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”