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Import more food products from India!

Import more food products from India!

  Processed fruits & juices exports in FY18 reached US$ 646 million, followed by miscellaneous processed items at US$ 574 million and processed vegetable exports at US$ 283 million.  Exports of ready to eat items from India reached US$ 689.80 million in FY18. Main export destinations for processed food products from India in FY18 were USA, EU and Middle East. India’s export of processed food stood at Rs 31,111.90 crores (US$ 4.45 billion) in 2018-19. The Indus Food – an…

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Aadhaar can be used instead of PAN, CBDT amends Income Tax Forms.

Aadhaar can be used instead of PAN, CBDT amends Income Tax Forms.

The CBDT has amended the income tax forms to include furnishing Aadhaar instead of PAN. The forms were amended to give effect to s. 139A which was amended by Finance Act 2019 to provide for interchangeability of PAN and Aadhaar number.   Link to Notification herebelow – https://www.incometaxindia.gov.in/communications/notification/notification_95_2019.pdf

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Market environment surrounding a Japanese fashion retail giant UNIQLO

Market environment surrounding a Japanese fashion retail giant UNIQLO

  India is the world’s second largest producer of textiles and garments Rising per capita income, favorable demographics and a shift in preference to branded products to boost demand. The domestic textile industry in India is projected to reach US$ 223 billion by 2021F from US$ 150 billion in November 2017. Favorable trade policies and superior quality to drive textile exports. India’s textile and apparel export stood at US$ 39.20 billion in FY18 and is expected to increase to US$…

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ROC annual filing date extended till 30th November

ROC annual filing date extended till 30th November

Keeping in view the requests received from various stakeholders seeking extension of time for filing of financial statements for the financial year ended 31.03’2019 on . account of various factors , it has been decided to extend the due date for filing of e-forms AOC-4, AOC (CFS) AOC-4 XBRL upto 30.11.2019 and e-form MGT-7 upto 31.12.2019, by companies without levy of additional fee.

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Important update on "Identification and flagging of Disqualified Directors

Important update on “Identification and flagging of Disqualified Directors due to default in Annual filing for FY 2015-16 to 2017-18

Registrar of Companies (ROC) are in process of identification and flagging of Directors disqualified under Section 164(2) of Companies Act, 2013 for their default of non-filing of financial statement or annual return for continuous period of 3 financial years from FY 2015-16 to FY 2017-18. In this regard, all defaulting directors are required to complete pending statutory returns & all necessary compliances as per the provisions of Companies Act, 2013. Otherwise, Ministry may initiate action under Section 164 of Companies…

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CBDT issues clarifications in respect of option exercised under s. 115BAA

The CBDT in respect vide circular no 29/2019 dtd. 2nd October 2019 has issued clarifications incase the taxpayer opts for s. 115BAA of the Income Tax Act inserted through The Taxation Laws (Amendment) Ordinance, 2019. The Ordinance states that once, the taxpayer exercises the option to pay tax under s. 115BAA, it cannot be subsequently withdrawn and applies to all subsequent assessment years. The CBDT circular attached addresses, the following concerns raised by taxpayers : –          Allowability of brought forward loss on…

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CBDT issues clarifications in respect of option exercised under s. 115BAA

CBDT issues clarifications in respect of option exercised under s. 115BAA

The CBDT in respect vide circular no 29/2019 dtd. 2nd October 2019 has issued clarifications incase the taxpayer opts for s. 115BAA of the Income Tax Act inserted through The Taxation Laws (Amendment) Ordinance, 2019. The Ordinance states that once, the taxpayer exercises the option to pay tax under s. 115BAA, it cannot be subsequently withdrawn and applies to all subsequent assessment years. The CBDT circular attached addresses, the following concerns raised by taxpayers : –          Allowability of brought forward loss on…

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CBDT clarifications on ITR

CBDT clarification on ITR

Clarifications in respect of filling-up of return forms for the Assessment Year 2019-20 The Income-tax Return (ITR) forms for the Assessment Year (A.Y.) 2019-20 were notified vide notification bearing G.S.R. 279(E) dated the 1st day of April, 2019. Subsequently; instructions for filing ITR forms were issued and the software utility for e-filing of all the ITR forms was also released. After notification of the ITR forms, various queries were raised by the stakeholders in respect of filling-up of the ITR…

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