US and India: Accounting, Audit and Bookkeeping services in Chennai, India | Tax Return Filing for Individuals/Corporates | Tax Advisory/Consultancy Services - Ventura Pranas

EB Synopsis

It’s an employment-based Immigrant Investor Visa Program, provides a method for eligible immigrant investors to become lawful permanent residents (Informally known as “green card” holders) by investing to finance a business in Unites States that will employ at least 10 American workers. The criterion of 10 American workers does not include the investor and their immediate family. This program affords not only the investor but also their spouse and unmarried children under 21 to become lawful permanent residents.


Please note that last date for filing ACTIVE(INC-22A) expires on 15th June 2019 and no further extension would be provided. Incase ACTIVE is not filed on or before the said date, the compliance status for such companies shall be marked as ‘ACTIVE Noncompliant’ and Directors of such ‘ACTIVE non-compliant’ companies shall be marked as ‘Director of ACTIVE non-compliant company’.

Stakeholders may please take note and plan accordingly

New Income Tax rules

The revised guidelines issued by the Income Tax (I-T) department have made serious offences under the black money and benami laws generally non-compoundable. It means that an individual or an entity would not be able to get away by just paying the tax demand, penalty and interest. The new guidelines will kick in from June 17.

It will be applicable to all cases for compounding received on or after this date.

Transfer of funds under FEMA

A) Money can be transferred under FEMA if the buyer and seller have a SOW in place and goods / services have changed hands. The seller ( the Indian entity) can raise invoices for the goods/service provided (cost + profit) on the foreign entity.

B) Alternatively, they can bring in the money by way of advance against services but there are conditions attached to this as outlined below: -

Rules for NRIs Investment in Indian Real Estate

A non-resident Indian who wishes to buy a property in India, should be aware of the regulations that govern the acquisition and sale of property, as well as income earned from the property.

In order to attract more foreign investment, the Reserve Bank of India has made the rules simple for NRI investments.

Interim Budget 2019 Highlights

Union Finance Minister Piyush Goyal presented an Interim Budget for 2019 in Parliament on Friday. An Interim Budget usually doesn't list out new schemes or doesn't unveil any policy measures. The government will present the vote on account for the next four-to-five months. A full-fledged Budget will be presented after the House reassembles after the general election.

Let's take a quick look at the key changes in the Interim Budget from a personal tax perspective, which will be effective from 1 April 2019.