In this issue:
- Ind-AS: Preparing for India’s New Accounting Standards
- Complying with India’s Tax Filing Requirements
- Remitting Profits from India: Procedures & Regulations for Foreign Businesses
The beginning of the new financial year is often a busy time for companies in India. After closing books for the 2014-15 financial year, businesses need to prepare for a number of related compliances that follow. While these operational concerns are certainly not unique to India, India’s business climate continues to evolve rapidly – the government is introducing a number of new compliances to compliment the old.
In this issue of India Briefing Magazine, we spotlight three issues that financial management teams for India should monitor.
In the first article, we examine the new Indian Accounting Standards (Ind AS) system, which is expected to be a boon for foreign companies in India. We then highlight common filing dates for most companies with operations in India, specifically filings related to income tax, the Reserve Bank of India (RBI), and the Ministry of Corporate Affairs (MCA). Lastly, we examine procedures and regulations for remitting profits from India – a procedure that is often an afterthought for foreign businesses but which should be planned during the pre-investment phase.
As business interests in India grow, we invite our readers to stay in contact with Dezan Shira and Associates in India. Our team has assisted a diverse array of clients meet their accounting and bookkeeping obligations in India – we are always happy to help businesses plan ahead.