Our collection of resources based on what we have learned on the ground
Resources
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Corporate Income Tax and Minimum Alternative Tax by Business Type in India
- November 2012
- Members Access
For different business types in India, the corporate income tax (CIT) and minimum alternate tax (MAT) are different.
Q&A
What are the important concepts in determining a permanent establishment (PE) in...
- November 2012
- Members Access
Important concepts in determining a permanent establishment include: Business Connection - If there is no business connection between a non-resident entity and a resident-entity, the resident entity may not be a permanent establishment of the non-...
Q&A
How to close wholly owned subsidiary (WOS) in India?
- November 2012
- Members Access
A wholly owned subsidiary can be wound up as per the guidelines issued by the act in consultation with Ministry of Corporate Affairs (MCA). The procedural aspects involved in winding up involve: Approval of Shareholders and Creditors; Affidavit f...
Q&A
For limited liability companies, what are the legal requirements for board meeti...
- November 2012
- Members Access
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...
- November 2012
- Free Access
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
- September 2012
- Free Access
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
- September 2012
- Free Access
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?
- September 2012
- Free Access
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?
- September 2012
- Free Access
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?
- September 2012
- Members Access
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?
- September 2012
- Members Access
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...
- September 2012
- Members Access
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...
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