Intimation to Registrar of Companies

Any foreign company can establish its place of business in India by filling Form FC-1 (Documents delivered for registration by a foreign company). The eForm has to be digitally signed by authorized representative of the foreign company.

There is no need to apply and obtain DIN for Directors of a foreign company but the DSC of the authorized representative is mandatory, which again is not required to be registered on MCA Application

1) Foreign companies which, establish a place of business within India are required to deliver the e-form FC-1 along with the following documents as attachments, to the Registrar of Companies within thirty days of the establishment of the place of business, for registration—

— Charter, statutes or memorandum and articles of association or other instrument constituting or defining the constitution of the company is to be attached. If the same is not in English language then it should be translated copy in English language.

— Details of individuals’ directors are to be attached. Details should contain name, surname, former name-if any, residential address, occupation and other directorship, if any.

— Approval letter from Reserve Bank of India for the setting up of business in India is to be attached,

— Power of attorney or board resolution in favour of the authoritsed representatives is to be attached.

— Director’s details—in case of body corporate, details containing name and complete address of body corporate.

— Secretary details—if any.

(The form will be digitally signed by the authorized representative of the foreign company)

(2) The details of directors, Secretary and body corporate should contain the following particulars, that is to say:

(a) with respect to each director—

(i) In the case of an individual,

Ø  his present name and surname in full,

Ø  any former name or names and surname or surnames in full,

Ø  his usual residential address, his nationality, and if that nationality is not the nationality of origin,

Ø   his nationality of origin, and

Ø  his business occupation, if any, or if he has no business occupation but holds any other directorship or directorships, particulars of that directorship or of some one of those directorships;

(ii) In the case of a body corporate,

Ø  its corporate name and

Ø  registered or principal office; and the full name, address,

Ø  nationality and nationality of origin, if different from that nationality of each of its directors;

(b) With respect to the secretary, or where there are joint secretaries with respect to each of them—

(i) in the case of an individual, his present name and surname, any former name or names and surname or surnames, and his usual residential address; and

(ii) In the case of a body corporate, its corporate name and registered or principal office:

(Provided that, where all the partners in a firm are joint secretaries of the company, the name and principal office of the firm may be stated instead of the particulars mentioned in clause (b) of this sub-section.)

INFORMATION REUIRED FOR FILING FC-1

S. NO.	PARTICULARS	DETAILS (to be filled by clients)
1	Name of the foreign company
2	I SO code of the country where the foreign company is registered
3	Full address of registered or principal office of foreign company
4	Telephone number with ISD Code
5	email Id of the foreign company
6	Date of establishment of principal place of business in India
7	Type of Office
8	Address of the principal place of business in India (INCLUDING Telephone number & email id)
9	Main division of business activity to be carried out in India
10	Details of other places of business in India (if any)
11	Particulars of place(s) of business in India established on any earlier occasion(s) other than above (if any)
12	Details of the one or more person(s) resident in India and authorized to accept on behalf of the foreign company service of process and any notices or other documents required to be served on the foreign company
13	Details of the permission obtained from any Authority (along with copy of approval letter)
14	Whether the parent company is in operation at the time of making this application	Yes              or            No
15	Whether there is any winding up proceedings is pending against the parent company	Yes              or            No
16	Details of subsidiary, holding or associate companies in India of the foreign company or of any subsidiary or holding company of such foreign company or of any firm in India in which such foreign company or its holding or subsidiary company is a partner
17	Details of the persons, firms or companies in India which shall be deemed to be the `related party', within the meaning of clause 76 of section 2 of the Act, of the foreign company or of any subsidiary or holding company of such foreign company or of any firm in which such foreign company or its subsidiary or holding company is a partner
18	Whether the company is falling under section 379* of the Companies Act, 2013	Yes   No

Notes

• Section 379. Where not less than fifty per cent. of the paid-up share capital, whether equity or preference or partly equity and partly preference, of a foreign company is held by one or more citizens of India or by one or more companies or bodies corporate incorporated in India, or by one or more citizens of India and one or more companies or bodies corporate incorporated in India, whether singly or in the aggregate, such company shall comply with the provisions of this Chapter and such other provisions of this Act as may be prescribed with regard to the business carried on by it in India as if it were a company incorporated in India.

Attachments

• Certified copy of the charter, statutes, or memorandum and articles of the company or other instrument constituting or defining the constitution of the company; (duly certified by the directors of the company)

• L ist of directors and secretary of the foreign company; authorized representative(s);

• Power of attorney or board resolution in favor of the

• Reserve bank of India approval letter

• Optional attachment(s), (if any)

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DIRECT TAX: PROFESSIONAL UPDATES FOR THE 4th WEEK OF AUGUST 2014, BY RAJPUT JAIN & ASSOCIATES TEAM

• E-file Wealth Tax Returns with digital signature for those assesses who are liable to get accounts audited under section 44AB from assessment year 2014-2015. In other cases Individuals/HUF can file also file returns manually for the assessment year 2014-2015, if no Tax Audit [IT Notification No. 32/2014 dated 23-06-2014].
• Revised TDS returns to be accepted without original provisional receipts w.e.f. 01.06.2014 [Circular No: NSDL/TIN/2014/024]. 
•  The provisions of section 269SS of the Income Tax Act does not gets attracted where the amount is transferred to a loan account in the form of book entry [CIT vs. Worldwide Township Projects Ltd., High Court of Delhi] 
• CBDT Press Release dated 04th July, 2014: One mobile number or email ID can now be used for 10 Income Tax Accounts. 
•  Company and an assessee being individual or HUF is liable to audit u/s 44 AB are required to furnish FORM BB (Return of Net Wealth) electronically under digital signature for assessment year 2014-15 and onwards [Notification No. 32/2014 dated 23/06/2014] 
•  ITAT : Penalty on 'wrong' but 'bonafide' claim not maintainable; Sec. 271(1)(c) penalty quashed Suzuki Motorcycle India Ltd. [TS-375-ITAT-2014(DEL)] 
•  ITAT: Grants Sec 244A interest on self-assessment tax paid pre return filing P.N. Writer & Co. Pvt. Ltd. 
•  ITAT: Genuine business loss set-off allowed against 'Sec 69 addition' despite no ROI claim (Jignesh V. Sheta)
• Income tax - Whether provisions of Sec 153C allow the AO to invoke it casually and need not record any satisfaction - NO: Bombay HC (Mumbai, June 24) 
•  Important announcement for Tax payers for updating contact details in e-Filing Portal. 
• One mobile number or email ID can be used for a maximum of 4 user accounts as the Primary Contact- Mobile Number and Email ID in e-Filing. 
• ITAT: Immovable property for Sec 194LA TDS includes 'structure', not merely 'land' (Greater Hyderabad Municipal Corporation) 
•  ITD relaxes requirement of 1 mobile number and e-mail ID for maximum 10 assesses in PAN login instead of 4. Give CA mobile and e-mail in secondary contact. 
•  Disallowance u/s. 40(a) (ia) of the Income Tax Act applies only to amounts payable as of 31st March [Supreme Court In CIT vs. Vector Shipping Services(P) Ltd]. 
•  Today (07-07-2014) is last day for deposit TDS/TCS. Do not deduct TDS on ST portion of bill. 
•  HC: Charitable society's Sec 10(23C) exemption rejection can't result in 'Sec 12A registration' cancellation (Sisters Of Our Lady Of Providence Education Society)  
• SC : Dismisses Revenue SLP; "Bonafide" mistake due to law change can't attract Sec. 271(1)(c) penalty ChittorgarhKendriyaSahakari Bank Limited [TS-409-SC-2014] 
• In case of a company, please state that whether the company is deemed to be carrying on a speculation business as referred in explanation to section 73, if yes, please furnish the details of speculation loss if any incurred during the previous year.

• Deduction u/s 10A / 10AA available to Software/ IT enabled business on transfer of upto 20% of technical staff to a new SEZ in first year [Circular 12 of 18-07-2014].
• Today (31-07-2014) is last date for filing ITR/WTR by salaried and other non-audit cases. E-filing mandatory for income above 5 lacs. Paper WTR for non-audit cases
• The existing Form No. 3CA, Form No. 3CB and Form No. 3CD have been substituted vide notification no. 33/2014 dated 25.07.2014 with immediate effect.
• The Globalca Team has requested to the CBDT for extension of due date i.e. 31.07.2014, for filing the Income Tax Return by salaried & other non-audit assessees, as the ITD portal is very slow & people are unable to e-file   their ITRs. 

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DIRECT TAX: PROFESSIONAL UPDATES FOR THE 3rd WEEK OF AUGUST 2014, BY RAJPUT JAIN & ASSOCIATES TEAM

• ITR -3 Form is to be used by an individual or an HUF who is a partner in a firm and where income chargeable to income-tax under the head “Profits or gains of business or profession” does not include any income except the income by way of any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from such firm.
• ITR 4 Return Form for Assessment Year 2014-2015 is to be used by an individual or a Hindu Undivided Family who is carrying out a proprietary business or profession.
• Bar in S. 269SS/ 269T does not apply to loans/ advances accepted/ repaid via journal entries. Limitation period for S. 271D penalty is as per S. 275(1)(c) & not 275(1)(a)  CIT vs. Worldwide Township Projects Ltd (Delhi High Court) 
•  Query: Whether it is mandatory to file return electronically?

Answer: E-filing of return is mandatory for:

(a) Every resident and ordinarily resident individual and HUF, if he/it has any of following:

  (i) Signing authority in any account located abroad;

  (ii) Any asset located abroad; or

  (iii) Financial interest in any entity located abroad.

          (b) A political party [if its income exceeds the limit, without claiming exemptions under Section 13A, which is not chargeable to tax]

(c) Every person claiming tax relief under Section 90, 90A or section 91;

(d) A firm or an individual or HUF who are required to get their accounts audited under section 44AB;

(e) Every company;

(f) Every AOP or BOI;

(g) A person [other than a company and a person required to furnish return in form ITR 7] whose total income exceeds Rs. 5 lakh rupees during the previous year 2013-14.

• ITAT: No TDS on member interest payments by co-operative society ‘carrying banking business’   Bagalkot District Central Co-operative Bank
• ITAT: Landlord services to tenant 'optional', payment not rental but business income Green Valley Agro Mills Ltd.
• ITAT: Royalty payment under restrictive covenants of technical collaboration agreement, ‘revenue’ in nature (J. L. Morison (India) Ltd.)
• ITAT : Absent Sec 47(xiiib) conditions fulfillment, capital gains in LLP conversion year taxable u/s 45 (Aravali Polymers LLP)
• Section 50/112: Though gains on depreciable assets held for more than 3 years have to be treated as STCG u/s 50, the gains have to be taxed at the rate applicable to a LTCG. Smita Conductors Ltd vs. DCIT (ITAT Mumbai)
• HC: Quashes Revenue's 'arbitrary', non-judicious order u/s 201(1); Assessee entitled to appeal remedy  REMCO (BHEL) House Building Co-Operative Society Limited [TS-377-HC-2014(KAR)]
• Circumstances leading to formation of PE and estimation of profit attributable thereto under Rule 10 explained. Even foreign assessees are liable for interest u/s 234B Nortel Networks India International Inc vs. DDIT (ITAT Delhi)
• Disallowance u/s. 40(a) (ia) of the Income Tax Act applies only to amounts payable as of 31st March [Supreme Court In CIT vs. Vector Shipping Services (P) Ltd]. 
•  SC: Dismisses Revenue SLP; Loss on partly convertible debenture transfers ‘non- speculative', held HC (New Ambadi Estates Pvt Ltd.)

• Assessing officer cannot object submission of additional evidence if same is accepted by CIT (Appeal) under Income Tax Act.
• Employee can take benefit of 80G for Donation through Employer to PM National Relief Fund, CM/LG Relief Fund, as per employer certificate [Circular 2 of 12-01-05]. 
• Taxsutra Alert - HC : ITAT holding share income as capital gains, not mere 'another possible view' Harit Exports Ltd. [TS- 443-HC-2014(BOM)]

• Mandatory to mention PAN of donee in schedule 80G in ITR. PAN of Prime Minister National Relief Fund is AACTP4637Q, South Block, PM Office, and New Delhi-110001.

Know more about information: international tax consultant and CA In Delhi  

Hope the information will assist you in your Professional endeavors. For query or help, contact:   info@carajput.com or call at 011-43520194