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Recent GST Articles

The following are our GST Articles recently published elsewhere. What is GST? GST, an acronym for Goods & Services Tax, is an indirect tax. An indirect tax is a tax levied on goods and services as opposed to direct tax which is levied on income or profits (Income Tax). ….read more How is Indian GST [...]

Overview of restrictions on Cash Transactions under Income Tax law

[By Jyotish M. Shah (Partner), VNCA] Section Nature of restriction Consequence of Contravention 40A(3)/(3A) Expenditure in Cash exceeding Rs.10,000/- Expenditure will not be allowed. 43 Payment for Asset exceeding Rs.10,000/- in Cash This payment will not be considered as part of Actual cost of an Asset. 35AD Payment for Capital expenditure exceeding Rs.10,000/- in Cash [...]

Service of notice by WhatsApp recognised as valid by Bombay HC

[By Shaleen Shah (Partner), VNCA] Giving cognizance to modern communication technologies, in a hard hitting Order, the hon’ble Bombay High Court has recently accepted communication through Whatsapp to be a valid "service of notice". The following are the relevant excerpts from the Order: FACTS: The Plaintiffs obtained addresses of the Defendant from the Central Board [...]

Is the Indian GST on the table good enough?

[By Shaleen Shah (Partner), VNCA] The revolution promised by GST might not be all that rosy.  The Centre has yielded to requirement of States to continue with the age old permit system while transporting goods. Though the paper permit may become an e-permit, those transporting goods within or outside states will still have to queue [...]

16 Red Flags For Startup Investors

[Source: www.forbes.com; Author: George Deeb] George Deeb is an entrepreneurial CEO, growth expert at Red Rocket Ventures, and author of "101 Startup Lessons–An Entrepreneur’s Handbook" In Red Rocket’s Definitive Checklist for Startup Success, we detailed the many things that startup investors are looking for, before making an investment. But, I didn’t really talk about the [...]

How does the income tax department track high value cash transactions?

[By Shaleen Shah (Partner), VNCA] The Income Tax department has over the years put in place several reporting and compliance mechanisms to track high value financial transactions including cash transactions. Measures to track cash transactions are listed hereunder. Filing a Report of specified high value transactions (Form 61A) Business / Professional entities have to report [...]

7 Strategies For Raising Your First Million In Startup Capital

[Source: www.forbes.com] Raising startup capital doesn’t have to feel like climbing a mountain. Neeraj Berry, cofounder of healthy food delivery startup Sprig, Jewel Burks, CEO and founder of visual search technology company Partpic, and entrepreneur and angel investor Wayne Chang, offered easy lessons on raising capital during the Forbes Under 30 Summit. 1. Treat fundraising [...]

Exporters need to prepare for GST

[Source: www.thehindubusinessline.com; Author: Ajay Srivastava] GST will usher in a new regulatory regime for India’s exports. For the manufactured product exporters, the most significant impact would be the increased requirement and blockage of working capital. For manufacturing a product, a firm buys locally or imports raw material and machinery. The current export schemes allow firms [...]

Build a business, not just a startup

[Author: Abhishek Sanyal; Source: yourstory.com] Have you ever wanted to start something of your own? Of course, you did! I did too. And the startup scene in India is very encouraging and inspiring today. There exists an ecosystem with angels, mentors, VCs and scores of other founders. It is brimming with passion and bright ideas, [...]

Budget 2016 enacted on 14-May – Service Tax Amendments effective from various dates

[By Shaleen Shah (Partner), VNCA]   The Union Budget 2016 presented by Hon’ble Finance Minister, Shri Arun Jaitley was passed by both houses of the Parliament and received the Presidential assent and thus stands enacted on 14-May-2016.   Service Tax Changes proposed in the Union Budget-2016 are coming into effect on various dates, as indicated [...]