Managing GST compliance is a crucial aspect of running a business in many countries around the world. Goods and Services Tax (GST) is a tax levied on the supply of goods and services, and its proper compliance is essential to ensure smooth business operations, avoid penalties, and maintain legal compliance. However, small businesses often face...
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How to deal with ED notice under FEMA?
How to deal with ED notice under FEMA? The Foreign Exchange Management Act (FEMA) is an important regulation that governs foreign exchange transactions in India. It was introduced in 1999 with the objective of regulating the flow of foreign exchange in and out of India, as well as to facilitate external trade and payments. The...
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Why Understanding RBI’s Role Under FEMA Is Key To Your Business Growth?
Why Understanding RBI’s Role Under FEMA is Key to Your Business Growth? The Reserve Bank of India (RBI) plays a crucial role in the management of foreign exchange transactions in India under the Foreign Exchange Management Act (FEMA). FEMA, which came into effect in 1999, replaced the Foreign Exchange Regulation Act (FERA) and brought about...
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Denial of exemption under sections 11 and 12 of the Income Tax Act
Our client, a charitable trust, was facing the denial of exemption under sections 11 and 12 of the #incometax 1961, due to the non-filing of Form 10B along with their return of income. They had been claiming exemption for 30 long years and were facing the risk of losing it due to this inadvertent mistake....
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