They rolled out FEMA in 1999, which is short for Foreign Exchange Management Act. It basically took over from the old Foreign Exchange Regulation Act (FERA) of 1973. This new rulebook is all about handling cross-border investments and external trade. It is mainly applied to ensure smooth international business payments. It includes a wide range of […]

All the tax professionals are very familiar with the terms, contributions to various funds (i.e., provident fund, Employee state insurance, superannuation funds, gratuity fund or any other fund etc.) by employees as well as employers as per defined percentage in accordance with the respective law. However, this seems as a mandatory requirement by Statue for

MSME industries are the backbone of the economy. They are also known as Small Scale Industries (SSIs). The government of India provides an MSME registration to the industries classified by the government as Micro, Small and Medium Enterprises (MSME) in India. The MSME registration helps MSMEs to obtain various benefits provided by the government for

An Occupancy Certificate is an essential document certifying the construction of the building and that it complies with the local laws, and according to permissible plans. The local municipal authority issues the Occupancy Certificate upon the completion of the construction of the building and is ready to be occupied. Introduction Occupancy certificates are issued by

The term “startup” refers to a company in the early stages of its operations. Startups are founded by one or more entrepreneurs who want to develop a product or service for which they believe there is demand. These companies generally launch with high costs and limited revenue, which is why they look for capital from

A power of attorney (POA) is a legal authorization that gives the agent or attorney-in-fact the authority to act on behalf of an individual referred to as the principal. The agent may be given broad or limited authority to make decisions about the principal’s property, finances, investments, or medical care. POAs can be financial or they can

As mandated by Indian law, each state has its own authorized body that collects property taxes. Property Tax AP is no exception. The Property Tax of Andhra Pradesh will vary based on the type of property as well as the jurisdiction. The taxes collected from one area are used to improve the public infrastructure of

The Companies Act, 2013 differentiates companies based on the number of members. The Micro, Small and Medium Enterprises (MSME) Act classifies companies into micro, small and medium companies to grant them MSME benefits. Companies can also be classified based on the liability of their members, company ownership and listing status. According to Section 2(20) of the Companies

Ad valorem tax is a type of tax that is levied based on the assessed value of an item or property rather than a fixed amount. The term Ad valorem tax derives its meaning from the Latin word “ad valorem,” which means “according to value.” In other words, the tax is calculated as a percentage

A bank guarantee refers to a promise provided by a bank or any other financial institution that if a certain borrower fails to pay a loan, then the bank or the financial institution will take care of the losses. The bank will assure the original creditor through this bank guarantee that if the borrower does