LLP – RBI:
RBI has made changes in the Regulation for Overseas Direct Investments and notified Limited Liability Partnership (LLP), registered under the Limited Liability Partnership Act as an “Indian Party” under clause (k) of Regulation 2 of the Notification ibid. Accordingly, an LLP, may henceforth undertake financial commitment to / on behalf of a JV / WOS abroad in terms of the extant FEMA provisions under Regulation 6 (and regulation 7, if applicable) of the Notification ibid. The AD banks shall report the financial commitment/s undertaken by an LLP in Form ODI Part I and II and also other reporting (APR, disinvestments, etc.) as per the extant reporting requirements.
INCOME TAX :
CBDT has revised PAN Application Form 49A and 49AA w.e.f from 16.05.2014 vide its Notification. Revised Form 49A and 49AA provides option to get printed Mothers Name on PAN card. So those applying for New PAN card or for revised PAN card have the option to get printed on their PAN card printed the name of his / her mother. But applicant can select only one option, he /she cannot have the name of both mother and father printed on PAN card. In case Applicant do not exercise his/her option than by default Father’s name will get printed on PAN card.
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