Vinod & Narendra

Companies will have to declare job creation estimates to avail benefits under Startup India

May 16, 2017

[Source: economictimes.indiatimes.com] Companies eyeing benefits under the Startup India programme will soon have to declare upfront how many jobs they will create in order to qualify as the government moves to make employment generation the guiding principle for all its major programmes. "We will soon notify the new definition for

Overview of restrictions on Cash Transactions under Income Tax law

May 4, 2017

Income Tax

[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

Zoho fires the first salvo–launches GST ready accounting solution

April 21, 2017

GST·Startup India

[Source: inc42.com] “Accounting should not be tactical. Accounting should be strategic. It should not be isolated but connected.

Is the Indian GST on the table good enough?

March 1, 2017

GST

[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

Centre mulls hike in service tax rate if GST rollout is delayed

January 11, 2017

GST·Service Tax & CBEC

[Source: www.thehindubusinessline.com] The Centre could consider increasing the service tax rate in the coming Budget as a fallback option in case the rollout of the Goods and Services Tax (GST) is delayed beyond April 1. “There is some thinking of an increase in the service tax rate in case the

16 Red Flags For Startup Investors

January 5, 2017

Startup India

[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

Equalisation Levy is going to create a huge problem for startups

January 2, 2017

GST·Income Tax·Service Tax & CBEC·Startup India

[Source: www.forbesindia.com] Tax lawyer Nishith Desai believes the Equalisation Levy, also known as ‘Google Tax’, will have important repercussions for the Indian startup ecosystem As part of the continuing opposition from industry bodies to the ‘Equalisation Levy’ that came into effect earlier this year, the Internet and Mobile Association of

GST set to miss the April 1, 2017 deadline

December 9, 2016

GST

GST set to miss the April 1, 2017 deadline

B2C music, e-books, cloud services from foreign portals will now attract service tax

November 14, 2016

Service Tax & CBEC

[By Shaleen Shah (Partner), VNCA] If you download music or an e-book from a site within India, or buy some storage on a cloud from a domestic service provider within India, it attracts service tax. However if such downloads are made or storage is purchased from an overseas site service

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

November 9, 2016

Income Tax

[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 /

Earlier Posts

Companies will have to declare job creation estimates to avail benefits under Startup India

Overview of restrictions on Cash Transactions under Income Tax law

Zoho fires the first salvo–launches GST ready accounting solution

Is the Indian GST on the table good enough?

Centre mulls hike in service tax rate if GST rollout is delayed

16 Red Flags For Startup Investors

Equalisation Levy is going to create a huge problem for startups

GST set to miss the April 1, 2017 deadline

B2C music, e-books, cloud services from foreign portals will now attract service tax

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

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