Mumbai: Startups and unlisted subsidiaries of some major Indian companies and multinationals find themselves in the crosshairs of the income tax department for raising funds through preference shares in excess of what it considers the fair market value. The inv…
Tag: Income Tax Act
A good year for SMEs Cut in income tax in budget 2017 most welcome
A cut in income tax by 5% that would benefit 96% of Indian companies and presumptive tax reduction of two percentage point to 6% means the beleaguered SME sector that was hit hard by demonitisation has something to cheer. Announcing the Union Budget for 2017, Finance Minister Arun Jaitley said MS…
Budget 2017: Nasscom seeks removal of angel tax, MAT exemption for start-ups
Reduction of long term capital gain tax, allowing tax sops for angel investors besides exemption from minimum alternate tax are some of the key recommendation suggested by India’s apex technology industry body Nasscom to the Finance Ministry ahead of the Union Budget 2017. In a note, it sug…
Budget 2017: Start-up bodies appeal for relaxations in tax policies
Prominent startup industry bodies including Indian Angel Network, NASSCOM, Indian Venture Capital Association, TiE and Mumbai Angels have jointly appealed to the government to review taxation policies that adversely impact the startup ecosystem. “Startups have been facing practical difficul…
Start-ups brace up for legal war with Income Tax department
Start-ups that have been ordered to pay tax despite valuations being marked down in recent funding rounds are challenging the demands, complaining that the move runs counter to the government’s campaign to encourage entrepreneurial spirit. With startup fever having waned over the past year …
Digital push to help small traders save up to 46% in tax: Govt
Government on December 20 said small traders will be able to save up to 46 per cent in tax by migrating from cash to digital transaction mode, as the decision to tweak the presumptive income norms would reduce tax liability. “Apart from making tax saving of up to 46 per cent by migrating to digit…
Less tax for small traders on digital transactions: Arun Jaitley
Small traders and businesses with a turnover of up to Rs 2 crore will pay less tax if they accept payments through banking and digital means, Finance Minister Arun Jaitley said on December 19. He said in the budget for 2016-17 that small traders and businessmen with turnover of up to Rs 2 crore w…
Government steps forward to revive Textile Sector & boost production
The Government has taken several steps to revive the textile sector. Firstly, it has approved a special package for boosting the employment generation and export potential of the Textile and Apparel Sector. The salient features of the package are: Labour Law Reforms Government shall bear 3.67% …
Budget 2016 ensures ‘Small is Big’; SME tax exemption limit elevated
In view with the growing demand to push the statistically proven economy drivers of the nation, government has unveiled Budget 2016, proposing to offer tax exemptions for SMEs. Units with turnover of up to Rs. 2 crore will have the benefit of the pitch. The threshold is twice the previous limit u…
33 lakh MSMEs to gain from presumptive tax changes | Kalraj Mishra
About 33 lakh assessees in the MSME category will benefit from changes in the Presumptive Taxation Scheme proposed in Budget 2016-17, Union Minister Kalraj Mishra said on March 1. “33 lakh people will benefit from the changes announced in the Presumptive Taxation Scheme,” Mishra said.…