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A partnership created to empower Japanese companies to expand globally Torrance, CA, U.S.A. / Tokyo, Japan: On December 6, 2022, Hotta Liesenberg Saito LLP (HLS) and AGS Consulting Co., Ltd. (AGS) announced the establishment of a joint venture to provide a wide range of support services to Japanese companies expanding globally. In announcing this significant partnership, the two companies are sharing their vision, spirit, and resources while fully committed to the growth and success of all our clients.
– India’s economic growth estimated at 9.2% to be the highest among all large economies.
– 60 lakh new jobs to be created under the productivity linked incentive scheme in 14 sectors.
– PLI Schemes have the potential to create an additional production of Rs 30 lakh crore.
– Entering Amrit Kaal, the 25 year long lead up to India @100, the budget provides impetus for growth along four priorities:
• Legal Update: o Government announces tax exemption for expenditure on Covid treatment and ex-gratia received on death due to Covid. o Extension of time-limit in filing and reporting tax compliances:
Topic 1 | Identification of Non-Filers of Income Tax Return • Legal Update: o The Income tax office has announced a new system on its web-portal to identify non-filers (specified persons) of income tax return.
Date of Approval – 23 June 2021• Effective Date of Implementation of Accounting Rules – 1 April 2021• Legal Framework – The Companies Act 2013 | Companies (Accounting Standards) Rules, 2021• Government Authority – Ministry of Corporate Affairs (MCA), Government of India• Web-link – Copy of Accounting Rules in India
1. GST UpdateDate of Notification – 28 May 2021 Legal Framework – The Goods & Services Tax Act, 2017 and relevant rules thereunder. Government Authority – Central Board of Indirect Taxes and Customs (CBIC) Web-link – CBIC Circular Legal Update: IGST to be fully exempted on import of certain COVID-19 related goods.Rationalization of GST rates on certain goods and services.Rationalization of late fee in reporting of certain returns.Simplification of Annual Return for FY 2020-21.
-Summary
The Central Government in India has approved the Model Tenancy Act, 2021 which is to be sent to the States and Union Territories in India to enact legislation or amend laws on rental properties.
– What to Watch?
Like in the case with Real Estate (Regulation and Development Act), the State Governments in India may choose not to follow this model act and its guidelines. This will result in diluting the potential benefits available in the Model Tenancy Act, 2021. However, quick implementation is expected where ruling Central Government is also having government in the States and Union Territories (UT) in India.
1. Topic – Income tax compliance relaxations – Date of Notification – 20 May 2021– Legal Framework: Income Tax Act, 1961 and relevant Rules thereto– Government Authority – Central Board of Direct Taxes (CBDT)– Web-link – CBDT Circular
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