GJM & Co.

New KYC Norms for Directors by ROC Sometime ago, Registrar of Companies (ROC) across India struck off inactive rather non-compliant Companies and disqualified Directors associated with those Companies. Directors associated with these struck off Companies filled several petitions before various high courts on the ground that opportunity of being heard was not provided. ROC issued notices to Companies concerned but not informed directors associated with them because ROC doesn’t have any database of individual directors. So, as a part of creating database of directors consisting mobile number, email Id and residential address of Directors, Ministry of Corporate Affairs (MCA) issued a new form which is required to be filled every year by every DIN holder. Form DIR-3 KYC is the annual form required to be filled with the ROC by every Director Identification Number (DIN) holders regardless he is appointed as a director or not, whether he is qualified or disqualified. Every ...

TDS on Sale of Property by NRI in India The process, Tax Deduction at Source (TDS) Rate and compliance are complicated when one purchases property from a Non Resident Indian (NRI) as compared to purchase of property from a Resident Indian.   In this article we will focus on TDS Deduction on purchase of property from NRI.   The crux is that TDS is required to be deducted on Capital Gains and not on the Sale Price, when purchasing a property from an NRI. TDS % on Purchase of Property from NRI TDS under Section 195 is required to be deducted on the Capital Gains as per the below mentioned schedule, upon purchasing a property from NRI –:- Long Term Capital Gains (LTCG) – Property held for more than 2 years – 20% Short Term Capital Gains (STCG) – Property held for less than 2 years –Slab Rates of Seller Surcharge and Cess would also be levied on the above respective amounts. This TDS is required to be deducted whenever any payment is made to the NRI f...