CA VK Agrawal

All about PIO Card

PIO also known as Person of Indian Origin is an identification status given to whom or whose any of the ancestors was a permanent Indian resident/citizen and who is currently holding valid citizenship and passport of another country. A person who is not an Indian citizen but he/she or his/her ascendants was an Indian citizen by the virtue of constitution or Citizenship Act 1955. PIO card was launched in 1999… Read More »All about PIO Card

Foreign Liabilities and Assets Annual Return

Annual return on Foreign Liabilities and Assets (FLA) has been notified under FEMA which is required to be submitted by all the Indian Companies which have received Foreign Direct Investment (FDI) or companies who invest in foreign companies in the previous years including the current year i.e. who carry foreign Assets or Liabilities in their Balance Sheets. FLA annual return need to cover all the foreign investments made by the… Read More »Foreign Liabilities and Assets Annual Return

All about Import Export Code

Import Export Code also known as IEC Code which is issued by the DGFT (Director General of Foreign Trade). When an individual want to start an Import or Export business in India, then the Import Export Code is needed to be obtained. Without this code it is not possible to start any type of business being dealt in Indian Geographical area. Department of Commerce sets all the rules and regulation… Read More »All about Import Export Code

All About Duty Credit Scrips (DCS)

In India’s Foreign Trade Policy, the term scrip has reference as ‘duty credit scrips’. DCS also known as Duty credit scrip is the most attractive export promotion incentive given by the government to exporters. The objective and purpose of such schemes is to encourage exports by giving concessions to import tariff to exporters. Under the scrip, exporters can draw an import duty concession to a fixed percentage of their export… Read More »All About Duty Credit Scrips (DCS)

Meaning | Risk and Benefits of Transfer Pricing

Transfer pricing termed as the prices of goods and services that are exchanged between two commonly controlled legal entities within an enterprise. For example, if you have a subsidiary company who sells goods or renders services to your holding company, the price charged is referred to as transfer price and the setting is called transfer pricing. The term common control refers to those that are ultimately controlled by a single… Read More »Meaning | Risk and Benefits of Transfer Pricing

Transfer Pricing: International Transaction and Arm’s Length Price

Transfer pricing can be termed as the value which is attached to the goods or services transferred between related parties. In other words, transfer pricing referred to the price which is paid for goods or services transferred from one unit of an organization to its other units situated in different countries (with exceptions). Subjects Which Comes in Transactions to Transfer Pricing The below mention list is some of the typical… Read More »Transfer Pricing: International Transaction and Arm’s Length Price

Section 194J under TDS of the Income Tax Act, 1961.

What is TDS? TDS is a form of advance tax, TDS stands for tax deducted at source. According to the Income Tax Act, 1961, if the payment exceeds some Monterey threshold levels, every company or a person making a payment will deduct tax at source. The tax department must deduct TDS at the rates specified. What is section 194J? Section 194J is one of the most important sections under TDS(Tax… Read More »Section 194J under TDS of the Income Tax Act, 1961.

IGST Refund to Exported| Mismatch Between GSTR-1 & GSTR-3B

GSTR-3B is commonly termed as the monthly summary return filed by a taxpayer and discloses supplies made during the month along with GST to be paid, ITC claimed etc., and also makes a provision for tax payment(if any) for the relevant month. GSTR-1 is a monthly or you can say quarterly return filed by taxpayers to disclose details of their supplies which are outward for the month along with their… Read More »IGST Refund to Exported| Mismatch Between GSTR-1 & GSTR-3B

GST Treatment on Export Of Services Partly Rendered By Third Parties Outside India

Circular No. 78/52/2018-GST was issued to clarify the issue on 31st December,2018. 1. Where a service exporter located in India is supplying certain services to a recipient located outside India, either fully or partly through any other supplier of services located outside India, the two supplies are taking place which are mention below: – For the full contract value, supply of services from the exporter of services present in India… Read More »GST Treatment on Export Of Services Partly Rendered By Third Parties Outside India