MCA eases norms for One Person Companies, lets NRIs in
By IANS |
Published on
Wed, Feb 3 2021 22:06 IST |
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New Delhi, Feb 3 : The Ministry for Corporate Affairs (MCA) has amended the rules to allow One Person Companies (OPC) to grow without any restrictions on paid up capital and turnover.
An official statement said that the amendment would allow their conversion into any other type of company at any time, reduce the residency limit for an Indian citizen to set up an OPC from 182 days to 120 days and also allow Non-Resident Indians (NRIs) to incorporate OPCs in India.
According to the government, the move will directly benefit startups and innovators in the country, especially those who are supplying products and services on e-commerce platforms, and will bring in more unincorporated businesses into the organised corporate sector.
NRIs hail budget reform-driven friendly budget issacjohn@khaleejtimes.com Filed on February 2, 2021
Finance Minister Nirmala Sitharaman holds a folder case containing the Union Budget 2021-22 with Anurag Thakur, Minister of State for Finance. PTI
Indian Finance Minister Nirmala Sitharaman as NRI-friendly with a proposal to avoid double taxation while opening the One Person Company sector.
Non-resident Indians in the UAE have greeted the 2021-22 budget as a recovery-focused and reform-driven initiative featuring some key game-changing measures for overseas Diaspora.
They have been near-unanimous in declaring the budget presented on Monday by Indian Finance Minister Nirmala Sitharaman as NRI-friendly with a proposal to avoid double taxation while opening the One Person Company (OPC) sector for NRIs.
Hon’ble Speaker,
I present the Budget for the year 2021-2022.
1. Honourable Speaker, the preparation of this Budget was undertaken in circumstances like never before. We knew of calamities that have affected a country or a region within a country, but what we have endured with COVID-19 through 2020 is sui generis.
2. When I presented the Budget 2020-21, we could not have imagined that the global economy, already in throes of a slowdown, would be pushed into an unprecedented contraction.
3. We could not have also imagined then that our people as those in other countries would have to endure the loss of near and dear ones and suffer hardships brought about due to a health crisis.
Highlights
Finance Minister proposed reforms for small companies and MSMEs to strengthen Startup ecosystem.
The Finance Minister proposed to take up decriminalisation of the Limited Liability Partnership (LLP) Act, 2008
The Government will launch data analytics, artificial intelligence, machine learning-driven MCA21 Version 3.0.
New Delhi: Union Minister for Finance & Corporate Affairs Nirmala Sitharaman presented the Union Budget FY 2021-22 in the lower house of the parliament on Monday (February 1). Finance Minister proposed reforms for small companies and MSMEs to strengthen Startup ecosystem while presenting Union Budget 2021-22 in Parliament.
Decriminalisation of the Limited Liability Partnership (LLP) Act, 2008
The Finance Minister proposed to take up decriminalisation of the Limited Liability Partnership (LLP) Act, 2008 on similar lines of the decriminalising of the procedural and technical compoundable offences under the Companies Act, 2013, which is now complete.
No change in personal tax; Non-Resident Indians get tax exemptions
India
Updated: Monday, February 1, 2021, 16:51 [IST]
New Delhi, Feb 01: In significant changes to the taxation process, Sitharaman announced the scrapping of income tax for senior citizens under certain conditions, new rules for removal of double taxation for NRIs, and a reduction in the time period of tax assessments among other measures.
Union Budget 2021: Direct taxes unchanged but healthcare and infrastructure get a push|Oneindia News
Finance Minister Nirmala Sitharaman as part of the Budget 2021-22 speech, announced that the NRIs will be spared from double taxation, and new rules will be notified for the purpose. She also announced that Tax audit limit has been increased from Rs 5 crore to Rs 10 crore.