IMPROVING TAX COMPLIANCE OF THE ULRA- RICH – Suraj Nangia

India’s tax regime goes easy on Indian’s moving out of India and becoming NRI, whereas US taxes its citizen on global basis even after they have physically moved out of US. In view of the high number of HNIs moving their base outside India, a Working Group has been formed with the approval of CBDT to look into the tax risks of migrating HNIs. Suraj Nangia, Partner contributed an article on  IMPROVING…

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Impact of US BEAT on the Indian IT sector

The Indian Information technology (IT) and business process management (BPM) industry as we all knew till date was highly dependent on U.S. corporations offshoring the work to be conducted from India. This was primarily owing to the fact that India offers a 25-30 per cent cost savings to the U.S. Corporations offshoring the work to them. The cost saving offered by Indian IT-BPM industry is not only attributable to the…

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The Indian tax landscape: changing for the better

The Indian economy and its tax system is undergoing a period of massive change. What’s happening and what does it mean for businesses? India is moving at a rapid pace on the path of economic growth and the Indian tax landscape has witnessed many and varied changes in the recent past. The Indian government has been steadily working toward widening the tax base, addressing the menace of the parallel economy,…

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India Makes First Tax Evasion Arrests Under GST Regime

India’s tax authority has arrested two men on charges of tax evasion under the Goods and Services Tax system, the first arrests under the fledgling regime. The Income Tax Department made two March 1 arrests in Mumbai on the grounds the companies evaded a total of $1.1 million in taxes by claiming input credits against fake purchase of goods, according to an announcement. The government hasn’t named the individuals. The…

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Indian tax landscape changing for better

India is moving at a rapid pace on the path of economic growth and Indian tax landscape has witnessed multifarious changes in the recent past. Indian Government has been steadily working toward widening the tax base, addressing the menace of the parallel economy, improving the ease of doing business and strengthening the anti-abuse provisions. Past year was marked by some major reforms for multinationals viz. “One nation One Tax” –…

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Suraj Nangia, Partner features in Virtual Round Table Series Tax Working Group 2018 conducted by IR Global – UK

This Virtual Series provides an update on CRS implementation from a range of jurisdictions in which IR Global tax experts are currently operating. This discussion involves IR Global members from India, Spain, Luxembourg, New Zealand and Lebanon. The discussion touches on whether CRS has caused any conflict or tension during implementation, given issues such as the LuxLeaks Scandal and Lebanon’s entrenched banking secrecy and also whether CRS has affected advice…

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Tax On Startups : Not in the Spirit of Law

When the Hon’ble Prime Minister announced the Startup India campaign in 2015, one would have not realised that the seeds of the tax disputes on equity infusion in startups were sown back in the Finance Act of 2012. Bundled under the measures to prevent generation and circulation of unaccounted money, a Special Anti-Avoidance Rule (SAAR) in section 56(2)(viib) was born. Section 56(2)(viib) applies in the cases of closely held companies…

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Budget 2018 Modi govt. to give more income tax relief- Suraj Nangia

In what is widely expected to be a populist Budget, the government is likely to offer taxpayers some relief by levying personal income tax (PIT) only for those earning incomes above Rs 3 lakh per annum. Suraj Nangia, Partner  shares his views on the queries raised by Financial Express readers. Attached is link to the article – http://www.financialexpress.com/money/income-tax-returns-itr-filing-if-your-tax-dues-are-over-rs-10000-here-is-what-you-should-do/1015184/  

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Gift received from specified relatives is not liable to tax – Suraj Nangia

Companies facing insolvency proceedings, their lenders and investors hoping to bid for assets of such companies have a reason to cheer. The tax department has announced that companies admitted for corporate insolvency will be exempted from Minimum Alternate Tax (MAT). Suraj Nangia, Partner  shares his views on the queries raised by Financial Express readers. http://www.financialexpress.com/money/gift-received-from-specified-relatives-is-not-liable-to-tax/1007165/  

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Why you need to submit your travel bills to claim LTA-Everything explained here – Suraj Nangia

The employer will allow the deduction/ exemption only if proofs are furnished by the employee. In order to reduce the tax burden, the amount of capital gains may be reinvested in specific assets or schemes within the prescribed time limit. Suraj Nangia, Partner  shares his views on the queries raised by Financial Express readers.  http://www.financialexpress.com/money/why-you-need-to-submit-your-travel-bills-to-claim-lta-everything-explained-here/990978/

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