Business – Neeraj Bhagat & Co.

February 2, 2019 / Business

The key highlights of the Interim Budget 2019-20

The interim budget proposed by Finance Minister Piyush Goyal has disappointed many taxpayers who were expecting income tax exemption threshold to be increased.

Instead, the Narendra Modi-led government has proposed a full rebate on net taxable income up to Rs five lakh per annum. Despite the move, people who have an annual income of over Rs 10,00,000 have room to pay no income tax at all.

The key highlights of the Interim Budget 2019-20 presented Parliament are as follows:

Individual

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January 7, 2019 / Business

2018 Witnesses Highest FPI Registrations in Four Years

Easier regulations, clamp down on offshore derivative instruments, and Indian equities outperforming other markets in the last few years have boosted foreign investors’ interest in the country, leading to a spurt in the number of foreign portfolio investors (FPI) this year. Over 600 new FPIs registered with Securities and Exchange Board of India (Sebi) in 2018 — the steepest rise in FPI count since 2014, when the market regulator overhauled rules for offshore investors and introduced the FPI regime. There …

December 25, 2018 / Business

No ´angel tax´ likely for start-ups accredited by DIPP

Facing flak from startups, the government may announce modifications to the “angel tax” law in the coming weeks. All startups accredited by the Department of Industrial Policy and Promotion (DIPP) will no longer be asked to pay angel tax, sources involved in the interministerial discussions said. Earlier, the rule said only those startups that had been given such an exemption by a government board would be excused. That is likely to change as the government is planning to exempt “any …

December 8, 2018 / Business

Interest Equalization rate increases from 3% to 5% from MSME exporters

In order to help the exporter, it has been decided by the Government of India to increase w.e.f. November 02, 2018 Interest Equalisation rate from 3% to 5% in respect of exports by the Micro, Small & Medium Enterprises (MSME) sector manufacturers under the Interest Equalisation Scheme on Pre and Post Shipment Rupee Export Credit. The Scheme is available to all exports under 416 tariff lines [at ITC (HS) code of 4 digits] and exports made by MSMEs across all …

November 19, 2018 / Business

MCA constitutes committee for finalizing ‘Business Responsibility Reporting’ format for cos.

The Ministry of Corporate Affairs (MCA) has constituted a committee for finalizing the Business framework of the updated NVGs.
The Institute of Company Secretaries of India (ICSI) & Indian Institute of Corporate Affairs (IICA) shall render necessary secretarial assistance and logical support to the committee on BRR. MCA & ICSI shall jointly provide technical support to the committee.
The committee may devise its own procedure to conduct its meetings including inter alia invite any person of appropriate standing, knowledge, and …

November 6, 2018 / Business

Sebi may Make it Easier to Start up on Bourses

The Securities and Exchange Board of India (Sebi) is planning to relax rules for listing of startups in India, which include giving promoters the flexibility to categorise themselves as ordinary shareholders and exempting them from the mandatory three-year lock-in period. The capital markets regulator may also free them from fiduciary responsibilities of a promoter, two people with direct knowledge of the matter said.
These measures, if implemented, are expected to benefit the global private equity-backed startups such as Ola, Flipkart …

October 23, 2018 / Business

Govt. prescribes procedure for online registration of Budgetary Support Scheme

Government is going to rollout online filing for processing of claims under Budgetary Support Scheme. The new scheme will be effective from 15th October 2018 and new procedure for online registration has been prescribed.
The scheme was essentially conceptualized and approved to operate in an automated environment. This would bring about better supervision, monitoring of pendency and utilization of allocated funds and generation of reports. DG, Systems, CBIC is looking after the work relating to automation of the scheme. The …

October 9, 2018 / Business

MCA eases process for incorporation of LLPs; specifies new forms ‘RUN-LLP’ and FiLLiP

Ministry of Corporate Affairs (MCA) has notified amendment to the Limited Liability Partnership Rules, 2009 wherein process of incorporation of LLPs and reservation of their name have been amended in order to ease of doing business. Under revised norms, a new web based form ‘RUN-LLP’ has been introduced through which names of a LLP can be reserved without digital signature and Designated Partner Identification Number (DPIN). This form is very much similar to RUN web service reservation of name in …

September 26, 2018 / Business

Sebi to make listing start-ups attractive

The Securities and Exchange Board of India (Sebi) may soon bring in a slew of changes to make it attractive for startups to list on the bourses.
Among other things, the regulator may broaden the definition of startups to include non-tech companies and allow them to list directly on the main board of stock exchanges under a separate segment.
The changes are part of the proposals prepared by a Sebi-appointed panel to revive startup listings. The regulator is expected to …

August 31, 2018 / Business

2019 in Mind, Govt Moves to Ease Taxpayer Distress

‘End of tax terrorism’ was one of the political planks that had swung urban votes in favour of BJP in 2014. After four years, the government is making sure that the catchphrase does not come back to haunt it in 2019.
A few days ago, the chief of the Central Board of Direct Taxes (CBDT) — the finance ministry arm which serves as the apex body for Income tax (I-T) — directed all principal chief (I-T) commissioners to closely monitor …