With a view to facilitate fund raising by startups, the Department for Promotion of Industry and Internal Trade (DPIIT) has proposed relaxation in the income tax laws. These suggestions are part of ´Start up India Vision 2024´. It has recommended amendments in Section...
Direct Taxation
Related Party – AS 18 vs Transfer Pricing
AS 18 defines the disclosure requirements related to related party relationship and transaction between a reporting enterprise and its related parties in the financial statement of that enterprise. The basic assessment during disclosure is centered upon two things...
Capital Gains Tax Relief Likely for Investors Exiting Startups
The government is considering exempting investors from tax on capital gains accrued when they exit a startup, in a bid to attract more funds into the sector. The Department for Promotion of Industry and Internal Trade (DPIIT) is weighing two alternatives to deliver...
I-T Proposes New Norms for Taxing MNCs in India
The income tax department Thursday proposed change in the methodology for taxing multinational companies, including digital firms, having permanent establishment in India by giving weightage to factors like domestic sales, employee strength, assets and user base. The...
Angel Tax Breather: Scheme to Accredit Investors in Works
India is eyeing a new framework for recognising investors so that they won’t be subject to the so-called angel tax provisions on their funding of startups. The Department for Promotion of Industry and Internal Trade (DPIIT) is looking to put in place such a regime so...
Over 7,000 cash-starved start-ups may benefit from angel tax relief
A series of changes made to the so-called angel tax by the government could give wing to 7,000 cash-starved start-ups, sources in the Department for Promotion of Industry and Internal Trade (DPIIT) said. According to industry observers, an investment of around $12...
Start-up tax exemption procedure simplified; merchant banker valuation report withdrawn
The Government of India introduced 'Start-up India' initiative for creating a conducive environment for the start-up companies in India. The CBDT inserted Section 80-IAC in I-T Act vide Finance Act 2016. This provision provides for 100% tax deduction in respect of...
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...
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...