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Advisory: Cross-Border Liquor Trade Compliances

Advisory: Cross-Border Liquor Trade Compliances Proposed Route: Netherlands to Kenya | Model: Merchanting Trade Transaction (MTT) Purchasing liquor from a supplier in the Netherlands and shipping it directly to a buyer in Kenya without the goods entering the Indian customs territory is legally classified under Indian law as a Merchanting Trade Transaction (MTT) [cite: 19]. Operating this from an Indian entity triggers a specific set of foreign exchange, GST, and international trade regulations[cite: 19]. 1. FEMA and Banking Compliances The Reserve Bank of India (RBI) regulates these transactions through the updated FEMA 23(R)/2026-RB Regulations , effective October 1, 2026[cite: 19]. The "One Bank" Rule The entire transaction (paying the Netherlands supplier and receiving funds from the Kenyan buyer) must be routed through the exact same Authorized Dealer (AD) bank branch[cite: 19]. ...

TAX COMPLIANCE ADVISORY-ADVNACE TAX

TAX COMPLIANCE ADVISORY Payment of Advance Income Tax under the Income-Tax Act, 2025 Statutory Framework: Income-Tax Act, 2025 (Replacing Income-Tax Act, 1961) Applicable Period: Tax Year 2026–27 onwards Target Audience: All Individual Taxpayers, Salaried Persons with Non-Salary Income, Professionals, Business Owners & Corporate Assessees 1. Statutory Applicability & Exemption Under Section 404 read with Section 403 of the Income-Tax Act, 2025 , advance tax is payable during any financial year in respect of the estimated current income of the assessee where the net tax payable for the Tax Year is ₹10,000 or more (after adjusting TDS, TCS, eligible tax reliefs, and foreign tax credits). EXEMPTION FOR SENIOR CITIZENS (Section 403(3)): An individual resident in India who is 60 years of age or older at any time during the tax year and does NOT have any income c...

Statutory Registers & Records

Statutory Registers & Records Companies Act, 2013 Applicable to Private Limited Companies Important Compliance Note: Every company is required to maintain statutory registers and records prescribed under the Companies Act, 2013. Failure to maintain these records may attract heavy penalties, prosecution and disqualification consequences. A. Members & Shareholders Registers # Register Section Contents Penalty 1 Register of Members (MGT-1) Sec. 88 Member details, shares held, allotment, calls, lien and nomination. Company ₹50,000–₹3,00,000; Officer ₹50,000–₹1,00,000 2 Index of Members Sec. 88(3) Mandatory if members exceed 50. Same as Sec. 88 3 Register of Debenture Holders (MGT-2) Sec. 88 Details of debenture holders and subscriptions. Company ₹50,000–₹3,00,000 4 Foreign Register of Members Sec. 88(4) Maintained outside India where applicable. Same as Sec. 88 5 Register of Significant Beneficial Owners (SBO) Sec. 90 ...

STATUTORY COMPLIANCE CALENDAR

STATUTORY COMPLIANCE CALENDAR Important Note: Due dates are based on applicable statutory provisions and are subject to amendments, notifications, circulars, and extensions issued by CBDT, GST Council, MCA, EPFO, ESIC, and other authorities. Verify due dates before filing. 1. Income Tax Act, 1961 S.No. Compliance Frequency Due Date Remarks 1 TDS Deposit (Salary & Non-Salary) Monthly 7th of following month (March: 30 April) Sec. 192–194 2 TDS Return Form 24Q (Salary) Quarterly Q1-31 Jul, Q2-31 Oct, Q3-31 Jan, Q4-31 May Salary TDS Return 3 TDS Return Form 26Q (Non-Salary) Quarterly Q1-31 Jul, Q2-31 Oct, Q3-31 Jan, Q4-31 May Non-Salary TDS Return 4 Advance Tax - 1st Instalment Annual 15 June 15% of Tax Liability 5 Advance Tax - 2nd Instalment Annual 15 September 45% Cumulative 6 Advance Tax - 3rd Instalment Annual 15 December 75% Cumulative 7 Advance Tax - 4th Instalment Annual 15 March 100% Tax Liability 8 Tax Audit Report (Form 3CA/3CD) Annual 30 Septe...