Which Act to Use – Income Tax Act (ITA) or Foreign Exchange Management Act (FEMA)?

Foreign Exchange Management Act (FEMA) and the Income Tax Act (ITA) have different definitions, provisions, rules, regulations, procedures and requirements. The definition of Resident or residential status is just one of the many examples. FEMA regulates anything related to foreign exchange; whereas, the ITA regulates anything related to taxation. For any investment related questions by […]
Read More

Destination India 2: Important initiatives by new Indian Government……Have you invested in India or still watching?

Indian government, under Mr. Modi’s leadership with a mantra of “Minimum Government, Maximum Governance”, has taken some very important initiatives to reduce bureaucracy, increase transparency, speedy execution, reduce redundancy, improve work culture, foster international relations, increase defense capabilities and guard borders, increase competitiveness and instill faith of corporate and individual investors . Some of these steps taken […]
Read More

Forex Remittances allowed upto US $125,000; FPIs can trade in currency derivatives; and NRIs allowed INR upto Rs. 25,000

RBI in a bi-monthly Monetary Policy Statement on June 3, 2014, announced 3 important measures related to Non Resident Indians (NRI), Foreign Portfolio Investors (FPI) and foreign exchange remittances by Resident Indians: 1. Last year, to stem rupee depreciation and restrict outward remittances, the eligibility limit for foreign exchange remittances under the Liberalized Remittance Scheme […]
Read More