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A company, like an individual taxpayer, is also required to disclose its overseas financial interests, subsidiaries, and bank accounts in the annual I-T returns.
There is need for further reforms in the direct and indirect tax regimes, revenue secretary Tarun Bajaj said.
About half a dozen global apparel and lifestyle brands expanded anywhere between 30% and 70% to garner combined annual revenues of nearly $2 billion in FY22, reversing the performance from a year ago when Covid-induced curbs on mobility and business operations caused sales to shrink.
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