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angel-tax

Government to startup’s rescue – angel taxation

Concept of angel tax in India is gaining immense importance with each passing day. To keep abreast with the dynamism of market, government of India is persistently making amends in already existing provisions from time-to-time. For detailed information on tax relief provided to angel investors, visit Angel tax relief to startups.

Adding to the list of amendments, government has introduced certain changes at a roundtable organized on February 2019 under the chairmanship of Department for Promotion of Industry and Internal Trade (DPIIT). At this roundtable, Minister of Commerce and Industry, India along with few officials took up raging issues … Read more

highlights of Amendment

Highlights of Companies (Amendment) Ordinance, 2019

The ever-changing environment demands frequent adjustments to be made in the laws of land for efficient and effective management of both business as well as non-business activities. Government has just introduced the Companies (Amendment) Ordinance, 2019 thereby, bringing relevant alterations in Companies Act, 2013 (”Act”). This action has provided an affirmative action that any violation in complying with the set standards will lead to stringent repercussions for both the company and its management.

With the objective of promoting ease of doing business and improving corporate compliances, President has disseminated the Companies (Amendment) Ordinance, 2019 which came into effect in November … Read more

Overseas Direct Investment (ODI)

Overseas Direct Investment (ODI)

Foreign direct investments are investments made in Indian organizations for improved returns by foreigner nationals. Any Indian person or organization can invest funds in foreign countries via direct means. These are however, subject to Indian Taxation laws.

These ODI opportunities are great avenues for Indian entities to diversify and grow their companies in foreign countries. They can take the form of joint ventures (JV), wholly owned subsidiaries (WOS), share acquisitions, etc. Portfolio investments however, do not fall under the ODI umbrella.

Rules regarding ODI
The complete set of guidelines for ODI is provided by Reserve Bank of India (RBI) and … Read more

GST Amendment

Amendments in Goods and Services Tax (GST)

Since its advent, GST has been a subject of discussion in almost all social or political meetings. With the purpose of levying a single tax in entire nation, GST was introduced. In this fast pacing and dynamic world alterations in the already established rules of GST were equally important for uniform tax compliance throughout the country.

For complimenting GST era, GST Amendment Act, 2018 was introduced by Government of India in August, 2018. Amendments instituted via this Amendment Act were notified to be effective on and after February, 2019. In addition to this, on the recommendations of GST Council in … Read more

Latest updates on transfer pricing

Latest updates on transfer pricing

Transfer pricing concept has gained immense importance over the past few years. Rules and methods used for pricing of transactions among endeavors under common control are generally the basis forming transfer pricing. Transfer pricing has gained importance in diverse business enterprises because of requirement of reporting of financial information by segment and related party transactions as focused in the International Accounting Standard (IAS 14 & IAS 24) and Accounting Standard (AS 17 & AS 18).

Concept of transfer pricing
Transfer pricing on the whole cite to prices of transactions between associated enterprises which may be carried out under conditions different … Read more

Taxation of expat employees

Taxation of expat employees

Any person or persons residing temporarily or permanently in a country that is different from their home country or country of citizenship is referred to as an expat. Taxation of such expat employees involves a slightly different computation than the tax computed for a regular employee of an Indian organization.

Foreign expat in India
For any foreign expatriate working in India, the salary is deemed as earned in India if they are paid for services rendered in India. This is based on Section 9(1) (ii) of the Indian Income Tax Act. This rule is applicable irrespective of the resident status … Read more

Highlights of interim budget 2019

Highlights of interim budget 2019

  • Individual taxpayers with annual income up to INR 5 lakhs to get full tax rebate.
  • Individuals with gross income up to INR 6.5 lakhs will not need to pay any tax if they make investments in provident funds and prescribed equities.
  • Benefit of rollover of capital tax gains to be increased from investment in one residential house to that in two residential houses, for a taxpayer having capital gains up to 2 crores; can be exercised once in a lifetime.
  • Benefits under section 80(i)BA being extended for one more year for all housing projects approved till the end of 2019-20.
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