52 search results for "tax"

Flying Taxis: A Revolution in the Transportation Industry

If you have seen The Jetsons, the idea of flying around in a personal aircraft must have seemed enticing! While you cannot own a private aircraft right yet, you can still get a ride on a flying taxi in a few years. Many aviation technology companies around the world have already conducted test runs of their air taxi concepts and could launch their service even before 2025! All that remains to be d...

TechVoice: “The rule of thumb for winning an investor’s trust is to prepare a strong and convincing pitch.”

Digvijay Singh, Chief Operating Officer, Indian Angel Network IAN has been one of the earliest angel funds in India – can you point out five major changes in angel investing in India from the beginning of this decade to now? Riding the proverbial tide which raises all boats, the angel investment activity in India has maintained an upswing in its growth trajectory since the beginning of this decade...

Procedural Concerns in Focus as GST Completed Two Years Successfully

As the Goods and Services Tax enters its third year, tax consultants and industry groups point to the extreme need to ease the complexity surrounding procedures, especially with regard to registration and return filing, in order to build on the gains of the past two years. According to Mr. Mahendra Singhi, the president of the Cement Manufacturers Association, “In the third year of the GST regime,...

Committee Report on New Direct Tax Code

On August 19, 2019, task force headed by Akhilesh Ranjan, Member, Central Board of Direct Taxes (CBDT) submitted its report to Finance Minister Nirmala Sitharaman. This is a significant development as the report seeks to replace 57-year old Income Tax Act, 1961 which has undergone innumerable incremental changes over time. The report has not yet been released in public. Based on our primary resear...

Income Tax Compliance Due Date in August 2019

Income Tax Act, 1961 and Compliances The Income-tax Act, 1961 is the administrating Statute of Income Tax in India. It contains provision of levying, collecting and recovering Income Tax. The Government of India (GOI) has introduced a draft statute which is known as “Direct Taxes Code” with an intention to supercede the Income Tax Act, 1961 and the Wealth Tax Act, 1957. Here is the hig...

Major Reasons, Why Income Tax Dept Sends a Return Notice to Taxpayers

Getting a tax notice from the income tax department is a big deal for the taxpayer. But this is not the situation to panic, in such a state the taxpayer must resolve error because of which he got the notice from the department. They may even ask for help from experts. Giant businesses hire experts to file the return on the company’s behalf and easily weave through the complexities but for individu...

A Complete Guide on Tax Payments under GST

The birth of GST in India has completely wiped out the complications of different taxes at different stages and has played a pivotal role in the removal of cases like tax-evasion, bribery and other forms of corruption. Implementing its unique slogan ‘One Nation – One Tax – One Market’ it has successfully covered a long distance in this way too. Consequently, it has had a tremendous impact on the w...

NASSCOM’s Direct Tax proposals for Union Budget 2019 and Consolidated suggestions related to GST

NASSCOM has submitted a detailed memorandum containing suggestions for Union Budget 2019. Our suggestions are encapsulated in seven themes. We believe the proposed measures shall consolidate existing growth drivers and build future source of revenues. In addition, we have prepared a consolidated list of GST issues concerning our industry with suggested measures to address them. Implementing these ...

Scope of Supply in the regime of Goods and Services Tax – Test of Profit Motive

In the previous indirect tax regime, there was nothing like this new concept of Supply. The stage at which indirect taxes were levied varied under different tax heads and laws. Excise duty, Service tax, VAT were some of the taxes in the previous indirect-tax regime. However, the emergence of GST has subsumed almost 17 types of similar taxes. And consequently, some new terms, such as, ‘Scope of Sup...

GST: Policy and Technical Working Groups formed to examine Generation of Invoices on GST Portal

In continuation of the member Consultation on Generation of Electronic Invoice on GST Portal, NASSCOM along with few member companies met GST officials dealing with the proposed “generation of electronic invoice through GST portal”.  We discussed the process for generation of e-invoices in detail with an intent to ensure that the final mechanism causes minimum disruption, is implementable and is r...

NASSCOM’s submission to CBDT on PE attribution approach

NASSCOM’s has submitted suggestions to Central Board of Direct Taxes (‘CBDT’) on the report of proposed ‘Amendment of rules for profit attribution to Permanent Establishment’ The proposed changes to the rules have been made by a Committee constituted by the CBDT with a mandate to: Examine the existing scheme of profit attribution to PE under the Double Taxation Avoidance Agreements. Examine the co...

Member consultation: CBDT’s draft rules on attribution of profits to PEs

The CBDT has on 18.04.19 released draft rules (available here) on attribution of profits to permanent establishments. These would have widespread ramifications for multinational companies that are having sales in India or users in India.  The rules appear to be timed with a view to pre-empt the discussions on the digital economy at the OECD/ G20 and could also be a harbinger of the significant eco...

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