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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Joint development agreement and what triggers income tax liability- Suraj Nangia

Joint Development Agreements (JDA) are prevalent in India as they are beneficial both for the owner and the developer. The owner gets a better built house and the developer gets his remuneration either in the form of a part of the building or money. Under a typical joint development agreement, land owner contributes his land and enters into an arrangement with the developer to develop and construct a real estate…

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India Top Court: Auxiliary Functions Don’t Decide Tax Residency- Suraj Nangia

India’s top court passed a highly significant judgment on the taxability of outsourcing arrangements between Indian affiliates and their global counterparts by validating that a subsidiary performing back­end operations in India doesn’t constitute a permanent establishment. Suraj Nangia, Partner shares his views on aformentioned story for Bloomberg-BNA.

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