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Q&A

For limited liability companies, what are the legal requirements for board meeti...

For limited liability companies, what are the legal requirements for board meeti...

The Companies Act makes it mandatory for limited liability companies (including wholly owned subsidiaries) to hold a meeting of the board of directors every quarter. Minutes of these meetings should be approved and signed by the chairman, bound and a...

Q&A

For limited liability companies, what are the legal requirements for annual gene...

For limited liability companies, what are the legal requirements for annual gene...

Requirements for an annual general meeting include: Shareholders who are unable to physically attend any annual general meetings may appoint any natural person as their proxy, with a minimum of two shareholders or authorized representati...

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Compliance Obligations for different Entity Type in India

Compliance Obligations for different Entity Type in India

The table shows the compliance requirements of tax compliance, annual activity reporting, annual compliance, and ongoing compliance for different foreign-invested entity type.

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Legal Entity Types in India

Legal Entity Types in India

The table shows the different types of legal entity in India, including Branch Office (BO), Liaison Office (LO), Project Office (PO), as well as Wholly Owned Subsidiaries and Joint Ventures.

Q&A

How are manufacturing companies' accounts audited in India?

How are manufacturing companies' accounts audited in India?

The Central Excise Act provides for two kinds of audits on the manufacture of goods: 1. Special Valuation Audit. This audit aims to ensure that the value of a good is correctly determined: if tax authorities believe that the value has not been cor...

Q&A

How are trading companies' accounts audited in India?

How are trading companies' accounts audited in India?

Entities in the trading industry are liable to pay value-added tax (VAT) and central sales tax (CST). VAT audits are performed to verify whether VAT and CST liabilities are being properly determined and paid by the businesses in question. However, t...

Q&A

How are service companies' accounts audited in India?

How are service companies' accounts audited in India?

More than 100 services are subject to a service tax audit, outlined in the Finance Act and controlled by the Central Excise department. The object of this audit is to ensure that undertakings in all relevant industries (listed in Chapter V of the Fin...

Q&A

How is Corporate Income Tax (CIT) paid in India?

How is Corporate Income Tax (CIT) paid in India?

Income tax must be paid by all types of foreign-invested entities, except for liaison offices, which are not permitted to earn income. A tax return must be sent to the income tax authorities by September 30. In case of liaison offices, the foreign co...

Q&A

What taxes are applicable to companies in India, other than corporate income tax...

What taxes are applicable to companies in India, other than corporate income tax...

The applicable taxes would depend on the type of companies or the industry they are in: Companies that sell a product must file annual sales tax or submit their value-added tax returns. Companies located in states where professional tax registrat...

Q&A

What are the requirements on annual activity reporting in India?

What are the requirements on annual activity reporting in India?

Liaison and branch offices are obliged to demonstrate that they are operating within their legally permissible areas of activity once a year. This reporting takes the form of an Annual Activity Certificate, which must be produced in a specified forma...

Q&A

What does the Foreign Exchange Management Act regulate in India?

What does the Foreign Exchange Management Act regulate in India?

The Foreign Exchange Management Act (FEMA) regulates foreign exchange into and out of India. In accordance with this act, foreign exchange must be reported at two stages: Upon receipt of share application money from the non-resident parent company...

Q&A

How should a foreign-owned subsidiary bring money to India for expenses in its e...

How should a foreign-owned subsidiary bring money to India for expenses in its e...

Money should be brought to India through normal banking channels either as share capital or against service invoices. Many new entrants bring petty cash from outside India and use that cash for expenses in the subsidiary company. However, this violat...

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