efficiency and Compliance ‣ How Internal Audits Strengthen Internal Control Mechanisms ‣ Applicability of Internal Audit Requirements ‣ Common Deficiencies in Internal Control Systems ‣ Auditor-Identified Deficiencies in Internal Controls During the Audit of Listed Companies
