FCRA Latest Update
The
last date for filing returns for FY 2014-15 in the new Form FC 4 has
been extended to 15th
March 2016 instead of 31st
December 2015. This has been notified by MHA vide Notification dated
22nd December
2015.
Companies
registered under the Indian Companies Act, but, where more than 50%
of the nominal value of share capital was held,
either singly or in the aggregate, by either the government, citizens
etc. of a foreign country or territory, were considered as “foreign
source”. Vide Notification dated: 21st
December 2015 MHA has suggested: “notwithstanding the nominal value
of share capital value being more than one half at the time of making
the contribution, such company shall be deemed to be, and shall
always deemed to have been not a foreign
source”. Thus, it is likely that very soon
companies like HDFC Ltd., Axis Bank, etc., will no longer be deemed
as “foreign source”
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