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
1. Topic – Clarification on spending of CSR funds for ‘creating health infrastructure for COVID care’ – Date of Notification – 5 May 2021– Legal Framework:– Section 135 of Companies Act, 2013– Companies (CSR Policy) Rules, 2014
Dear Reader, The idea of sharing thoughts about “Understanding India” from non-business perspective got very encouraging response from our clients, colleagues and friends. This response has acted as a source of inspiration while launching HLS India’s first e-newsletter in India.
July 30, 2020 Shunsuke Saito Hotta Liesenberg Saito LLP info@hls-global.com HLS Global Group and HWS GmbH & Co. KG Form International Strategic Joint Venture Creating New Opportunities for Japanese Companies in Europe through a Partnership Founded on Trust Los Angeles, CA, U.S. / Stuttgart, Germany: Today, Hotta Liesenberg Saito LLP, a leading international accounting, taxation, and business advisory firm, announced a new joint venture with HWS GmbH & Co. KG, a German full-service accounting, taxation, and business advisory firm with a rich history spanning nearly a century. This partnership will empower existing and new clients by creating new business opportunities for Japanese companies in Germany and for German companies globally.
The Novel Coronavirus (COVID-19) has affected over 110 countries, including India. Accordingly, taking cognizance of the gravity of the public health situation and in order to generate greater awareness and confidence on our state of readiness, Ministry of Corporate Affairs (MCA), Government of India, has today i.e. on 23rd March, 2020 deployed the attached notification ‘CAR (Company Affirmation of Readiness towards COVID-19)′. In view of this, every Company is required to report compliance using the above-mentioned web Form from 23rd March, 2020 onwards at the earliest convenience.
After decades of negative headlines, Indian Railways (IR) are enjoying some positive news. Rail companies from foreign countries are keen to invest in IR projects and see opportunities in the sector for the next 10-20 years. India is poised to be one of the largest markets for companies operating in the railway industry. A number of government initiatives have come together to heighten the importance of IR industry as a whole and IR components sector in particular. These initiatives present new business opportunities for foreign and domestic manufacturers of rail components. In brief, the scenario can be described as follows: Objectives of IR – Increasing its revenue by investing in: (i) Dedicated Freight Corridors that can increase the freight traffic, and (ii) High-Speed Trains which could help improve passenger revenue. Demand has led to new investment: In recent years, big project announcements by IR have created significant demand and investment in the sector. The future roadmap of IR and some of the focussed areas are as below: Dedicated Freight Corridors Dedicated High-Speed Corridors Infrastructure 100% railway electrification to be completed by 2022 Increasing the maximum speed limit of tracks to 160 km/hr Delhi-Howrah and Delhi-Mumbai section. Work to start by December 2019. Approvals
India Governments Market Review (B2G Segment) At the end of the day, what matters is the customer. And if the governments in India are not on your list of potential customers, you may want to rethink your India sales strategy. Apart from industry and consumers as potential customers, seizing business opportunities with the government sector in India is crucial to achieving optimum returns on India investment plans of foreign multinational companies. The central government, 29 state governments, and seven union territories of India are among the largest buyers of goods and services in India. The estimated size of the government procurement market at the central government level alone in India is about $300 billion. Out of this, central ministries of Defense, Railways, and Telecommunication allocate approximately 50% of their respective budget on public procurement. Government initiatives like Make in India, Digital India, Skill India, Smart Cities, Urban Transformation, FDI reforms, Ease of Doing Business (EoDB) reforms along with sectoral thrust from respective ministries such as Railways, Power, Tourism, Transport, Aviation, Food Processing, Construction, Defense represent a huge market opportunity in India for several large and small companies over the next 15-20 years. When it comes to doing business with the
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