Year:
2022 PDF
The order for blocking of Electronic credit ledger (ECL) under GST contain two pre-requisite i.e. Reason to believe & recorded in writing.
The Government has introduced Rule 86A to block ineligible or fraudulently availed ITC by the taxpayers vide Notification dated 26.12.2019. As per this rule, ITC available in the ECL of the taxpayer can be blocked if commissioner has ‘reasons to believe’ that taxpayer has fraudulently availed ITC.
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2021
Steps for updating the Importer - Exporter Code (IEC)
As per the recent DGFT Notification Number 58 dated 12.02.2021, any IEC Holder is required to update their IEC electronically every year, during the period of April to June. While this updation is mandatory, due consideration has been taken not to increase any compliance burden.
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2021 PDF
Liquidated Damages
The issue circling around charging of tax in cases of ‘Liquidated Damages’ (LD) under Goods and Service Tax (GST) law has been an issue from the beginning of GST law coming into force as even in the earlier regime under Service tax (ST) the issue had cropped many times.
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2021 PDF
GST on society maintenance exempt upto Rs. 7500 per month per member
Madras High Court while quashing the Authority of Advance ruling (AAR) and Circular No. 109 dated 22.07.2019 held that RWA liable to pay GST on the members’ monthly contribution only on the amount exceeding Rs.7,500/- not on the entire amount.
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Year:
2021 PDF
Issue and Redemption of Preference Shares
Click here to know more about issue and redemption of preference share
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2021 PDF
Small Company - Applicability and Benefits
Definition of Small Company under Companies Act, 2013 amended vide Finance Bill 2021 has been made effective from 1st April, 2021.
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Year:
2022 PDF
Receiving Payments via Mandatory Electronic Modes
CBDT has prescribed Section 269SU of the IT Act,1961 requiring all companies or business entities with total sales or receipts exceeding INR 50 Crores during the immediately preceding previous year to provide facilities for accepting payments through prescribed electronic modes.
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2022 PDF
Clarification in respect of Prescribed Electronic Mode under Section 269SU of Income Tax Act,1961
To encourage digital transactions and move towards a less-cash economy, the government has introduced Section 269SU, vide the Finance (No.2) Act 2019 to provide facilities for accepting payments through prescribed electronic modes.
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2021 PDF
Statement of Financial Transaction (SFT) under Rule 114E of Income Tax Rules
The Statement of Financial Transaction (SFT) is required to be furnished in Form No. 61A and the below mentioned are the nature of transactions along with monetary limits to be reported in Form No.61A
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2021 PDF
Consequences of late filing of Income Tax return for the A.Y 2019-20
If a person liable to file an Income Tax return for A.Y. 2018-19 fails to file the same by the prescribed due date*, then Penalty shall be payable u/s 234F of the Income Tax Act, 1961 depending upon the Total Income# of the person and actual date of filing Income Tax Return.
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2021 PDF
Higher rate of TDS & TCS for Non-Filers
A new provision under section 206AB of the Income Tax Act, 1961 is made applicable with effect from 01/07/2021, based on which deductors may have to deduct TDS at higher rate in case the deductee has not filed the Income Tax returns for 2 years and subject to other conditions.
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2021 PDF
Surcharge Rates for A.Y. 2021-22 of certain assesses
The respective rate of surcharge i.e 10% or 15% or 25% or 37% mentioned below shall become applicable on the tax computed based on the total income of every assessee.
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2020 PDF
Deduction of Tax at Source on Dividend.
Dividend constitutes an important stream of income for shareholders of companies .India has now re-introduced the classical system of taxing dividend income in the hands of shareholders by abolishing DDT through Finance Act 2020. As a result, the dividend received will now become taxable.
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Year:
2023 PDF
Royalty & FTS - Increase in domestic tax rate
Earlier, income earned by way of Royalty & FTS (Fees for Technical Services) by a NR not having a PE in India was taxable under the domestic tax provisions @ 10% plus applicable surcharge and cess on gross basis. Now tax rate has increased to 20% w.e.f. 1st April, 2023 vide Finance Act, 2023.
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2023 PDF
Significant Economic Presence – Deemed Nexus for Import of Goods & Services
Though Significant Economic Presence (SEP) was originally introduced with the intention to tax digitalized businesses, SEP provisions have been worded widely to bring into ambit all types of transactions by non-resident whether digitalized or not. SEP provisions were made effective from FY 2021-22.
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2022 PDF
Gift of Foreign Securities to Resident Individual in India
Modes of permissible acquisition of Foreign Securities by way of gift to a resident individual under new set of OI Rules.
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2022 PDF
Annual Performance Report (APR) for ODI in Foreign Entity
Any Indian individual or entity undertaking ODI is obliged to file an Annual Performance Report (APR) with respect to its foreign entity based on its accounting year completed in the host country by 31st of December every year. The article features applicability and checklist for the same.
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2022 PDF
Place of Effective Management (POEM)
POEM provisions are enforced to overcome tax evasion opportunities for taxpayers creating artificial outbound sources by shifting certain insignificant events related with control and management of the company outside India and thus escaping tax instances in India.
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2022 PDF
Income arising on indirect Transfer of shares
In order to tax offshore indirect transfer deriving value from Indian business/assets/entities, India has deemed such indirect transfer to accrue in India so as to tax them in certain circumstances.
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2022 PDF
Overseas Investment under FEMA - A Comparative Analysis
Considering the recent changes in FEMA rules and regulations, we have provided significant changes and relaxations brought in for investment by Indian entities and individuals in foreign securities through side-by-side comparison of erstwhile ODI law and new ODI law.
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2022 PDF
Foreign Retirement Benefit Account – Indian Taxation
CBDT has notified Rule to address tax mismatch faced by individuals holding foreign retirement accounts, providing option to tax income on withdrawal basis instead of accrual. The Article features option available, reporting compliance & actionable for individuals holding foreign retirement accounts
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2022 PDF
Residential Status for Individuals
Considering the complex conditions for determining the residential status of an individual in India, we have provided a simplified flow chart and brief write-up to understand residential status and its impact on scope of taxable income in India.
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2021 PDF
FCA by Residents in India
Cross-border transactions, being business or personal, involve payment and receipts in foreign exchange across countries and India is a major participant in the international environment.
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2021 PDF
FAQs for NRI
Many Indians move abroad to foreign nations for various purposes such as education, employment, etc. and also settle there. When a person moves abroad, his residential status may change from Resident to Non-Resident under FEMA depending upon the number of days he resides outside India
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2021 PDF
Bank Accounts That Can Be Held By Non-Resident In India
India provides a host of investment opportunities that attracts Non-residents globally. Investing in the various avenues is permitted through normal banking channels and therefore, a valid bank account becomes absolutely essential.
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2021 PDF
Acquisition and Transfer of Immovable Property in India
India has always been a country with rich human talent who have conquered various positions globally. Indians have settled across the world and most of them continue to or wish to hold/own property in India. Further many of them invest in Indian commercial/residential properties as a good investment
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Year:
2023 View Flip Book
GBCA Crossborder Insights -Tax & Regulatory Edge | October 2023
In an increasingly interconnected world, the prospect of studying abroad offers students a chance to broaden their horizons and owing to post covid travelling ease, there has been an increasing number of students going abroad for studies. However, this exciting abroad study opportunity comes with a web of compliance considerations that must be navigated. In view of this, we have covered the crucial aspects of FEMA implications and compliance that students need to be aware of before embarking on their global educational journey in the simplest way possible for easy understanding.
Related Party Transactions (RPTs) attract significant glare from regulators as well as investors and has implications under company law, securities regulations, and taxation laws. This newsletter covers related party transactions as defined by the Indian Companies Act, SEBI Regulations and Income Tax Act, throwing light on the regulatory framework and its implications.
Income Tax law specifically requires cross-border transactions between related parties (AEs) to be at Arm’s Length Price (ALP).This newsletter simplifies the broad meaning of Associated Enterprise (AEs) from Transfer Pricing perspective since the concept of AE forms the foundation of transfer pricing regulations. As the Transfer Pricing compliance due dates for the FY 2022-23 are approaching, we have covered brief article on various transfer pricing reporting compliance.
Navratri is here! It’s time to welcome Devi Durga at our doorstep and worship her with all the love and devotion. Let us pray that this Navratri, Maa Durga bestows us with her divine blessings. Shubh Navratri to you and your family!!!
With this we present our Bimonthly Newsletter – GBCA Crossborder Insights - Tax & Regulatory Edge focusing on various issues, amendments and recent trends in the areas of FEMA, International Tax & Transaction Advisory
Key Highlights of October 2023 Newsletter Issue are as under:
1. FEMA Implications and Compliances for Students Going Abroad
2. Related Party Transactions (RPTs)
3. Associated Enterprise under Transfer Pricing
4. Transfer Pricing – Reporting Compliances
5. Recent Updates and Case Laws/ FEMA Compounding Orders
To view this Newsletter, click here.
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2023
GBCA Crossborder Insights -Tax & Regulatory Edge | July 2023
2023
Newsletter - June 2023
2023
Newsletter - May 2023
Scope of Statement of Financial Transaction (SFT)
Introduction
Section 285BA of the Income Tax Act, 1961 and Rule 114E requires specified reporting persons to furnish statement of financial transaction (SFT). The SFT has to be filed by specified person electronically in Form No. 61A on or before 31st May immediately following the end of the financial year. Thus, SFT for the year ended 31st March 2023 has to be furnished on or before 31st May 2023.
Reporting of Specified Transactions
The Statement of Financial Transaction (SFT) is required to be furnished in respect of following specified transactions undertaken during a financial year by the specified persons:
|
Sr. No. |
Nature of Transaction |
Monetary Limits |
Reporting Person |
|
1 |
Receipt of cash payment for sale of goods or services of any nature from a person. |
2 Lacs Per transaction |
Any person who is subject to Tax audit. |
|
2 |
Receipt from a person for issue of securities (including share application money) |
10 Lacs (In aggregate during the year) |
Any Company |
|
3 |
Buy back of shares from a person (other than shares bought in the open market) |
10 Lacs (In aggregate during the year) |
Listed Company |
|
4 |
Receipt from a person for acquisition of bonds or debentures issued by the company (other than renewal of bond or debenture) |
10 Lacs (In aggregate during the year) |
Company issuing bonds or debentures |
|
5 |
One or more time deposits (other than time deposit made through renewal of another time deposit) of a person |
10 Lacs (In aggregate during the year) |
1. Banking company 2. Co-operative bank 3. Post master general 4. Registered deposit taking NBFC 5. Nidhi Company
|
|
5 |
Dividend distributed during the financial year to every person |
- |
Any Company |
|
6 |
Interest income (other than interest income exempt from tax) paid or credited during the financial year to every person |
- |
6. Banking company 7. Co-operative bank 8. Post master general 9. Registered deposit taking NBFC |
|
7 |
Capital Gains on transfer of Listed securities or Units of Mutual Fund |
- |
1. Recognised Stock exchange and Clearing Corporation 2. Depository 3.Registrar (registered under SEBI) |
Apart from the above-mentioned transactions, there are many other transactions covered under Rule 114E that need to be reported in Form No. 61A by specified persons such as Banking Companies, Post Master General, Nidhi Companies, Trustee of Mutual Funds, Authorized Person under FEMA, NBFCs, etc., based on specified monetary limits.
Consequences in case of failure to furnish SFT
-
If a person fails to furnish the specified statement, penalty of Rs.500 per day of default will be levied.
-
However, if the assessee receives any notice from the department for filing the statement, then it must be filed within the limit of 30 days from the date of service of notice. In case of any default in filing the statement in response to such notice, the penalty shall be Rs.1,000 per day of default.
-
If a person furnishes inaccurate particulars in SFT, a penalty of Rs.50,000 could be charged.
Comments
The advancement in technology has resulted in bringing more and more compliance responsibilities to the taxpayer who cannot afford to ignore the above provisions as there are severe consequences in case of failure to report the transactions and also in case of furnishing incorrect information. So keeping all these things in mind, tax payers need to ensure that the SFT return is filed within the prescribed due date and details are properly furnished.
MODES FOR INVESTMENT OF DONATION RECEIVED BY CHARITABLE ENTITIES:
INTRODUCTION
In India, charitable entities play a vital role in addressing various social issues and uplifting the less privileged members of society. To support their noble causes, individuals and organizations often contribute generous donations. However, it is essential to ensure that these donations are utilized effectively and prudently. The Income Tax Act of India provides guidelines regarding the investment of such donations, ensuring transparency and accountability in the utilization of funds.
SPECIFIED MODES OF INVESTMENT
Accordingly, amount of donations received/accumulated by way of:
-
Corpus Donation
-
General Donation
-
Accumulation u/s 11(2)
-
Statutory Accumulation of 15%
-
Any other donation/income
Has to be invested in one of the following modes:
-
Post Office Savings Bank
-
Any Scheduled Bank
-
Cooperative Society Engaged in Carrying on Business of Banking
-
Units of Unit Trust of India
-
Savings Certificate
-
Any Security for Money Created and Issued by Central/State Government
-
Debentures of Company/Corporation, where Principal and Interest are Wholly and Unconditionally Guaranteed by Central/State Government
-
Investment/Deposit in any Public Sector Company
-
Deposits with IDBI
-
Immovable Property (Plant & Machinery is not covered here unless, installed for convenient operation of building, i.e., Elevators, Parking Lifts, etc.)
-
Mutual Funds:
-
Registered under SEBI; or,
-
Set up by Public Sector Banks or Public Financial Institution; or,
-
Authorized by RBI.
-
-
Deposits made with an authority constituted in India by or under any law enacted for the purpose of:
-
Dealing with and Satisfying the Need for Housing Accommodation; or,
-
Planning, Development or Improvement of Cities, Towns and Villages; or,
-
For Both
-
-
Shares of National Skill Development Corporation
-
Debt Instruments Issued by Infrastructure Finance Company registered with RBI
-
Deposits with/Investment in any bonds issued by
-
Financial Corporation
-
-
Engaged in providing long term finance for industrial development in India.
Public Company (Formed and Registered in India)
With Main Object of Carrying on Business of Providing Long Term Finance for:
-
Construction/Purchase of Houses in India for Residential Purposes
-
Urban Infrastructure in India
Implications of Investments not done in the above Specified Modes:
-
Donations received as Corpus must be invested in one of the specified modes of investment to claim such donations as Corpus.
-
In order to accumulate income under Section 11(2) for 5 years, it is a condition to deposit the same in one of the specified modes of investment within 6 months from the end of the financial year in which they were received.
-
According to Section 13, if any asset is held otherwise than in any of the specified modes of investment after the expiry of one year from the end of the previous year in while such asset is acquired, it will be liable to tax.
By adhering to the guidelines outlined in the Income Tax Act of India, charitable entities can ensure responsible investment of donations, thereby upholding the trust of donors and contributing to the overall well-being of society.
MCA AMENDS RULES FOR VOLUNTARY WINDING UP OF COMPANIES
Ministry of corporate affairs (MCA) with the intention of speeding up Voluntary Winding of Companies has recently set up a centralized unit at the Indian Institute of Corporate Affairs in Gurgaon called C-Pace i.e. Centre for Processing Accelerated Corporate Exit. Further to make this unit operational, Rules for winding up has been amended and this Article attempts to cover Original and Amended Rules in summarised manner.
C-PACE –CENTRE FOR PROCESSING ACCELERATED CORPORATE EXIT
C-PACE will now be centralized place for all voluntary winding application by corporates which earlier were addressed to respective Registrar of Companies of states in which Registered Office are situated. C-Pace has re-engineered the process of Corporate Exit and as claimed by MCA will reduce the time for winding up to about 2 months as compared to six months to two years taken earlier.
From 1st Mary, 2023 if any corporate wants to voluntarily wind up then it has do the following:
Prerequisites before making application for wind up in Form STK-2:
-
Members Approval by passing Special Resolution and filing of Form MGT-14
-
Prior Approval of RBI, IRDA, NHB, SEBI and other similar Authorities, If Corporate entity is also registered with such Regulatory Authorities
-
All charge on assets of companies to be satisfied / closed.
-
Annual Forms i.e. AOC-4 for Financial Statements and MGT-7 / 7A for Annual Returns for all the years till business was carried on to be filed.
Details / Documents to be filed with Form STK-2:
-
An indemnity bond duly notarized, by every director in Form STK 3.
-
Statement of accounts in Form No. STK-8 with NIL Assets and Liabilities upto the date which is not more than thirty days before the date of application and certified by a Chartered Accountant.
-
An affidavit in Form STK 4 by every director of the company.
-
A statement regarding pending litigations, if any, involving the company.
-
Service Request Number of the Form MGT-14 filed for the Special Resolution passed.
-
ROC Filing Fees of Rs.10000/- to be paid on filing of Form STK-2
Following companies cannot avail this rule for winding up:
-
Listed Companies / Companies delisted due to non-compliance of listing regulations.
-
Vanishing Companies.
-
Companies under investigation or Inspection and pending in Court.
-
Companies having pending compounding applications with competent authorities.
-
Companies having outstanding deposits or have defaulted in repayment
-
Section 8 Companies i.e. Company incorporated for Not for Profit / Charity.
Let us hope this dedicated unit for speedy winding up of Corporates achieve its desire purpose and effort of Government for ease of doing Business in India.
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2023
GBCA Crossborder Insights -Tax & Regulatory Edge | May 2023
The emergence of new technologies, transportation systems, and communication networks has led to an increase in global trade and investment. Global trade has paved the way to more opportunities and development. Cross Border trade is an important aspect of globalization, as it allows businesses to expand their markets and reach consumers in different countries. In view of this, we have covered provisions relating to Exports that one must adhere to from FEMA perspective.
Finance Bill 2023 is passed in the Parliament with certain additional amendments which were not a part of the original budget rolled out in February 2023. We have covered certain important amendments of FA 2023 pertaining to International taxation and Transaction Advisory in this edition. Furthermore, we have covered tax residency provisions for natural persons under UAE Corporate Taxation.
We welcome the new Indian financial year with lots of positivity, enthusiasm and finesse. May this financial year bring to you more success and boundless achievements.
With this we present our Bimonthly Newsletter – GBCA Crossborder Insights - Tax & Regulatory Edge focusing on various issues, amendments and recent trends in the areas of FEMA, International Tax & Transaction Advisory
Key Highlights of May 2023 Newsletter Issue are as under:
1. Exports - FEMA perspective
2. Taxability of MLDs and Specified Mutual Funds
3. Increase in Tax rate for Royalty & FTS for Non- Residents
4. TCS on Liberalised Remittance Scheme
5. UAE Corporate Taxation- FAQs on Tax Residence
6. Recent Update and Case Law
To view this newsletter, click here.
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2023
Key Amendments to Finance Act, 2023
Hon'ble Finance Minister Smt. Nirmala Sitharaman had presented Finance Bill 2023 on 1st Feb, 2023, being the last full budget before the Union elections. While moving the Finance Bill in Lok Sabha for approval, significant amendments were introduced which were not forming part of the original Finance Bill tabled in Parliament on 1st February.
We have covered few important tax amendments and its implications for your update.
Marginal Relief u/s 87A for New Tax Regime u/s 115BAC(1A)
To provide relief to individual, HUF, AOP & BOI under the new scheme, marginal relief is provided under the Act with respect to income exceeding Rs.7,00,000.
To know more in detail, please click here
TCS rate capped to 20% if collectee does not furnish his PAN or is a non-filer of income-tax return
To know more in detail, please click here.
Changes in Taxation for Specified Mutual Funds
Change in taxation of mutual funds with respect to mutual funds purchased after 31-03-2023. To know more in detail, please click here.
Increase in Tax Rate for Royalty & FTS for Non-Residents
Earlier, income earned by way of Royalty & FTS (Fees for Technical Services) by a non-resident not having a Permanent Establishment (PE) in India was taxable under the domestic tax provisions @ 10% plus applicable surcharge and cess on gross basis. Now tax rate has increased from 10% to 20% w.e.f. 1st April, 2023 vide Finance Act, 2023.
To know more in detail, please click here.
TCS on Liberalised Remittance Scheme
TCS was collected on remittance made outside India under LRS scheme. Finance Act 2023 has expanded the scope of TCS provisions to include even remittance in India under LRS w.e.f 1st July, 2023. For eg. Payment to GIFT City under LRS shall also be covered within scope of TCS provisions.
To know more in detail, please click here.
2023
GBCA Crossborder Insights -Tax & Regulatory Edge | March 2023
In this era of globalization and cross-border trade, import and export transactions have become inevitable part of our economy. With close monitoring of import and export transaction data by RBI and the notices received for pending payments, it has become a concern for businesses having imports / exports transactions. In view of this, we have covered provisions on Imports in a simplified manner in this newsletter. Our upcoming edition of GBCA Crossborder Insights will cover provisions on Exports
The Budget 2023 speech presented by Hon'ble Finance Minister is one of the important events in February 2023. This edition of our newsletter covers detailed analysis on the select international taxation budget proposals.
We wish you and your family Happy Holi! Taking inspiration from this auspicious festival of spreading colours and happiness, we stand by our commitment in spreading knowledge to our readers.
With this we present our Bimonthly Newsletter – GBCA Crossborder Insights - Tax & Regulatory Edge focusing on various issues, controversies and recent trends in the areas of FEMA, International Tax & Transaction Advisory
Key Highlights of March 2023 Newsletter Issue are as under:
1. Imports - FEMA perspective
2. International Tax - Updates on Indian Budget 2023
3. UAE Corporate Taxation - FAQs for Dividend & Capital Gains
4. Recent Updates
To view the Newsletter, Click Here
2023
GBCA Crossborder Insights - Tax & Regulatory Edge | January 2023
To view the newsletter, click here.
2022 PDF
Cross Border Insights - November 2022
• Annual Performance Report (APR) for ODI in Foreign Entity
• Gift of Foreign Securities to Resident Individual in India
• Pre-Packaged Insolvency Resolution Process (PPIRP)
2022 PDF
Cross Border Insights - September 2022
To view the newsletter, click here.
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2022 PDF
Newsletter - August 2022
India celebrated its 75th Independence day in style with the Tricolour unfurled across homes and institutions in the country. As a young democracy, we have indeed come a long way. It's important to remember that the Indian subcontinent comprised a number of states governed by different rulers. Boundaries were constantly redrawn and political alliances were made aplenty.
Most historians would have thought that it would be impossible to keep together a disparate group of people in a secular India. We speak 22 (official) languages and over 700 dialects and follow a variety of religions. It is the strength of the freedom struggle that united us and keeps us together as a country. As we remember that struggle, pay homage to the fighters and celebrate our Independence - we strengthen our unity.
While we celebrated our 75th Independence day, it marked the day our neighbours in Afghanistan completed 1 year under the rule of the Taliban. The economy has contracted by approximately 30% as foreign aid stopped flowing to the country and girls have been left out of schools and women have been asked to leave jobs. Some of the things we take for granted in India are perhaps things to be grateful for.
Inflation across the world continues to bring difficulty to people. In Thailand, the price of their staple food, noodles, was increased by 33% after being held constant for 14 years. Europe is reeling under the pressures of high energy prices and things are likely to get tougher as we move towards winter and the heating requirement increases. All businesses should be mindful of sudden shifts in input costs and dislocations in buying power of their customers.
During this pious period of Paryushan, we reflect on our conduct and our being and hope to continue to evolve on our spiritual journeys. We seek your pardon for anytime we may have hurt you.
RECENT CLARIFICATION UNDER GST
CBDT NOTIFIES CONDITIONS FOR COVID-19 RELATED TAX EXEMPTIONS
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2022 PDF
Newsletter - July 2022
As India prepares itself to celebrate its 75th Independence Day, the country has appointed its 15th President, Droupadi Murmu. She is the first President of India who belongs to the Tribal community and is the second woman President of the country.
The war between Russia and Ukraine continues and it's been over 160 days since the start. There doesn't seem to be any clarity at this point how the war will end. It's interesting to note that Ukrainians that had left the country in the beginning of the war, have started returning to the country over the last few months. Exports of agricultural products from Ukraine have also restarted via Turkey. A lot of things are now looking more normal as commodity prices have eased and availability of products increases.
Geopolitics continues to be centre stage for a lot of news. Nancy Pelosi's visit to Taiwan has caused more questions around US-China relationships and actions that China may take. The silver lining for India in this could be that China related Geopolitical news shall continue to keep Businesses across the world focused on building a China+1 strategy for sourcing and demand for products from India will continue to remain buoyant. This is a strategic shift in thinking which should build longer term supply chains from India.
The Government has widened the GST net by a levy of 5% GSTon pre-packed and labelled food items such as cereals, pulses and flour weighing less than 25 kg. This will make some items more expensive for the common man, however, this goes towards widening of a tax base in the country to ensure that there is a contribution towards nation building activities from a broader base of people.
India is positioned well, both internally and externally - it's time for us to make sure we capture the opportunities provided and at the same time contribute towards further growth of the country.
INDIRECT TAX (GST)
2022
Newsletter - June 2022
2022
Newsletter - May 2022
2022
Cross Border Insights - June 2022
With this we present our Quarterly Newsletter – Infodive focusing on various issues, controversies and recent trends in the areas of FEMA, International Tax & Transaction Advisory.
Key Highlights of this Issue are as under:
- Foreign Retirement Benefit Account
- Acquisition and Transfer of Immovable Property
- Acquisition of Immovable Property in India
- Acquisition of Immovable Property outside India
- Tax Implications on Income from Immovable Property
To view the newsletter, click here.
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2022
Newsletter - April 2022
The war between Russia and Ukraine continues - what seemed like a swift and quick political move by Russia is getting to be a protracted war with intermittent ceasefires. As it is said, one should not try and predict anything, especially about the future. At the same time, China has put Shanghai in a lockdown over Covid fears and Sri Lanka continues to suffer economically due to poor decisions by the Government.
The power vested in the governments and a few individuals can have some significant implications for the public. Elon Musk's decision to acquire Twitter and take it private, is another example of extreme power getting vested in the hands of a few people. While Elon Musk says his intentions are to encourage freedom of speech, having the worlds 'town hall' in the hands of an individual leaves it open to his whims and has the potential for abuse. We already saw this with Facebook being used to meddle in the US elections in 2016.
Business dynamics remain highly volatile with higher commodity prices and inflation. Interest rates seem to be inching higher too and at the same time the wage bill for a lot of companies is seeing a jump. Profit margins will need to be monitored closely and investments in capacity need to be recalibrated to see if the increased costs of capital inputs require anything to be re-planned.
Despite the challenges, demand is great for most businesses and it is great to be able to make more human connections as Covid restrictions have been relaxed. While there is a small wave of Covid that seems to be imminent, we hope you stay safe and in good health.
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2022
Newsletter - March 2022
For most of us across the world, Covid seems to have largely abated. As we looked at getting back to our normal, the Russian attack on Ukraine has taken centre stage in the global geopolitical arena. Wars wreak havoc on the lives of people it impacts - as our intellect evolves, we should be able discuss our differences and come to solutions without war. We have a long way to go till we reach that point it seems. The loss of lives is wrong, but as with all things human, there are just a lot of complex angles to the current war. Thankfully, Russia seems to be now finally at a point of retreating its influence from some key areas in Ukraine and there is a hope that negotiations may bear fruit soon.
We have had an uncharacteristic peaceful world for the last few decades where we had a 'cold war'. This was an aberration as the history of humanity is filled with varying degrees of wars and battles being played out for resources and power in different parts of the world. The peace spurred global supply chain lines and led to increased productivity across the world and in turn the interdependence of countries for goods and services, became a reason to avoid any large scale wars.
Covid showed us the fragility of the global just in time system for goods. Supply constraints lead to early inflation for some products which was later exacerbated by the large scale money printing and return of demand. The Russia Ukraine war has gone one step further in making businesses rethink their supply strategies. A war with this degree of military engagement was least expected by the world and going forward the disruptions caused by Covid and the War shall remain key risks that most business strategies will be forced to incorporate. This could mean that the spectre of higher productivity and lower costs that came with globalization may be behind us.
The quote by Russian leader Lenin is most appropriate right now. “There are decades where nothing happens; and there are weeks where decades happen.” The events of the past few weeks may have a lasting impact on how countries and businesses interact with each other. It is important to be attuned to these changes and grasp opportunities that they may yield. We pray that the conflicts stop and the cost and difficulties faced by people in this war end immediately.
2022
Newsletter - January 2022
A few of the governments steps have yielded great results. The boost to manufacturing from the lower tax rate on new manufacturing companies to the PLI schemes being announced is helping make India stronger in manufacturing.
As the world normalizes from the Omicron lead wave three of the pandemic, there are multiple moving parts to the global economy. Inflation is running above most central banks comfort zone and the Federal Reserve’s rate hike and liquidity withdrawal announcements have given global markets a bit of a jolt.
USA is experiencing a very strong economic growth and very low unemployment, while China is coming hard on its real estate sector which is causing some issues in its local financial markets and threatens to make a lot of people unemployed while in India, some sectors like IT are seeing huge increments in salaries while it is reported that the lower segments of the society have seen a reduction in wages over the last five years.
Greed has become commonplace and this can be seen across easy money making that people have experienced in the stock market to the number of people who are speculating in alternative assets. The case of a startup founder who was asked to step down from the company for investigations of fraud and also an alleged recording that was leaked where he was threatening a bank employee for an opportunity lost. These instances should serve as reminders for us to check our own orientation on the emotional spectrum.
Meanwhile, there is greed and fear being played out between the NATO forces and Russia with respect to Ukraine. We hope that peaceful negotiations can ensue and a war can be averted.
2022
Cross Border Insights - March 2022
We hope that you and your family are safe, healthy and getting vaccinated.
The world is soon turning into one marketplace with the development of e-commerce and businesses crossing geographical boundaries. This has also led to constant modifications of laws to keep pace with the changing business scenarios.
While there are immense possibilities to tap the global market, one needs to be aware on how the laws are evolving to assess the impact it can have on business dynamics. In this issue, we bring to you an overview on setting up of entities outside India by individuals and Indian entities along with with latest updates in international taxation that are worth a read.
With this, we present the fourth issue of our Quarterly Newsletter- InfoDive focusing on various issues, controversies and recent trends in the areas of FEMA, International Tax & Transaction Advisory.
Key Highlights of this Issue are as under:
- Overseas Direct Investment
- ODI by Entities
- ODI by Resident Individuals
- Repatriation & Compliances
- POEM- Tax Residency of Foreign Company
- Case Laws and Recent Updates
To view the newsletter, click here.
2021
Newsletter - December 2021
The year comes to a close as we spent a full year with the Corona Virus. It has been challenging during the times of the Delta variant that swept across the country with ferocity and we lost many people and later as the wave receded, we spent sometime with family during the festival months.
However, the new variant of the virus is now fully upon us and spreading very rapidly across the population. We are lucky that early observations show that this variant is largely like the seasonal flu and not like the Delta variant in severity and mortality. We pray and hope that it stays like that and all that we need to go through is some discomfort from having a cold and mild fever.
Our governments might go into protection mode and may ask us to curtail some social and commercial interactions. We need to keep an eye out for the trend in hospitalizations and deaths before panicking fully.
The new year is time for new resolutions - one resolution that I think we all should make is to focus on sustainability as a practice, rather than a buzzword, and look at sustainability in all aspects of our life.
Our consumption habits are not sustainable for the environment is something that most of us have now understood, however, we need to look at sustainability in areas like whether our business model and structure is sustainable or can be disrupted and what can be done to make it sustainable? The same can be extended for for our physical and spiritual well-being. Doing actions that sustain our health and well-being is critical.
We wish you a very happy new year and wish you and your loved ones stay safe and healthy.
2021
Newsletter - November 2021
The advances in technology have led to us being able to quickly find out about new variants of the Corona virus and also propagate some fear and some misinformation relating to the same at the speed of thought.
We are lucky that our scientists work so hard to ensure that we stay on top of the evolution of the virus and understand the risks and remedies as soon as possible. The Omicron variety has been causing some degree of panic - while in situations like Covid-19 where it is better to be safe and early rather than sorry and late - it is good that we are back on our guard about border control and meeting people in groups. However, we should remember that despite anything being said about the efficacy, or lack thereof, of the current vaccines for the new strain of the virus, we cannot let our guard down thinking there is no hope with the vaccines, and vaccinations are a must as they and masks / social distancing are the best defence against Covid-19.
The next year is likely to see increased volatility and confusion on global markets and businesses. The US Federal Reserve is worried about inflation but at the same time would like to remain accommodative for any new coronavirus strain related economic weakness. The confusion around global liquidity will keep markets on the edge and volatility high, and supply chain disruptions and commodity prices shall also impact business margins and cash flows.
While we have seen a great boost to margins from an uptick in sales of the organized players and also some aggressive cost cutting by them through the lockdowns, with elevated prices of inputs, it is becoming a challenging environment to conduct business with long term pricing and delivery contracts. Margins for a number of businesses may shrink next year - keep an eye on your costs and working capital requirements.
The last 18 months were largely a one way street in markets and businesses due to a variety of government mandated tail winds supporting the businesses. Large IPOs have come to tap the public markets and start ups have raised copious amounts of capital at high valuations. The business and consumer landscape has changed dramatically in this period and it may continue to evolve at a rapid pace in the coming months. Be mindful to the changes and adapt accordingly - there are large opportunities to tap - we just need to be ready and willing to see them and tap them.
2021
December 2021
Key Highlights of this Issue are as under:
- Overseas Funding In Indian Companies
- Funding :Capital
- Funding : Deposits
- Funding : External Commercial Borrowings
- Case Laws and Recent Updates
2021
Newsletter - May 2021
DIRECT TAX
SCOPE OF STATEMENT OF FINANCIAL TRANSACTION (SFT) WIDENED TO INCLUDE DIVIDEND INCOME AND INTEREST INCOME
The Government has announced various reliefs due to COVID-19 under GST Laws such as extension of due date of GSTR-1, GSTR-4 & ITC-04, waiver of late fees for GSTR-3B, relaxation in interest rate on delay in filing GSTR-3B, extension in time limit of various actions under GST etc. through the notifications issued on 01st May 2021. Let's go through all the notifications in depth.
The Indian e-commerce industry has been on an upward growth trajectory. The Indian Industry is expected to be around 86 Billion Dollars in 2021. The online retail market in India is estimated to be 25% of the total organized retail market. By 2034, it is predicted to surpass the United States to become the second largest e-commerce market globally. The young demography, increasing internet and smartphone penetration, and relatively better economic performance, 100% FDI allowed under this sector are some key drivers of the e-commerce Sector. Further due to such huge growth in the e-commerce industry there is a huge amount of revenue from the e-commerce sector. With respect to e-commerce operators, compliance has increased. GST implications like registration, time of supply, place of supply, value of supply, levy and collection, etc. on the E- commerce transactions are discussed in this article.
2021
Newsletter - August 2021
We have completed the Olympics 2020 in the year 2021, in a spectacle without spectators! These are different times indeed but what is important is that as humans we are doing all that is possible to achieve the most optimal outcome possible.
Reading about the Olympics brings about some interesting characteristics of the human experience. The feedback from those who made it to the podium shows that the ones that take home the Bronze are actually happier than those who take home the Silver. This is a quirk that confounds our rational approach to things.
A Silver medal in an absolute sense is better than a Bronze medal, so logically the Silver medalists should be happier. However, in a lot of sporting formats, the Silver is won in the final match, where the sports person loses that match to win the silver, while the Bronze is often won by winning the last match. Also, in other sporting formats like a race, the two people in front of the pack are fighting to come first, while it’s the third and forth in the pack that are fighting to just be able to get a medal and a chance at the podium. Bronze winners are happy to make the Podium as they are aware that if they were slightly slower, they may have been almost as good but would be fourth and without a medal.
We have seen during the last year and a half, people that have had severe illnesses and hospitalizations but have survived, have been grateful to be alive as they saw some others succumb to the virus. At the same time, some of those that did not have the illness but were quarantined at home for safety, may have lamented someone’s vacation pictures on Instagram. Some businesses have made handsome profits and they may be looking at some of their competitors who moved earlier or had financing available and may be regretting their inability to fully replicate the success, while those that had almost written off their businesses but still managed to stay afloat are just happy to be around as the economy now opens up.
It is truly important to objectively see where you are and be grateful for the same, while ensuring that there is no complacency since what has been done well, can always be done better in the future.
DIRECT TAX
2021
Newsletter - October 2021
The UN Climate Change conference starts in Glasgow next week. The COP26 as it is called, it is an important event where companies, technologists, policymakers, environmentalists and philanthropists will congregate and set the climate change agenda.
We are running out of time to do enough to arrest climate change and avoid its ill effects and we have seen only in the last couple of years the damage and destruction caused by unseasonal and excessive Cyclones and rainfall in many parts of world while we saw unbearable heat waves in many others.
The latest deluge in Uttarakhand and other parts of India and Nepal were another reminder that this threat is real. We are paying for this with loss of human lives, damage to wealth and the overall ecosystem.
As more people make more climate friendly choices, companies will soon have no option but to be sensitive to sustainability in their processes and products. Shifting consumer preferences is a strong way to push everyone to have an economic incentive to adopt sustainability.
India lost against Pakistan in cricket. Amongst the disappointment across India, a few people have been booked for celebrating Pakistan's victory. That's an act that cannot be excused but in this hyper polarized world, we forget that we can appreciate the effort put in by the competing team while still lamenting our loss and reflecting on what we could have done different.
Climate change is similar. We can appreciate the advances made through industrialization in the last two and the benefits and comforts that have accrued to us in the process. Advances in technology has made our life's longer and healthier and more comfortable. The side effects of that have been climate change. We are building our understanding and awareness of how to battle this and we need to reflect on what actions we need to change and what we need to take to protect our planet and our future. Decisions businesses take on products and processes and choices made by consumers shall go a long way in ensuring we meet our climate change goals.
2021
Newsletter - June 2021
After having discussed Covid-19 for almost a year and a half, it feels that we have finally found some space to look at other things.
The supply chain disruptions caused by the pandemic has related to some supply constraints that have pushed inflation in India higher than the 6% which was supposed to be RBI’s highest tolerance level. However, since these are not demand lead and the RBI shall ensure that they continue to support growth as there is a lot to be done till we are able to reach back at our true economic potential.
Vaccine availability has eased from the initial period where we are short supplied. We need to encourage more people around us to get the vaccine as that would be critical to achieve a level of immunity that could help us avoid further ‘waves’ of the pandemic and would enable our businesses to get back to normalcy. This is a joint responsibility we all have towards a commitment to revert to a thriving economy.
Business and market volatility is likely to be higher with more surprises as the economy keeps adjusting to demand ebbing and flowing and supply chains reverting to normalcy over time. The business managers shall need to ensure that they are able to focus on the short-term volatility while planning strategically for the longer term.
Our work for the next few months is cut out, barring a new wave emerging which is a distinct possibility. Manage the short term, be strategic for the longer term, stay safe and get vaccinated.
INTRODUCTION FOR HIGHER RATE OF TDS/TCS FOR NON FILERS
INDIRECT TAX (GST)
GST UPDATES ON EXTENSION OF DUE DATES FOR JUNE’21
2021
June 2021
Key Highlights of this Issue are as under:
- Is One Person Company Suitable for NRIs?
- FEMA FAQs for NRIs
- ESOP – Employee Incentive Tool for Covid Times
- MFN- Tool for Lowering Withholding Tax
2021
Newsletter - September 2021
The world continues to heal and rebound from the ravages of the pandemic, and we have a sense of normalcy that has returned as even the Indian Prime Minister has made an international trip to the USA this month!
The Indian economy and the larger corporates seem to be bouncing back from the troughs of the pandemic very well. The GST collection and direct tax collection is a testament to this strength. The stock market is at new highs, we have seen a record number of ‘unicorns’ in the start up world and we have even seen a significant uptick in the property market with number of transactions and value of properties going up. While this is a great outcome for equity holders, a handful of startup entrepreneurs and developers, the inequality within the country has just increased materially over the last year. The unfortunate reality is that a lot of under privileged kids who might have leveraged education to take their families out of poverty, are facing a challenge as schools have still not opened fully and a number of these kids may not return to school.
China has taken a very stern stand against inequality and has been talking about ‘common prosperity’ whereby they will reduce income inequality and rein in the billionaires by regulating various industries including education and real estate. China’s largest property developer, Evergrande, is facing imminent bankruptcy and property prices in China have softened due to the strict financial norms set out by the government for developers. The Chinese government was aware of the problems that would ensue with their regulations and while a lot of people are fearing a ‘Lehman’ moment starting from China, there is a good chance that China may be able to manage the fallout from Evergrande’s collapse.
Since the beginning of the pandemic, as western countries have looked to diversify away from China in manufacturing and now with the stern actions being taken by the Chinese government across the tech sector, it seems that our ‘Make In India’ and PLI schemes will attract a lot of foreign capital. We all need to keep our eyes and ears open and look out for the opportunities as they come our way while the global power balances are reset.
INDIRECT TAX (GST)
2021
September 2021
Key Highlights of this Issue are as under:
- Gifting of Assets between Resident and Non-Resident
- End of Liability... Triggers Tax?
- Gift City - Hype or Game Changer?
- U-Turn On Indirect Transfer Retrospective Amendment
- Case Laws and Recent Updates
To view the newsletter, click here.
2021
Newsletter- July, 2021
While we are in some form of lockdown, a lot of unlocking has happened in the wealth of investors - Zomato has been listed with a lot of fanfare. This is momentous and has finally shown how startups that have scaled using venture capital funds, can finally list on the exchanges and smaller investors can participate in their story.
The valuation of the companies would be influenced heavily by the ebb and flow of investor confidence, however another factor that companies especially in China have had to contend with is the stern treatment meted out by Chinese government towards their 'tech' sector. China shelved the plans of Ant Financials, China's largest Fintech company, it suspended its homegrown 'Uber' equivalent, Didi Chuxing from the app stores after the company listed in the US and has now called for a regulation that would make all 'Ed-tech' companies become non-profit entities.
The last 18 months have shown us that our personal and business wellbeing can be at risk through a number of factors, some of which are outside of our primary causes of concern.
India won its first medal at the Tokyo Olympics and last month saw England lose the Euro Cup 2020. While India's celebrated Mira's victory, the English people went on a rampage in their streets - this often makes one wonder, if this same degree of passion could be brought to the work we do and how we can impact the lives of others, the world would be an infinitely better place to live. We are witnessing disruptions in business at an unprecedented scale and the next decade is one where we will have to be passionate about the work we do but also evaluate the prospects of our old business models in a dispassionate and unattached manner.
The right combination of passion and dispassion is required to be not stuck in the past and still bring the best results forward for yourself and your business.
- It has a paid up share capital less than INR 2 Crores (previously 50 Lakhs) and,
- It has an annual turnover less than INR 20 Crores (previously 2 crores).
- a holding company or a subsidiary company;
- a company registered under section 8 of Companies Act, 2013 (Not for profit organization-NGO)
- a company or body corporate governed by any special Act.
INDIRECT TAX (GST)
Year:
2024 PDF
Budget 2024: At a Glance
The proposed budget for the FY 2024-25 has introduced big tax tweaks, job incentives and rationalisation measures. With a clear emphasis on the poor, women, youth and farmers, this budget underscores a committment to inclusive growth and is truly a roadmap for our pursuit of 'Viksit Bharat'
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2024 PDF View Flip Book
Interim Budget - 2024
The Interim Budget for the upcoming financial year 2024-25 aims to boost growth of ongoing infrastructure development of our country.
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2023 PDF View Flip Book
Union Budget 2023 : Analysis and Highlights
With a focus on infrastructure development, boosting the manufacturing sector & promoting digitalization, this budget seeks to address some of the key challenges faced by Indian economy while simultaneously reducing the direct tax burden on the lower and middle income citizens.
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2023 PDF
Budget 2023: At a Glance
The Union Budget for the FY 2023-24 aims to boost growth amid concerns about the impact of global slowdown. The Finance Minister in her speech noted that inspite of the slowdown due to Covid 19 and Russia-Ukraine war, India’s economy is on right track and moving forward towards a brighter future.
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2022 PDF
Union Budget 2022 - Analysis and Highlights
The Hon'ble FM in her budget speech has emphasized on building a growth-oriented India by bringing in reforms across various spheres - infrastructure, digital rupee, sustainable mobility, continuing momentum to startups and Make in India.
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2022 PDF
Budget 2022: At a Glance
Budget 2022 has touched upon a number of new age ideas, bringing Virtual Digital Assets under the tax net and providing impetus to startup and manufacturing companies. Key highlights of various provisions, amendments and proposals on various tax provisions are attached for your ready reference.
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2021 PDF
Union Budget 2021 - Analysis and Highlights
The Post Covid world will bring in a lot of changes and one of the first that we got to see was the Finance Minister, Smt. Nirmala Sitharaman providing a budget that was unlike any of her previous budgets.
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2021 PDF
Budget 2021: At a Glance
The Finance Minister has shown great receptiveness to feedback - a short budget speech compared to the longest budget speech ever that was made last year. Despite the pandemic and related costs, she managed to build a budget without increasing direct taxes.
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2020 PDF
Union Budget 2020 - Analysis and Highlights
The Finance Minister, Smt. Nirmala Sitharaman, has now provided the country with two of the longest budget speeches in history. The speech given on 1 Feb 2020 was the longest by a margin and she had difficulty in finishing the budget speech.
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2020 PDF
Budget 2020: At a Glance
With the longest speech in Budget presentation history, the finance minister has brought a lot of small but sweeping changes in the tax regime of the country. Personal income taxes impact the most number of people and there has been a concerted effort to make the process easier for tax payers.
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Year:
Month:
2023 View Flip Book
GBCA Crossborder Insights -Tax & Regulatory Edge | October 2023
In an increasingly interconnected world, the prospect of studying abroad offers students a chance to broaden their horizons and owing to post covid travelling ease, there has been an increasing number of students going abroad for studies. However, this exciting abroad study opportunity comes with a web of compliance considerations that must be navigated. In view of this, we have covered the crucial aspects of FEMA implications and compliance that students need to be aware of before embarking on their global educational journey in the simplest way possible for easy understanding.
Related Party Transactions (RPTs) attract significant glare from regulators as well as investors and has implications under company law, securities regulations, and taxation laws. This newsletter covers related party transactions as defined by the Indian Companies Act, SEBI Regulations and Income Tax Act, throwing light on the regulatory framework and its implications.
Income Tax law specifically requires cross-border transactions between related parties (AEs) to be at Arm’s Length Price (ALP).This newsletter simplifies the broad meaning of Associated Enterprise (AEs) from Transfer Pricing perspective since the concept of AE forms the foundation of transfer pricing regulations. As the Transfer Pricing compliance due dates for the FY 2022-23 are approaching, we have covered brief article on various transfer pricing reporting compliance.
Navratri is here! It’s time to welcome Devi Durga at our doorstep and worship her with all the love and devotion. Let us pray that this Navratri, Maa Durga bestows us with her divine blessings. Shubh Navratri to you and your family!!!
With this we present our Bimonthly Newsletter – GBCA Crossborder Insights - Tax & Regulatory Edge focusing on various issues, amendments and recent trends in the areas of FEMA, International Tax & Transaction Advisory
Key Highlights of October 2023 Newsletter Issue are as under:
1. FEMA Implications and Compliances for Students Going Abroad
2. Related Party Transactions (RPTs)
3. Associated Enterprise under Transfer Pricing
4. Transfer Pricing – Reporting Compliances
5. Recent Updates and Case Laws/ FEMA Compounding Orders
To view this Newsletter, click here.
Year:
Month:
2023
Newsletter - June 2023
Year:
2023 PDF
AIF and Overview
Alternative Investment Fund ("AIF") is a privately pooled investment vehicle which collects funds from Investors for investing as per pre-decided investment policy. This note covers the broad overview of AIF, SEBI regulations, comparatives with other investment structure & tax implications for AIF.
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2021 PDF
NBFC and Overview
Non-Banking Finance Company ("NBFC") is a company registered with RBI for carrying out financial activities (e.g. lending, investing etc.). This note cover the rationale for having NBFC along with key regulatory and tax aspects of the same.
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2021 PDF
Write back of liabilities
Waiver of financial liabilities (and resultant write backs) are supposed to give financial relief to the business, however one needs to be mindful of the corresponding tax implications arising therefrom. This note covers the tax implications on benefit obtained on such waiver/write back.
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Year:
2020 PDF
FAQs relating WILLs
A Will is a legal declaration by a person of his/her intention and desire of how his/her asset is to be dealt with or disposed of after the person's death. If one does not prepare his/her WILL, then his/her property passes as per relevant succession laws.
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2020 PDF
Wills in the time of COVID-19
The current COVID-19 pandemic has led to increased in succession planning including WILLS. However, there are considerable practical and legal challenges to consider when making a WILL while social distancing, isolation or quarantine measures are in place. Here's a guide for a testator.
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2019 PDF
NOMINEE VERSUS LEGAL HEIR
‘Nothing is certain but Death and Taxes’. So how much ever we do not like to deal with taxes, we have to manage them. Similarly, though death is not a pleasant topic to think or talk about, we have to understand that it is an eventuality. Therefore it is important that we plan our estate such that
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2019 PDF
Who can prepare a will?
Anyone over 18 years of age can make a WILL, and everyone should have one.
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Year:
2022 PDF
India Entry Strategy
India Entry Strategy introduces the basic legal regime regarding set up and conduct of business in India and answers questions and issues commonly raised by overseas investors.
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Year:
2023 PDF
Electronic Books of Accounts – Highlights of Key Requirements
Section 128 of the Companies Act, 2013 (“ requires every company to prepare and keep the books of account. A company is permitted to keep its books of account or other relevant papers in an electronic mode, the Key points for maintaining the books of accounts in electronic mode are reffered here.
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2021 PDF
CARO 2020
The Central Government, in consultation with the NFRA, has issued the revised Companies (Auditors’ Report) Order, 2020, (‘CARO 2020’ or the ‘Order’) on 25th February, 2020, vide order number S.O. 849(E). It replaces the erstwhile Companies (Auditors’ Report) Order, 2016 (’CARO 2016’).
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