The Union Budget Speech 2021 has been presented by Hon'ble FM earlier this month wherein like earlier year budget speech, she did not even whisper anything regarding 'equalisation levy' i.e. tax levied on NR e-commerce operators on online sale of goods or provision of services or both, provided or facilitated by the e-commerce operator.
As per Indian Provident Fund Law, both the employer and employee has to contribute their part (12% of salary) to Employee Provident Fund Organization (EPFO) as a social security contribution. Employer deducts the employee share from the salary of employee and it is the responsibility of employer to deposit the entire contribution with Government of India.
The first ever digital budget presented by our honorable Finance Minister, Nirmala Sitharaman on 1st of February, 2021 marked a stepping stone in the revival of ailing Indian economy due to the world-wide pandemic. There were surfeit of amendments brought in to enable the economy to gain back its pace, provide immense opportunities for sustainable development to every sector and also ensure ease of compliance for the taxpayers.
India Government in its budget for the last year introduced Tax Collection at Source (TCS) provisions on sale of goods. TCS is payable @ 0.1% on the amount of sales consideration which is greater than INR 50 Lakhs and is received by the Seller on or after 1st October 2020.
Where Budget 2020 was declared as an aspirational budget, Budget 2021 is expected to be an executionary one in view of economy-revival, as required after the worldwide pandemic took place in 2020
Based on cumulative inflows between April 2000 and September 2020, it is the 10th largest contributor with a 2 per cent share in total FDI flows
Raskik is founded by industry veterans with combined industry experience of over 50 years in the leading beverage giant Coca-Cola.
Startups in the early stages can rarely afford full-time CFOs and are increasingly turning to virtual CFOs to meet investor-centric compliance and for efficient financial planning
The new tax platform is expected to reduce the grievances of the common man in every aspect of the tax filing process and it will protect him from the bureaucratic hurdles of the tax department
The taxpayers' charter not only enlist the tax department's commitment towards taxpayers but also the department's expectations from the taxpayers. While how effective the charter this time around is can be found in details, it will primarily depend on its legal status
India's Google Tax, the recently introduced 2 per cent equalisation levy on all online/digital sale of goods or services by a non-resident to an Indian customer through digital medium, has become a compliance nightmare for companies in absence of any clarity and FAQs from the tax department.
Felix Advisory, a leading management consulting organization, is pleased to announce its expansion with the addition of three new partners.
India's state-run ordnance factories and the defence public sector units are a key factor in the growth of the country’s economy and for equipping the armed forces with modern and reliable weapons and systems. A recent review of the performance of some of the key state-run defence industrial units have thrown up interesting facts.
The Private Equity (PE) industry has exihibited nothing short of a spectacular global performance in recent years with high volumes of capital raised, invested and distributed to investors. Investors are increasing allocation to this asset class for its low volatility due to its long-term nature and its tendency to deliver returns through market downswings.
Budget 2020 taxes: The government clarification on the new provision related to NRI tax does not seem to clear any doubts of several NRIs and tax experts. Here's a lowdown on what the NRI tax exactly means
At least 100 allottees needed to move insolvency resolution against realty firms. A single allottee of a real estate project cannot henceforth initiate corporate insolvency of a real estate developer or a realty company.
Over the last few years, the Electric Vehicle (EV) has witnessed a phenomenal rise in interest from governments as well as investors globally. So much so that Union government has lowered the GST rate on EV from 12 per cent to 5 per cent with the view to promote it and make India a global hub for EV manufacturing.
Asks insolvency professionals to report status of all ongoing processes by Nov 21. Insolvency regulator IBBI is serious about enforcing a recently enacted legal provision to ensure completion of the corporate insolvency resolution process (CIRP) in a time-bound manner.
Blockchain technology has the potential to become a double-edged sword for the government as it can ensure100 per cent tax and regulatory compliances and secure citizens from manipulative malpractices of industries
After the government prescribed the necessary conditions for start-ups to be exempted from Angel Tax, it is now planning to earmark the investors who can invest in these start-ups without triggering the tax.
After a rapid growth in its home turf of Mumbai and Pune, education technology start-up OnFees.com is looking to expand across multiple cities across the country and has begun approaching venture capital and private equity funds for the next round of funding.
Digital fee payment is helping make education more inclusive by providing credit facilities for fees where there were non earlier. OnFees, a platform that facilitates digital fee collection and integrates with an institution’s existing processes, is facilitating payment in instalments for those submitting fees online
Felix Advisory, a leading global management consulting firm, rapidly growing in financial, tax, transaction, legal and process advisory is pleased to announce the expansion of its team, and the opening of a new office in BKC, Mumbai, to get closer to customers and support its growth in the market.
An eminent panel of experts discussed things Finance Minister Arun Jaitley can include in Budget 2018 to boost the middle-class. The panelists included Rahul Parikh, CEO, Bajaj Capital, Rahul Agarwal, Director, Wealth Discovery, Rakesh Nangia. MD and Founder, Nangia & Co and Gaurav Talwar, Partner Felix Advisory
"Income Tax Return (ITR) is a statement of income earned by a person in a financial year. The person (other than Company & Firm) whose total income exceeds the specified threshold limit in a financial year is to file income tax return for that financial year," says Gaurav Talwar, Partner, Felix Advisory
Today (July 31) is the deadline for filing your income tax return (ITR). The government has said that it will not extend the deadline. Here are some of the basics facts to remember for all taxpayers who are rushing to meet the deadline.
(Gaurav Talwar is partner at Felix Advisory)
There is no reason to panic since you have time till March 31 to make the necessary investments for tax saving.
"The employee can make relevant tax-saving investments before March 31 for each relevant year and claim refund of income tax (if any) while filing his income tax return," says Amit Jindal, Partner, Felix Advisory.
The Narendra Modi government’s move to demonetise previous series of Rs 500 and Rs 1000 banknotes could lead to softening of interest rates by banks, thereby lowering your loan EMIs in the future.The huge deposits that are likely to flow into the banking system after customers deposit their old currencies that are no longer legal tender would enable banks to lower interest rates, according to Amit Jindal, Partner, Felix Advisory.
Pune-based hyperlocal delivery startup Tokri has raised a pre-Series A round of funding from Syska LED group, a top company executive told Techcircle.in.
Felix Advisory acted as the financial advisor for Orange Etokri on this transaction.
The income tax department has announced changes in reporting format for individuals claiming tax deduction on leave travel allowance, leave travel concessions , house rent allowance and interest paid on home loans.
(Gaurav Talwar is partner – Felix Advisory and Jatin Kumar is Consultant – Felix Advisory.)
Gaurav Talvar from Felix Advisory explains TCS saying, "Under the current Indian Income Tax Act, how tax collected at source works is that, the seller, at the time of selling the prescribed goods, shall collect from the buyer, additional amount towards the buyer’s advance income tax, as tax collected at source."
Commenting on the new taxes Gaurav Talwar, Partner, Felix Advisory said: "The budget 2016 has imposted a tax collected at source of 1 % on purchase of luxury cars exceeding value of INR 10 lakhs. Further, an Infrastructure cess of 1% on small petrol, LPG, CNG cars, and 2.5% on diesel cars of certain capacity and 4% on other higher engine capacity vehicles and SUVs is proposed. The above measure will have an impact on the price of the cars, and may also impact overall demand."
Jaitley should increase the base exemption limit to Rs. 3 lakh, Gaurav Talwar says.
(Gaurav Talwar is partner at Felix Advisory)
India and Armenia on Wednesday signed a protocol to amend the existing Double Taxation Avoidance Convention between the two countries
Commenting on the Armenia protocol, Amit Jindal, Partner, Felix Advisory, said this move was in line with government’s larger intent of introducing similar clauses (banking information exchange) with all countries to curb money laundering.
There has been a few major tax controversies in recent past in India, which had an impact on the overall FDI into India.
(Amit Jindal is partner at Felix Advisory)
Prime Minister Narendra Modi announced a slew of tax sops and other incentives for encouraging startups in the country such as easier registration and clearances, fast exit options, self-cerification and rebate in patent filing fees.
He further explains that expenses being a significant factor for most clients who want quality solutions, Felix being niche service provider becomes the most preferred recourse.
Swajal Water Pvt Ltd, a Gurgaon-based water purification solutions firm, has raised $1.2 million (Rs 7.5 crore) in its Series A round of funding led by Abhishek Gupta.
Emergent Ventures India Pvt Ltd, an advisory firm for sustainability and renewable technologies and Felix Advisory Services, a boutique consultancy firm based out of Gurgaon providing M&A, taxation and investment banking services to small and mid-sized firms, were the advisors on this deal.
Bangalore-based Ver Se Innovation Pvt Ltd, the owner of local language mobile app NewsHunt among other businesses, has acquired Delhi-based Rocket Science Innovations Pvt Ltd, which runs e-commerce price comparison and recommendation platform BuyT.in, for an undisclosed amount.
Felix Advisory acted as the financial advisor to Rocket Science Innovations on this transaction.