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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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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