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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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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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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NRIs do not need to link pension account in India with Aadhaar

As per gazette notification of Ministry of Finance, resident individuals are required to provide Aadhaar number for linking all their bank accounts before March 31, 2018. Suraj Nangia, Partner  shares his views on the queries raised by Financial Express readers. Attached are links to the article http://www.financialexpress.com/money/nris-do-not-need-to-link-pension-account-in-india-with-aadhaar/999352/

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TAXATION ON BITCOINS

Bitcoins and all other crypto currencies have taken the front page of newspapers in the recent past. Bitcoins or cryptocurrencies are new buzzwords both for investors and tax authorities. While investors are fascinated by an exponential increase in its valuation over the past few years and find it as an alternative investment vehicle for multiplying their investments, profits from investments made in Bitcoins have attracted the attention of tax authorities…

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