Zinnov Management Consulting provides an insightful comparison between Special Economic Zones (SEZ) and Software Technology Parks (STP) in the current Indian Landscape
Zinnov Management Consulting provides an insightful comparison between Special Economic Zones (SEZ) and Software Technology Parks (STP) in the current Indian Landscape
Taxation of Cryptocurrencies – Virtual Digital Assets in India-VPDalmia.pptxVijay Dalmia
“Everything which is not forbidden is allowed" is a legal maxim. https://en.wikipedia.org/wiki/Everything_which_is_not_forbidden_is_allowed
A senior English judge, Sir John Laws, stated the principles as: “
For the individual citizen, everything which is not forbidden is allowed;
but
For public bodies, and notably the government, everything which is not allowed is forbidden.
There is no law in India that deals with the legitimacy and legality of cryptocurrencies/NFTs in India.
Mere inclusion or bringing cryptocurrencies/NFTs within the tax net by amending the Indian Income Tax Act does not provide or deal with the legitimacy and legality of cryptocurrencies/NFTs in India.
Taxability of illegal money earned has nothing to do with the legitimacy of the means of earning.
Since cryptocurrencies/NFTs have not been declared illegal, the same will fall into the category of legal.
Virtual Digital Assets have been defined for the first time in the year 2022 in India under Section 2(47A) of the Income Tax Act, 1961
“Virtual Digital Asset” means—
Any
information or
code or
number or
token
(not being Indian currency or foreign currency),
the expressions “currency”, “foreign currency” and “Indian currency” shall have the same meanings as respectively assigned to them in clauses (h), (m) and (q) of section 2 of the Foreign Exchange Management Act, 1999 (42 of 1999).]
generated through
cryptographic means or
otherwise,
by whatever name called,
providing
a digital representation of value exchanged
with or
without consideration,
with the
promise or
representation of
having inherent value, or
functions
as a store of value or
a unit of account
including its use in any financial transaction or investment, but not limited to investment scheme; and
can be
transferred,
stored or
traded
Electronically.
“Virtual Digital Assets” include
a non-fungible token (NFT) or
any other token of similar nature,
by whatever name called;
“non-fungible token” means such digital asset as the Central Government may, by notification in the Official Gazette, specify.
any other digital asset,
as the Central Government may, by notification in the Official Gazette specify.
Provided that the Central Government may, by notification in the Official Gazette, exclude any digital asset from the definition of the virtual digital asset subject to such conditions as may be specified therein.
Virtual Digital Assets & Cryptocurrencies as Property
Section 56(2)(X) includes ‘Virtual Digital Asset’ within the definition of ‘Property’.
Where the total income of an assessee
includes any income from the transfer of any virtual digital asset,
the income-tax* payable shall be the aggregate of-
the amount of income-tax calculated on the income from transfer of such virtual digital asset at the rate of Thirty per cent (30%);
AND
the amount of income tax with which the assessee would have been chargeable, had the total income of the assessee been reduced by the
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. Unlike erstwhile indirect tax regime, GST promises seamless credit on goods and services across the entire supply chain with some exceptions. In this webinar, we shall understand and analyse the provisions related to Input Tax Credit under the GST law
Objectives & Agenda :
To understand the concept of ICDS and the rationale for introducing ICDS, its applicability and its commencement year. To analyse each and every ICDS and draw up a comparative analysis of ICDS and Accounting Standards (AS). Finally, to know the relevant disclosure of ICDS in tax audit report.
salaries, income from salaries, taxable salaries, employer, employee, advnace salary, arrears of salary, bonus, tds, tax deducted at source,
profit in lieu of salary, dearness allowance, allownaces, provident fund, perquisites, medical treatment, entertainment allowance,
professional tax, tax on employment,
Objectives & Agenda :
To analyse and interpret the provisions of the Income-tax Act relating to computation and chargeability of Capital Gains. In this Webinar we shall look at various exemptions available under Capital Gains by way of exempting capital gains in specific cases or for specific persons and exemptions based on specified investments. We will also look at provisions of capital gains in case of non-residents. Finally, the Webinar will touch upon relevant Judicial Precedents.
In this PPT, we discuss about the new Section 194Q proposed to be applicable from 01st July 2021 whereby TDS is to be deducted on Purchases made.
This presentation is aimed to explain the concept in lay man terms to the businessmen, without the use of flowcharts or figures, so that they can understand and internalise the concept in a common sense way.
We discuss how other TDS/ TCS provisions are affected, and what will apply when there is a clash between different sections.
We also discuss the new Section 206AB for higher rate of deduction of TDS in case the payee is non-filer of return.
Queries, Suggestions and topic ideas are welcome in the comments !
We are promoting our RFO or READY FOR OCCUPANCY projects to avail our EARLY OCCUPANCY PROGRAM by paying Spot 5% Downpayment and submitting the necessary requirements and once approved you can move-in to the unit with out paying the total amount or having a Bank Financing.
Reservation is only P 25,000.00 pesos which is incluede in the 5% Spot Downpayment.
For more details and Reservation of units please call:
RICKY FABRO
Mobile/Viber # +639062917788
rickycondo@gmail.com
Taxation of Cryptocurrencies – Virtual Digital Assets in India-VPDalmia.pptxVijay Dalmia
“Everything which is not forbidden is allowed" is a legal maxim. https://en.wikipedia.org/wiki/Everything_which_is_not_forbidden_is_allowed
A senior English judge, Sir John Laws, stated the principles as: “
For the individual citizen, everything which is not forbidden is allowed;
but
For public bodies, and notably the government, everything which is not allowed is forbidden.
There is no law in India that deals with the legitimacy and legality of cryptocurrencies/NFTs in India.
Mere inclusion or bringing cryptocurrencies/NFTs within the tax net by amending the Indian Income Tax Act does not provide or deal with the legitimacy and legality of cryptocurrencies/NFTs in India.
Taxability of illegal money earned has nothing to do with the legitimacy of the means of earning.
Since cryptocurrencies/NFTs have not been declared illegal, the same will fall into the category of legal.
Virtual Digital Assets have been defined for the first time in the year 2022 in India under Section 2(47A) of the Income Tax Act, 1961
“Virtual Digital Asset” means—
Any
information or
code or
number or
token
(not being Indian currency or foreign currency),
the expressions “currency”, “foreign currency” and “Indian currency” shall have the same meanings as respectively assigned to them in clauses (h), (m) and (q) of section 2 of the Foreign Exchange Management Act, 1999 (42 of 1999).]
generated through
cryptographic means or
otherwise,
by whatever name called,
providing
a digital representation of value exchanged
with or
without consideration,
with the
promise or
representation of
having inherent value, or
functions
as a store of value or
a unit of account
including its use in any financial transaction or investment, but not limited to investment scheme; and
can be
transferred,
stored or
traded
Electronically.
“Virtual Digital Assets” include
a non-fungible token (NFT) or
any other token of similar nature,
by whatever name called;
“non-fungible token” means such digital asset as the Central Government may, by notification in the Official Gazette, specify.
any other digital asset,
as the Central Government may, by notification in the Official Gazette specify.
Provided that the Central Government may, by notification in the Official Gazette, exclude any digital asset from the definition of the virtual digital asset subject to such conditions as may be specified therein.
Virtual Digital Assets & Cryptocurrencies as Property
Section 56(2)(X) includes ‘Virtual Digital Asset’ within the definition of ‘Property’.
Where the total income of an assessee
includes any income from the transfer of any virtual digital asset,
the income-tax* payable shall be the aggregate of-
the amount of income-tax calculated on the income from transfer of such virtual digital asset at the rate of Thirty per cent (30%);
AND
the amount of income tax with which the assessee would have been chargeable, had the total income of the assessee been reduced by the
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. Unlike erstwhile indirect tax regime, GST promises seamless credit on goods and services across the entire supply chain with some exceptions. In this webinar, we shall understand and analyse the provisions related to Input Tax Credit under the GST law
Objectives & Agenda :
To understand the concept of ICDS and the rationale for introducing ICDS, its applicability and its commencement year. To analyse each and every ICDS and draw up a comparative analysis of ICDS and Accounting Standards (AS). Finally, to know the relevant disclosure of ICDS in tax audit report.
salaries, income from salaries, taxable salaries, employer, employee, advnace salary, arrears of salary, bonus, tds, tax deducted at source,
profit in lieu of salary, dearness allowance, allownaces, provident fund, perquisites, medical treatment, entertainment allowance,
professional tax, tax on employment,
Objectives & Agenda :
To analyse and interpret the provisions of the Income-tax Act relating to computation and chargeability of Capital Gains. In this Webinar we shall look at various exemptions available under Capital Gains by way of exempting capital gains in specific cases or for specific persons and exemptions based on specified investments. We will also look at provisions of capital gains in case of non-residents. Finally, the Webinar will touch upon relevant Judicial Precedents.
In this PPT, we discuss about the new Section 194Q proposed to be applicable from 01st July 2021 whereby TDS is to be deducted on Purchases made.
This presentation is aimed to explain the concept in lay man terms to the businessmen, without the use of flowcharts or figures, so that they can understand and internalise the concept in a common sense way.
We discuss how other TDS/ TCS provisions are affected, and what will apply when there is a clash between different sections.
We also discuss the new Section 206AB for higher rate of deduction of TDS in case the payee is non-filer of return.
Queries, Suggestions and topic ideas are welcome in the comments !
We are promoting our RFO or READY FOR OCCUPANCY projects to avail our EARLY OCCUPANCY PROGRAM by paying Spot 5% Downpayment and submitting the necessary requirements and once approved you can move-in to the unit with out paying the total amount or having a Bank Financing.
Reservation is only P 25,000.00 pesos which is incluede in the 5% Spot Downpayment.
For more details and Reservation of units please call:
RICKY FABRO
Mobile/Viber # +639062917788
rickycondo@gmail.com
Part 12-GST- Input Tax Credit & AMP, Job Work & RatingsHina juyal
If you have any Query you can contact Us
Mail id:- ca.sanjiv.nanda@gmail.com
Youtube Channel :- https://www.youtube.com/channel/UCmmx2GFXeoF-DNtNjwnpYJA
Website :- http://www.sanjivnanda.com/
Facebook link :- https://www.facebook.com/ca.sanjivnanda919/
Twitter :- https://twitter.com/
Latest Updates on Thailand's Laws and Regulations on Business AcquisitionsLawPlus Ltd.
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Taurus Zodiac Sign_ Personality Traits and Sign Dates.pptxmy Pandit
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It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
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Remote sensing and monitoring are changing the mining industry for the better. These are providing innovative solutions to long-standing challenges. Those related to exploration, extraction, and overall environmental management by mining technology companies Odisha. These technologies make use of satellite imaging, aerial photography and sensors to collect data that might be inaccessible or from hazardous locations. With the use of this technology, mining operations are becoming increasingly efficient. Let us gain more insight into the key aspects associated with remote sensing and monitoring when it comes to mining.
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4. Procedures for Setting up a Unit in SEZ
Approach SEZ
developer
Discussion /Briefing session
Details of
the form to
be
examined
by the
developer
Furnishing the application form
to allot Space in SEZ Unit
Obtaining the Willingness Letter
from developer to allocate space
www.bcshettyco.com
4
5. After obtaining willingness letter from SEZ developer/ Codeveloper for allocating space
Time - Working days
Online registration with SEZ Development Commissioner
Submission of Proposal* to the Development Commissioner
with Five Copies of Form F along with required documents
7- 15 days based
on availability of
information
Development Commissioner to scrutinize the proposal and
call for a meeting
Proposal Approved or rejected by Approval Committee
www.bcshettyco.com
15 – 45 days of
receiving
proposal
5
6. If proposal Approved
Letter of Approval (LOA) issued by Development
Commissioner** in Form G
15 days of meeting
Total ~ 60 days
Send acceptance letter along with Bond cum Legal
Undertaking to development commissioner
7 days of obtaining
LOA
Lease Agreement between the developer & Entrepreneur
(Form H) has to registered with sub registrar
6 months time allowed
Furnish copy of Registered Lease to the DC
** Development commissioner sits in Kochi
www.bcshettyco.com
6
7. Evaluation
For shifting or opening a new unit in SEZ,
things to be considered:
The Company has to make a thorough analysis of cost involved in setting up of new
unit and forecasted revenues.
If new unit setup involved procurement of Capital Goods in high number then SEZ or
STPI option is preferable since cost will be low as no duty payable thereon.
If the intention is to save income tax on high margin contracts, the only option
preferred is SEZ.
If the company intends to reduce statutory procedures, then a regular unit (NonSEZ/Non –STPI) is preferable however no tax concessions shall be available.
www.bcshettyco.com
7
8. Capital gains tax incidence on disposal of STP unit
Slump Sale
Normal Sale
In Case of transfer agreement
Whole of unit is sold/ transferred. Individual
value not known
In Case of transfer agreement
Individual value of assets to be considered
Valuation of Assets:
In case of depreciable assetsWDV of the assets
Others book value of the assets
Valuation of Assets:
Revalued amount of assets
No Indexation benefit will be available
Indexation benefit will be available only on land
LTCG if unit was held for more than 36
months irrespective of individual assets
LTCG or STCG is computed for individual assets
Note :
• For Sec 50 C computation is applicable to Land & Building
• 54EC and 54F exemption is available on LTCG
www.bcshettyco.com
8
9. Comparison between schemes: Benefits
Benefits
Normal scheme
STPI
SEZ
Eligible entity
Any
Having export and
local sales (allowed
50% of exports
Mainly into exports
Income Tax
exemption
No
No
Yes (15 years tax holiday,
But MAT @ 18.5%
applicable
Service Tax input
exemption
No. If export business then
can obtain refund. But will
take 3 years. So cash is stuck
Yes. However refund
of tax will take 3
years, so cash is stuck
Exempted. So cash is
freely available
Central sales tax
exempted: inputs
No
No, reimbursement
available
Yes
Customs duty
exempted: inputs
No
Yes
Yes
www.bcshettyco.com
9
10. Comparison between schemes: Benefits
Benefits
Normal scheme
STPI
SEZ
FDI investment
Restriction applicable
100% FDI allowed
100% FDI allowed
Single window
clearance from all
govt departments
No
Yes
Yes
Free External
commercial
borrowings
No
No
Yes upto $500 mn
www.bcshettyco.com
10
11. Comparison between schemes: Obligations
Obligations
Normal scheme
STPI
SEZ
Achieve positive Net Foreign exchange
earning
Not applicable
Yes
Yes
Separate books of accounts to be
maintained
Not required
Yes
Yes
Periodical reports submission
Not required
Yes. To
STPI
Yes. To SEZ
department
Execute bonds as guarantee against
duty benefits
Not required
Yes
Yes
www.bcshettyco.com
11
12. Major Indirect Benefits of Business Structuring for SEZ
External commercial borrowing to USD 500 million in a year without any maturity
restriction through recognized banking channels
100% FDI/NRI investment allowed under automatic route
100% retention of export proceeds in Foreign Currency account
www.bcshettyco.com
12
13. Amount in INR
Exhibit 1:
Particulars
Normal
scheme
Under STPI
Scheme
a) Sales
100 Lakhs
100 Lakhs
100 Lakhs
b) Profit @ 20 % of sales
20 Lakhs
20 Lakhs
20 Lakhs
b) Income Tax rate
32.445%
32.445%
20%
c) Income Tax Payable
6.5 Lakhs
6.5 Lakhs
4 Lakhs
e) Input services (assuming
30% of sales)
30 Lakhs
30 Lakhs
30 Lakhs
f) Input Service Tax @
12.36% of e
3. 71
Lakhs
3. 71 Lakhs
NIL as Service
Tax is exempt
2.00 Lakhs
NIL
g) Interest on delayed refund
of ST @ 18% of
as there is 3 years delay in
obtaining refund
Total savings per annum
Under SEZ
scheme
Savings from
SEZ vis-a-vis
normal
scheme
2.5 Lakhs
Savings from
SEZ vis-avis
STPI
2.5 Lakhs
3.71 Lakhs
2.00 Lakhs
6.21 Lakhs
www.bcshettyco.com
4.50 Lakhs
13
14. Amount in INR
Exhibit 1: contd.
Particulars
2013-14
2014-15
a) Savings in Tax assuming
20% increase in sales every
year
4.50 Lakhs 5.40 Lakhs
b) Fixed Asset investment
(11.50
Lakhs)
2017-18
7.77 Lakhs
9.33 Lakhs
11.19 Lakhs
7.77 Lakhs
9.33 Lakhs
11.19 Lakhs
4 Lakhs
d)Net Cash flow from
operations (a-b+c)
2016-17
20 Lakhs
c) Shifting of old asset
allowed upto 20%
2015-16
5.40 Lakhs
e) Net cash flow at end of 5
years
28.68 lakhs
f) Difference in Rent from STPI
to SEZ
www.bcshettyco.com
14
15. Cost
We provide end to end compliance services for SEZ units. Cost of SEZ
registration is:
Particulars
Fees (In INR)
SEZ Registration with Cochin SEZ and
obtaining Letter of Approval
2,00,000
Terms & Conditions
•Unless a shorter period is established in the invoice, Client will promptly pay not later than 30 days
from the relevant invoice date failing which interest will become due at a rate of 1.5% per month
from the Due Date up to date payment is actually received.
•As fees quoted to the Client are based on the information provided by the Client and are
applicable to the time of submitting the fee quotation, the Firm reserves the right to increase its
charges if the Client’s instructions are found to be not in accordance with the initial details supplied
or used for the purpose of obtaining a fee quotation. Clients will be notified of any increase in fees.
•Additional fees shall be charged for (i) operations that are not included in the Contract and / or (ii)
rush orders, cancellation or rescheduling of services or any partial or full repeats which will be
payable at the Firm’s prevailing charging rates.
•Unless otherwise stated all fees quoted are exclusive of travelling and subsistence costs (which will
be charged to the Client at cost). All fees and additional charges are exclusive of any applicable
Service Tax.
www.bcshettyco.com
15
16. CONTACT US
# 137, B/w 4th and 5th Main, MES College Road, 15th cross, Malleshwaram,
Bangalore – 560003
(080) 2344 3636 99451 79868 bcshettyco@gmail.com
Namratha Icon ,# 3 2nd Floor, Kundalahalli Extension, ITPL Main road, Opp.
Sterling Brookside Apartments, Bangalore – 560 037.
99807 79868 / 98447 17161
Stylus Serviced Offices, Ground Floor, E 1 Block, Beech Building, Manyata
Embassy Business Park, Outer Ring Road, Bangalore 560045 , 080-42764562
www.bcshettyco.com
16
