Section 206AA makes it mandatory for deductees to provide their PAN number to the deductor, otherwise TDS will be deducted at 20% instead of the normal rate. This applies to payments made to both residents and non-residents of India. It will be effective from April 1, 2010. The document also provides the TDS rates for various types of payments like contracting from April 2009 to March 2010.
Budget Analysis by Blue Consulting (July 132009)Chandan Goyal
It plainly talks about Title of changes made, relevant Section or Rules, analysis of changes and effective date from which these changes shall be applicable in a tabular format.
The document summarizes regulatory changes and news in India related to mergers and acquisitions, private equity transactions, and the venture capital industry. Some key points covered include MCA increasing limits for disclosing employee particulars, setting up a central registry to prevent loan fraud, and plans to provide a single window for business registrations. SEBI enhanced investment limits for foreign investors and non-convertible debentures. The government also aims to reform laws to identify beneficial owners and tighten financial scrutiny of trusts.
Attached Newsletter is an attempt to cover monthly issues relevant in the context of transactions - covers SEBI, Companies Act, Income Tax, Stamp duty and other regulatory changes
Attached Newsletter is an attempt to cover monthly issues relevant in the context of transactions - covers SEBI, Companies Act, Income Tax, Stamp duty and other regulatory changes
Make in india – a formidable step in right directionNeha Sharma
Make in India campaign of Prime Minister Narendra Modi has evoked lots of attention all over the world. Prospective investors from China, Japan, USA etc are eagerly watching changes being made in the directions of investment liberalization . There is no doubt that with this PM has taken a major initiative to bring Indian and International Corporate Sector on one platform to aggressively boost industrial production and growth in India.
Budget Analysis by Blue Consulting (July 132009)Chandan Goyal
It plainly talks about Title of changes made, relevant Section or Rules, analysis of changes and effective date from which these changes shall be applicable in a tabular format.
The document summarizes regulatory changes and news in India related to mergers and acquisitions, private equity transactions, and the venture capital industry. Some key points covered include MCA increasing limits for disclosing employee particulars, setting up a central registry to prevent loan fraud, and plans to provide a single window for business registrations. SEBI enhanced investment limits for foreign investors and non-convertible debentures. The government also aims to reform laws to identify beneficial owners and tighten financial scrutiny of trusts.
Attached Newsletter is an attempt to cover monthly issues relevant in the context of transactions - covers SEBI, Companies Act, Income Tax, Stamp duty and other regulatory changes
Attached Newsletter is an attempt to cover monthly issues relevant in the context of transactions - covers SEBI, Companies Act, Income Tax, Stamp duty and other regulatory changes
Make in india – a formidable step in right directionNeha Sharma
Make in India campaign of Prime Minister Narendra Modi has evoked lots of attention all over the world. Prospective investors from China, Japan, USA etc are eagerly watching changes being made in the directions of investment liberalization . There is no doubt that with this PM has taken a major initiative to bring Indian and International Corporate Sector on one platform to aggressively boost industrial production and growth in India.
"Humility will teach you knowledge, arrogance will teach you ignorance. If you think you know it all, you have learned nothing" Hi good morning, attached today's newsletter 01.09.2020. great day ahead
Newsletter on daily professional updates- 22nd October, 2019CA PRADEEP GOYAL
This daily newsletter provides updates on changes in tax laws, economic policies, and other business regulations from authentic sources. The main stories include an advance tax ruling that volume discounts received by a company in the form of credit notes are not subject to GST, an income tax tribunal case upholding an addition under section 68 for an NBFC involved in money laundering, and an RBI decision to create a risk-based system for collecting deposit insurance premiums from banks in order to raise deposit insurance coverage limits for customers. The newsletter also provides various other legal updates from authorities such as the CBDT, CBIC, and MCA.
The document is a newsletter from Transaction Advisors providing updates on mergers and acquisitions, private equity deals, and regulatory changes in India. It includes summaries of recent private equity investments and M&A transactions in Indian companies. It also summarizes new policies, regulations and significant legal decisions related to areas such as foreign direct investment, taxation, and securities law in India. The newsletter is intended to keep clients and associates informed of important transactional and regulatory changes in India.
The document provides a summary of recent regulatory changes and updates from the Ministry of Corporate Affairs, Reserve Bank of India, and Securities and Exchange Board of India. Key points include:
1) MCA will receive names of over 500 companies that violated CIS rules from SEBI and take necessary actions to prevent involvement in new companies.
2) Developers of National Manufacturing Investment Zones can now avail of external commercial borrowings under the "approval route" for infrastructure development.
3) RBI has delegated powers to banks to approve reductions in ECB amounts, costs, and drawdown schedules subject to conditions.
Taxmann's Insolvency and Bankruptcy Code 2016Taxmann
This book incorporates the Insolvency & Bankruptcy Code, 2016, and Regulations issued thereunder. Along with the above, the readers also get a specially curated Guide to Insolvency & Bankruptcy Code (Second Amendment) Act 2020 along-with Comprehensive Guide to Insolvency & Bankruptcy Code 2016.
The Present Publication is the 13th Edition, incorporating all the amendments made up to the Insolvency and Bankruptcy Code (Second Amendment) Act, 2020, and is updated till 24th September 2020.
· The book is divided into four Divisions as under:
o The Insolvency and Bankruptcy Code, 2016
o Circulars issued under Insolvency and Bankruptcy Code, 2016
o Rules and Regulations
o RBI (Prudential Framework for Resolution of Stressed Assets)
Directions, 2019
· The coverage of the book is as follows:
o List of Rules and Regulations
o Amendments made by the Insolvency & Bankruptcy Code
(Amendment) Act, 2020 and by the Insolvency & Bankruptcy
Code (Second Amendment) Act, 2020 at a glance
o Amendments made by the Insolvency & Bankruptcy Code
(Amendment) Act, 2019 at a glance
o Guide to the Insolvency & Bankruptcy Code (Second
Amendment) Act, 2020
o Guide to the Insolvency & Bankruptcy Code (Amendment)
Act, 2020
o Comprehensive Guide to the Insolvency and Bankruptcy
Code, 2016
o Table showing enforcement of provisions of the Insolvency &
Bankruptcy Code, 2016 from different dates
Budget synopsis by Blue Consulting (March 19th 2012)Chandan Goyal
The document provides a synopsis of direct and indirect tax proposals from the Indian budget presented on March 16, 2012. Key direct tax proposals include no change in corporate tax rates, removal of cascading dividend distribution tax, and increased thresholds for tax audits and presumptive taxation. International tax proposals focus on advance pricing agreements, transfer pricing regulations, and clarifications overriding previous court judgments. Personal tax proposals include an increased basic exemption limit and widening of the 20% tax slab.
Newsletter on daily professional updates- 19/02/2020CA PRADEEP GOYAL
This daily newsletter aims to keep readers updated on daily developments in laws, regulations, and the economy in India. It provides summaries of key updates related to taxes (direct and indirect), announcements by regulatory bodies, insolvency laws, and the economy. The newsletter is published 5 days a week and includes sections on GST, income tax, announcements by accounting bodies, and case updates from tribunals and courts. It also provides brief news highlights and analysis. The overall goal is to concisely summarize important new information from reliable sources in order to help readers stay informed of changes in various areas of professional and business matters.
Newsletter on daily professional updates- 10/03/2020CA PRADEEP GOYAL
गुलाल का रंग, गुब्बारों की मार,
सूरज की किरणें, खुशियों की बहार,
चाँद की चांदनी, अपनों का प्यार,
मुबारक हो आपको रंगों का त्यौहार!!!
Here is your Daily dose of professional updates 10.03.2020
The document discusses section 79 of the Income Tax Act of India, which restricts the ability of companies to carry forward business losses if there is a change in shareholding of more than 49%. It recommends amending this provision for digital businesses and startups. Specifically, it suggests:
1) Allowing carry forward of losses even after changes in shareholding for bona fide commercial reasons like fundraising.
2) Extending the loss carry forward period beyond the current 8 years to account for long gestation periods of digital businesses.
3) Taking cues from policies in other countries that are more supportive of new businesses undergoing ownership changes.
The Small Business Jobs Act of 2010 provides $12 billion in tax incentives for businesses. It extends bonus depreciation and increases the Section 179 expensing limit and cap. It also provides a 100% exclusion for gains on certain small business stock and relieves penalties for failing to file certain returns. The Act's provisions impact businesses of all sizes, not just small businesses as the name implies. Many of the tax breaks are only temporary.
The Insolvency and Bankruptcy Code, 2016 (Code) came into operation w.e.f 28th May, 2016.
It seeks to consolidate the existing framework by by creating a single law for Insolvency and Bankruptcy.
Insolvency is when an individual, corporation, or other organization cannot meet its financial obligations for paying debts as they are due.
Insolvency can occur when certain things happen, some of which may include: poor cash management, increase in cash expenses, or decrease in cash flow.
Newsletter on daily professional updates- 19th September 2019CA PRADEEP GOYAL
This document provides a daily newsletter with updates on business, professional, legal and economic matters from September 19, 2019. It includes summaries of recent court judgements and advance rulings related to Goods and Service Tax and Income Tax. It also provides notifications, press releases, and other announcements from regulatory bodies such as CBIC, CBDT, ICAI, and MCA. Updates on new policies, startups, and the latest economic and financial developments are also presented. The newsletter aims to keep readers well-informed of daily changes and reforms.
Using BVI Companies for JV transactions in Indianagster
The document provides an overview of using British Virgin Islands (BVI) companies for joint venture transactions involving India. Some key advantages include tax neutrality, flexibility in corporate governance structures, simple share transfers and distributions. The BVI offers comprehensive corporate and insolvency laws as well as shareholder remedies to protect minority shareholders in joint ventures. BVI companies provide a versatile structure for international joint ventures.
Taxation of-cooperative-societies-ca krishan-dev_sindhuKrishan Dev
The document discusses various tax compliance requirements for cooperative housing societies under the Income Tax Act and GST laws in India. Some key points:
1) A cooperative housing society is treated as an Association of Persons (AOP) for tax purposes. It is required to file tax returns and may be liable for tax audit if gross receipts exceed Rs. 1 crore.
2) The society needs to comply with TDS provisions like depositing TDS, issuing Form 16A, and filing returns. Failure to comply can attract penalties.
3) Under GST, transactions between a society and its members are taxable. The society needs to register if aggregate turnover exceeds Rs. 20 lakhs
The presentation seeks to provide deep insight into the Pre-Packaged Insolvency Resolution Process introduced to the Insolvency and Bankruptcy Code, 2016 by way of enactment of Insolvency and Bankruptcy (Amendment) Ordinance, 2021 under Part II Chapter III-A of the Code.
This daily newsletter provides updates on indirect taxes, direct taxes, corporate law, insolvency and bankruptcy, MSMEs, and the Indian economy. It summarizes recent notifications, circulars, legal updates from various authorities, and news articles. Key highlights include CBIC guidelines on disposal of unclaimed goods, revised import procedures for pets, Rajasthan High Court issuing notice on GST input tax credit restrictions, and IBBI notifying amendments to insolvency regulations.
Budget 2013- Crisp analysis of Service Tax Provisions by Blue Consulting (5th...Chandan Goyal
BC is pleased to share a whitepaper on Budget 2013- Service Tax provisions, crisply analyzed, ready for your personal use.
The format has been designed keeping in mind your reading convenience.
Relevant Sections and the dates of applicability have been mentioned for each taxation provision.
"Humility will teach you knowledge, arrogance will teach you ignorance. If you think you know it all, you have learned nothing" Hi good morning, attached today's newsletter 01.09.2020. great day ahead
Newsletter on daily professional updates- 22nd October, 2019CA PRADEEP GOYAL
This daily newsletter provides updates on changes in tax laws, economic policies, and other business regulations from authentic sources. The main stories include an advance tax ruling that volume discounts received by a company in the form of credit notes are not subject to GST, an income tax tribunal case upholding an addition under section 68 for an NBFC involved in money laundering, and an RBI decision to create a risk-based system for collecting deposit insurance premiums from banks in order to raise deposit insurance coverage limits for customers. The newsletter also provides various other legal updates from authorities such as the CBDT, CBIC, and MCA.
The document is a newsletter from Transaction Advisors providing updates on mergers and acquisitions, private equity deals, and regulatory changes in India. It includes summaries of recent private equity investments and M&A transactions in Indian companies. It also summarizes new policies, regulations and significant legal decisions related to areas such as foreign direct investment, taxation, and securities law in India. The newsletter is intended to keep clients and associates informed of important transactional and regulatory changes in India.
The document provides a summary of recent regulatory changes and updates from the Ministry of Corporate Affairs, Reserve Bank of India, and Securities and Exchange Board of India. Key points include:
1) MCA will receive names of over 500 companies that violated CIS rules from SEBI and take necessary actions to prevent involvement in new companies.
2) Developers of National Manufacturing Investment Zones can now avail of external commercial borrowings under the "approval route" for infrastructure development.
3) RBI has delegated powers to banks to approve reductions in ECB amounts, costs, and drawdown schedules subject to conditions.
Taxmann's Insolvency and Bankruptcy Code 2016Taxmann
This book incorporates the Insolvency & Bankruptcy Code, 2016, and Regulations issued thereunder. Along with the above, the readers also get a specially curated Guide to Insolvency & Bankruptcy Code (Second Amendment) Act 2020 along-with Comprehensive Guide to Insolvency & Bankruptcy Code 2016.
The Present Publication is the 13th Edition, incorporating all the amendments made up to the Insolvency and Bankruptcy Code (Second Amendment) Act, 2020, and is updated till 24th September 2020.
· The book is divided into four Divisions as under:
o The Insolvency and Bankruptcy Code, 2016
o Circulars issued under Insolvency and Bankruptcy Code, 2016
o Rules and Regulations
o RBI (Prudential Framework for Resolution of Stressed Assets)
Directions, 2019
· The coverage of the book is as follows:
o List of Rules and Regulations
o Amendments made by the Insolvency & Bankruptcy Code
(Amendment) Act, 2020 and by the Insolvency & Bankruptcy
Code (Second Amendment) Act, 2020 at a glance
o Amendments made by the Insolvency & Bankruptcy Code
(Amendment) Act, 2019 at a glance
o Guide to the Insolvency & Bankruptcy Code (Second
Amendment) Act, 2020
o Guide to the Insolvency & Bankruptcy Code (Amendment)
Act, 2020
o Comprehensive Guide to the Insolvency and Bankruptcy
Code, 2016
o Table showing enforcement of provisions of the Insolvency &
Bankruptcy Code, 2016 from different dates
Budget synopsis by Blue Consulting (March 19th 2012)Chandan Goyal
The document provides a synopsis of direct and indirect tax proposals from the Indian budget presented on March 16, 2012. Key direct tax proposals include no change in corporate tax rates, removal of cascading dividend distribution tax, and increased thresholds for tax audits and presumptive taxation. International tax proposals focus on advance pricing agreements, transfer pricing regulations, and clarifications overriding previous court judgments. Personal tax proposals include an increased basic exemption limit and widening of the 20% tax slab.
Newsletter on daily professional updates- 19/02/2020CA PRADEEP GOYAL
This daily newsletter aims to keep readers updated on daily developments in laws, regulations, and the economy in India. It provides summaries of key updates related to taxes (direct and indirect), announcements by regulatory bodies, insolvency laws, and the economy. The newsletter is published 5 days a week and includes sections on GST, income tax, announcements by accounting bodies, and case updates from tribunals and courts. It also provides brief news highlights and analysis. The overall goal is to concisely summarize important new information from reliable sources in order to help readers stay informed of changes in various areas of professional and business matters.
Newsletter on daily professional updates- 10/03/2020CA PRADEEP GOYAL
गुलाल का रंग, गुब्बारों की मार,
सूरज की किरणें, खुशियों की बहार,
चाँद की चांदनी, अपनों का प्यार,
मुबारक हो आपको रंगों का त्यौहार!!!
Here is your Daily dose of professional updates 10.03.2020
The document discusses section 79 of the Income Tax Act of India, which restricts the ability of companies to carry forward business losses if there is a change in shareholding of more than 49%. It recommends amending this provision for digital businesses and startups. Specifically, it suggests:
1) Allowing carry forward of losses even after changes in shareholding for bona fide commercial reasons like fundraising.
2) Extending the loss carry forward period beyond the current 8 years to account for long gestation periods of digital businesses.
3) Taking cues from policies in other countries that are more supportive of new businesses undergoing ownership changes.
The Small Business Jobs Act of 2010 provides $12 billion in tax incentives for businesses. It extends bonus depreciation and increases the Section 179 expensing limit and cap. It also provides a 100% exclusion for gains on certain small business stock and relieves penalties for failing to file certain returns. The Act's provisions impact businesses of all sizes, not just small businesses as the name implies. Many of the tax breaks are only temporary.
The Insolvency and Bankruptcy Code, 2016 (Code) came into operation w.e.f 28th May, 2016.
It seeks to consolidate the existing framework by by creating a single law for Insolvency and Bankruptcy.
Insolvency is when an individual, corporation, or other organization cannot meet its financial obligations for paying debts as they are due.
Insolvency can occur when certain things happen, some of which may include: poor cash management, increase in cash expenses, or decrease in cash flow.
Newsletter on daily professional updates- 19th September 2019CA PRADEEP GOYAL
This document provides a daily newsletter with updates on business, professional, legal and economic matters from September 19, 2019. It includes summaries of recent court judgements and advance rulings related to Goods and Service Tax and Income Tax. It also provides notifications, press releases, and other announcements from regulatory bodies such as CBIC, CBDT, ICAI, and MCA. Updates on new policies, startups, and the latest economic and financial developments are also presented. The newsletter aims to keep readers well-informed of daily changes and reforms.
Using BVI Companies for JV transactions in Indianagster
The document provides an overview of using British Virgin Islands (BVI) companies for joint venture transactions involving India. Some key advantages include tax neutrality, flexibility in corporate governance structures, simple share transfers and distributions. The BVI offers comprehensive corporate and insolvency laws as well as shareholder remedies to protect minority shareholders in joint ventures. BVI companies provide a versatile structure for international joint ventures.
Taxation of-cooperative-societies-ca krishan-dev_sindhuKrishan Dev
The document discusses various tax compliance requirements for cooperative housing societies under the Income Tax Act and GST laws in India. Some key points:
1) A cooperative housing society is treated as an Association of Persons (AOP) for tax purposes. It is required to file tax returns and may be liable for tax audit if gross receipts exceed Rs. 1 crore.
2) The society needs to comply with TDS provisions like depositing TDS, issuing Form 16A, and filing returns. Failure to comply can attract penalties.
3) Under GST, transactions between a society and its members are taxable. The society needs to register if aggregate turnover exceeds Rs. 20 lakhs
The presentation seeks to provide deep insight into the Pre-Packaged Insolvency Resolution Process introduced to the Insolvency and Bankruptcy Code, 2016 by way of enactment of Insolvency and Bankruptcy (Amendment) Ordinance, 2021 under Part II Chapter III-A of the Code.
This daily newsletter provides updates on indirect taxes, direct taxes, corporate law, insolvency and bankruptcy, MSMEs, and the Indian economy. It summarizes recent notifications, circulars, legal updates from various authorities, and news articles. Key highlights include CBIC guidelines on disposal of unclaimed goods, revised import procedures for pets, Rajasthan High Court issuing notice on GST input tax credit restrictions, and IBBI notifying amendments to insolvency regulations.
Budget 2013- Crisp analysis of Service Tax Provisions by Blue Consulting (5th...Chandan Goyal
BC is pleased to share a whitepaper on Budget 2013- Service Tax provisions, crisply analyzed, ready for your personal use.
The format has been designed keeping in mind your reading convenience.
Relevant Sections and the dates of applicability have been mentioned for each taxation provision.
Budget 2012 Crisp analysis of Income tax provisions by Blue ConsultingChandan Goyal
A whitepaper on Income Tax Provisions in Union Budget 2012- with greater depth, so you could assess the impact of proposed taxation provisions with greater ease.
The format has been designed keeping in mind your reading convenience.
Relevant Sections and the dates of applicability have been mentioned for each taxation provision
Watch out this space for detailed analysis of Service Tax provisions.
Regards,
Chandan Goyal
Budget 2015 : A crisp analysis of Income Tax provisions by Blue Consulting Pv...Chandan Goyal
This document provides an analysis of key changes proposed to India's income tax provisions. Some key points include:
- Corporate tax rates remain unchanged at 30% for domestic companies and 40% for foreign companies, but a phased reduction to 25% is proposed for domestic companies over next 4 years.
- Wealth tax has been proposed to be abolished to simplify tax administration.
- Tax incentives like additional depreciation and investment allowance have been introduced for manufacturing sectors in Andhra Pradesh and Telangana.
- Rates of TDS on royalty and FTS payments to non-residents have been reduced from 25% to 10%.
- Limits for deductions under section 80C, 80D for health insurance
Newsletter on daily professional updates- 05/02/2020CA PRADEEP GOYAL
Sharing knowledge is the most fundamental act of friendship.
Because it is a way you can give something without loosing something.
Here is your Daily dose of professional updates 05.02.2020
Prosecution proceedings under the Income tax Act: What lies ahead for foreign...Sandeep Jhunjhunwala
The document discusses amendments made by the Finance Act of 2018 regarding prosecution proceedings for companies that fail to file income tax returns. Specifically, it was previously exempt if tax payable was under Rs. 3,000, but this exemption no longer applies to companies. This means companies could face prosecution even if tax payable is under Rs. 3,000. This may apply to foreign companies receiving income in India. While the intent was to target shell companies, the law does not clearly reflect this and prosecution could be initiated against any company not filing returns. There are concerns this may deter business and that prosecution should only apply to serious/habitual cases of tax avoidance.
Newsletter on daily professional updates- 26/04/2020CA PRADEEP GOYAL
“Knowledge comes from learning,
Wisdom comes from living.”
Due to lockdown, Ministries and regulatory authorities are working with restrictions hence no regular updates are coming hence this daily update is not coming regularly as earlier.
Here is your Daily dose of professional updates 26.04.2020
INDIAN ECONOMY THE SHOW MUST GO ON GROWTH PADDLENeha Sharma
The monsoon session of parliament was over without transacting any meaningful business.In this process, the government could not get the constitutional amendment passed by Rajya Sabha (Lok Sabha has already passed the bill) to bring Goods and Service Tax (GST) to replace Excise, VAT and few other indirect taxes. Even the Land Acquisition Bill to facilitate Industrial Development and other public purposes was deffered on the recommendation of the joint parliamentary comittees.
This document lists recent assignments for a consultancy firm including advisory services on valuing and restructuring distressed assets, determining India entry strategies, tax compliance, transfer pricing studies, branch office closures, minimizing tax liability, presenting restructuring options to boards, financial modeling, HR compliance, and forensic audits. The document notes that client lists are confidential and available only by email request.
PAMS Professional Group Monthly NewsLetter -April 2020PAMS
Greeting From PAMS Professional Group
Dear Reader,
As you will be goinf through our monthly, update,the April'20 News letter, We take this opportunity to wish you all luck and a safe battle againts COVI-19, the Global pandemic that has affected routine life both in personal and businesss spheres. We take a review of its impact on our well being and present before your review and to revert on them.
Union Budget 2009 Accretive Special CommuniqueVishnu Bagri
The document provides an overview and summary of key proposals from the Indian Union Budget for 2009. Some key points:
- No changes were made to corporate or personal income tax rates. MAT was increased to 15% from 10% for companies.
- Exemption limits for personal income tax and wealth tax were increased. Fringe benefits tax was abolished.
- GST is planned for implementation in April 2010 to integrate goods and services taxes.
- Key proposals focused on improving tax system efficiency and equity while continuing fiscal support for certain sectors.
This document provides a comprehensive analysis of important international tax proposals and foreign direct investment reforms introduced in the Indian Budget for 2016. It summarizes key changes such as the introduction of an equalization levy on digital advertising payments to foreign companies without a permanent establishment in India. It also discusses proposed reforms for sectors like insurance, asset reconstruction companies, and food product marketing that aim to liberalize foreign investment restrictions.
Finance Minister Nirmala Sitharaman addressed a press meet on 24 March ,2020 at the National Media Centre in New Delhi.
Finance Minister, considering the current situation in the nation on coronavirus outbreak, briefed the media via Video conferencing. The conference was held specifically to make some announcements on Statutory and compliance matters as the financial year comes to an end. FM announced relief measures in areas of Income tax, GST, Customs & Central Excise, Corporate Affairs, Insolvency & Bankruptcy Code (IBC), fisheries, Banking sector and Commerce.
The document discusses new procedural requirements for foreign remittances in India, including that as of July 1, 2009 a remitter must fill out an online Form 15CA before making any foreign remittance, and provides background on the documentation changes and an overview of the revised procedure which involves obtaining a certificate from a chartered accountant in Form 15CB and submitting Form 15CA online before the bank will process the remittance.
Accretive SDU communique - Tax Contours of India Budget 2016-17Badrinath N R
The document summarizes key aspects of the India Budget 2016-17. It discusses the government's socio-economic objectives for taxation, including balancing the fiscal deficit while enabling growth. It outlines several new taxes and levies introduced, such as the Equalization Levy on online advertising. Tax reliefs and incentives are proposed for sectors like affordable housing, startups, and manufacturing. Rationalization measures include clarifying the place of effective management rule for foreign firms and relaxing rules for investment allowance.
Accretive SDU communique - Tax Contours of India Budget 2016-17Vishnu Bagri
The document summarizes key aspects of the India Budget 2016-17. It discusses the government's socio-economic objectives for taxation, including balancing the fiscal deficit while enabling growth. It outlines several new taxes and levies introduced, such as the Equalization Levy on online advertising and additional tax on high-value dividends. It also provides an overview of tax incentives for sectors like housing, startups, and manufacturing to promote various initiatives.
5 Major Impacts of GST on E-Commerce IndustryChandan Goyal
In this 10 minutes video, you will get to know about 5 Major Impacts of GST on E-Commerce Industry so that you can plan proactively. One such major impact if mandatory registration requirement of sellers who are selling their goods or services through the e-commerce platform, irrespective of their turnover.
Watch out to know the remaining 4 impacts of GST on e-commerce industry.
5 major changes related to International Taxation in Union Budget'2017Chandan Goyal
In this 13 minutes video, I'll explain 5 major changes related to International Taxation in Union Budget'2017, which you must know.
One of the most important changes is the introduction of "Secondary Adjustment" in transfer pricing which is based on international best practices. The Secondary Adjustment would be deemed as advance to an associated enterprise if primary adjustment amount is not received within prescribed time limit and deemed interest would be applicable, taxable as Income.
Finance Bill' 2017 : A Crisp Analysis of Income Tax ProvisionsChandan Goyal
Corporate tax for domestic companies having turnover up to INR 50 crore has been reduced from 30% to 25%. Period for claiming deduction for start-up increased.Provision of “Secondary Adjustment” introduced in Transfer Pricing. Interest deduction restricted to 30% of EBIDTA. Limit of cash expenses reduced to half. Limit of receipt in cash restricted with penal provisions. Rationalization of provisions of Section 10AA.
Impact of amendments in Provident Fund regulationsChandan Goyal
The document discusses key recent amendments made to India's Provident Fund regulations that have significantly increased the wage ceiling and impacted employers and employees. Specifically:
1. The wage ceiling eligible for PF contributions has increased over 125% from Rs. 6,500 to Rs. 15,000 per month. This has increased employers' monthly PF contributions by around 125% for employees earning over Rs. 15,000 and reduced take-home pay for employees by around Rs. 2,000.
2. The PF department has started inspecting companies to ensure they are not splitting wages to avoid PF liability. The document analyzes the legal definition of "basic wages" and exceptions.
3. It provides solutions for employers
This document provides an overview of the Goods and Services Tax (GST) that is expected to be implemented in India from April 1, 2016. It discusses the background and need for GST, the proposed dual GST model of CGST and SGST, which existing taxes will be subsumed under GST, how interstate transactions will be taxed, key issues still to be addressed, and the important role information technology will play in the success of GST implementation. It also provides guidance to companies on preparing for the transition to the new indirect tax system.
Budget 2014 - Crisp analysis of service tax provisions by Blue Consulting Pvt...Chandan Goyal
The document summarizes key proposed changes to India's service tax proposals from the July 2014 budget. Some notable changes include certain advertising services becoming taxable, radio taxi services being taxed, and some exemptions for clinical research organizations and educational institutions being removed while others for RBI and bio-medical waste operators are introduced. The penalties and procedures around adjudication and appeals are also changing, with time limits for completion and no fees for stay applications.
Budget 2013 - Crisp analysis of Income Tax Provisions by Blue Consulting (5th...Chandan Goyal
BC is pleased to share a whitepaper on Budget 2013- Income Tax and Service Tax provisions, crisply analyzed, ready for your personal use.
The format has been designed keeping in mind your reading convenience.
Relevant Sections and the dates of applicability have been mentioned for each taxation provision.
XBRL Hot Buttons for CS & CFO's (17th Nov'11)Chandan Goyal
This document discusses an upcoming webinar on XBRL for corporate secretaries and CFOs presented by CA Chandan Goyal. XBRL (eXtensible Business Reporting Language) is a standard for electronic communication of business and financial data that has been mandated by India's Ministry of Corporate Affairs for certain companies. The webinar will cover hot button issues for corporate secretaries and CFOs regarding XBRL compliance requirements, taxonomy rules, the filing process, and service provider selection.
Xbrl conversion services blue consultingChandan Goyal
The document provides a detailed presentation on XBRL conversion services. It discusses the background of XBRL, the need for XBRL in business reporting, the MCA mandate requiring Indian companies to file financial reports in XBRL format, and the typical process involved in XBRL conversion including tagging requirements, review process, and factors considered in determining fees.
This document provides an overview of XBRL (eXtensible Business Reporting Language) and defines commonly used XBRL terms. XBRL is an XML-based language that allows for the electronic communication of business and financial data. It was created in 1998 and has been adopted by many countries and organizations to reduce costs and improve the preparation, analysis, and communication of business information. The document also provides recommendations for further reading on XBRL and an example XBRL process flow.
This is a web based platform which offers following benefits to a CA firm :
- Networking with CA firms across India
- Sharing of professional work & resources
- Business from potential clients
- Posting jobs to hire Articles and CA’s
Analysis Of Section 206 AA & TDS Chart by Blue Consulting (16th July09)
1. INDIA BUDGET,2009
Section 206AA and TDS Chart
July 16, 2009
Blue Consulting Pvt. Ltd.
Doing common things, Uncommonly well.
July 13’ 2009 Blue Consulting Pvt. Ltd.
A Finance & Accounts outsourcing company
A Finance & Accounts Outsourcing Company
2. Context
Blue Consulting Pvt. Ltd.
(A Finance & Accounts Outsourcing Company)
2 www.blueconsulting.co.in
In last few days, we have received many queries and inquiries
related to:
Section 206AA and
TDS rates [Date of applicability of not deducting Surcharge (SC),
Education Cess (EC) and Secondary & Higher Education Cess (SHEC) on
TDS payments to any resident in India]
In the next few pages, we have tried to address those queries
along with possible implications/hardship which may be caused
on enactment of the above provisions
3. Section 206AA
Blue Consulting Pvt. Ltd.
(A Finance & Accounts Outsourcing Company)
3 www.blueconsulting.co.in
Intent behind this section
Improving compliance with the provisions of quoting PAN through the TDS regime.
Earlier the onus of collecting PAN of deductee was on the deductor and this system was not
working. Now the onus has been shifted to deductee.
Key provisions of Section 206AA
It is mandatory for the deductee (the person who is entitled to receive any sum or income or
amount on which TDS is deductible) to furnish its Permanent Account Number (PAN) to the
deductor.
If deductee fails to provide its PAN, the deductor shall deduct the TDS at the higher of following
rates:
at the rate specified in the Income Tax Act OR
at the rates in force i.e. the rate mentioned in the Finance Act OR
at the rate of 20%
No certificate under Section 197 (certificate for lower or nil tax deduction) shall be granted by the
tax authorities unless the applications contains the PAN of the applicant.
This Section also make it mandatory to quote the PAN of deductee in all the correspondence,
bills and vouchers exchanged between deductor and deductee.
4. …contd. (Section 206AA)
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Coverage
Not a single category of TDS transactions has been spared from the provisions of this Section .
It shall also apply to all payments made to non-residents which requires deduction of tax.
Generally, the payments which attract TDS are:
Royalty
Fee for technical services (FTS)
Interest
It is an overriding section and supersedes the provisions of the Income Tax Act, 1961
Implications
All the resident deductees (the person who is entitled to receive any sum or income or amount on
which TDS is deductible) who do not have PAN or whose income is below the taxable limit, have
to apply and obtain PAN if they want deduction of TDS at normal rates which are always lower
than 20%.
Non –residents have to apply for PAN to avail lower rate of withholding tax (TDS) if their
agreements or contracts with residents in India specifies that withholding tax is to be borne by
the non-residents.
5. …contd. (Section 206AA)
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The overall cost of services/products for the resident assessee shall go up in all the cases where
agreements or contracts with non-residents specifies that any withholding tax is to be borne by
the resident assessee. They would be required to gross up the withholding tax @ 20% at the time
of releasing the payment if PAN of non-resident is not available.
Effective date of applicability
This provision has been proposed to be effective from 1st April’ 2010 (Financial Year 2010-11).
BC’s view
As per our view, the applicability of this section on payments made to non-residents is likely to be
withdrawn before the effective date i.e. 1st April’2010 for the reason mentioned in the next two
bullet points.
The main intent of legislature behind this section is to track all the transactions related to
TDS/withholding tax. This objective, in case of non-residents payments, is already being achieved
through the introduction of Rule 37BB (through Notification no. 30/2009 dated 25th March’2009)
and a Circular No. 04/2009 dated 29th June’2009.
This circular specifies the manner in which an undertaking in Form 15CA need to be uploaded by
the deductor on the website (www.tin-nsdl.com) before making any payment to non-residents u/s
195 of the Income Tax Act,1961. It is effective from 1st July’2009.
6. TDS chart
Blue Consulting Pvt. Ltd.
(A Finance & Accounts Outsourcing Company)
6 www.blueconsulting.co.in
Nature of Payments 01.04.2009 Date of enactment of 1.10.2009
to Finance Bill,2009 to
Date of enactment of to 31.3.2010
Finance Bill,2009 30.09.2009
Section 194 C
i. Individual contractor 2.266 % 2% 1%
ii Other than individual contractor 2.266 % 2% 2%
iii Individual sub – contractor 1.133 % 1% 1%
iv Other than individual sub – contractor 1.133 % 1% 2%
v Individual contractor /sub-contractor for advertising 1.133 % 1% 1%
vi Other than individual contractor /sub-contractor for advertising 1.133 % 1% 2%
vii Contractor in transport business 2.266 % 2% Nil 1
viii Sub-contractor in transport business 1.133 % 1% Nil 1
Notes related to Section 194 C:
1. The Nil rate will be applicable if the transporter quotes its PAN otherwise the rate will 1% for an individual contractor and 2% for other than individual
transporter.
2. The term ‘Individual’ wherever appearing above may please be read as ‘ Individual /HUF’
7. …..contd.(TDS Chart)
Blue Consulting Pvt. Ltd.
(A Finance & Accounts Outsourcing Company)
7 www.blueconsulting.co.in
Nature of Payments 01.04.2009 Date of enactment of 1.10.2009
to Finance Bill,2009 to
Date of enactment of to 31.3.2010
Finance Bill,2009 30.09.2009
Section 194 I
i. Rent of plant, machinery or equipment 11.33 % 10 % 2%
ii Rent of land, building or furniture to an Individual and HUF 16.99 % 15 % 10 %
iii Rent of land, building or furniture to a person other than an Individual 22.66% 20 % 10 %
and HUF
Section 194 J
i Payment for professional or technical services 11.33 % 10 % 10 %
General notes:
1. The rate of TDS will be 20% in all cases if PAN is not quoted by the deductee as per Section 206AA w.e.f. 01.04.2010 (Financial Year 2010-11).
2. Only few important TDS sections has been discussed here as there is no change in otherTDS rates related to payments being made to a resident deductee.
3. For ease of calculation, comparison and presentation, we have included surcharge (SC), education cess (EC) and secondary & higher education cess
(SHEC) in the TDS rates mentioned under the column titled as ‘01.04.09 to Date of enactment of Finance Bill, 2009’.
4. EC & SHEC will continue to be applied in case of TDS on Salary, however no surcharge shall be applicable.
5. However, while making payments to non- residents, surcharge and cess need to be applied as below:
• Payment to a Company outside India : SC @ 2.5% + EC + SHEC (no change in any provisions related to this category)
• Payment to a person other than Company outside India : EC + SHEC (no surcharge to be applied here)
8. About us Blue Consulting provides value added and high
quality Finance & Accounts Outsourcing Services
Blue Consulting Pvt. Ltd.
through its contemporary onsite service delivery
(A Finance & Accounts Outsourcing Company)
8 model. Our goal is to be a trusted partner in your
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business by bringing value and serving as an
integral part of your set up.
For any professional advise required in relation to budget
provisions, please contact us : Blue Consulting, or BC, has its roots in a well
established, four decade old chartered accountants
firm. Utilizing forty years of industry experience and
Chandan Goyal functional expertise, BC looks innovatively beyond
Director- Business Development standard solutions to develop new insights, drive
tangible results, and empower clients to achieve
chandan.goyal@blueconsulting.co.in
greater results.
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Disclaimer
This publication is intended as a service to clients and to provide clients with the details of the important budget proposals on direct and indirect taxes. It has been prepared for
general guidance on matters of interest only, and does not constitute professional advice. No person should act upon the information contained in this publication without
obtaining specific professional advice. Due care has been taken while compiling the information however no representation or warranty (express or implied) is given as to the
accuracy or completeness of the information contained in this publication