Poem Rules Only For COS earning Over Rs 50 CR.

Business Professionals

The Central Board of Direct Taxes, the apex direct taxes body, has issued a circular clarifying that the provisions relating to place of effective management (POEM) will apply to companies with over Rs. 50-crore turnover.
The clarificatory circular comes after a CBDT press release specified this but the circular issued omitted a mention in chartered accountant firms in mumbai.
“…it is clarified that provisions of Sec 6(3)(ii) relating to place of effective management (POEM) won’t apply to companies having turnover or gross receipts less than Rs. 50 crores in a financial year,“ it said.
The board had on January 24 issued final guidelines to determine if an entity can be considered an Indian resident and taxed here.
These norms come into effect from April 1, 2017.
A foreign company will be considered Indian resident if its place of effective management in a given year is in India.The rules seek to curb tax avoidance, targeting shell companies incorporate outside India, but their real control and management is in India.
The limit will ensure that only substantive cases are taken up and small companies do not clog the system Tax consultancy firms in Delhi.

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India’s Growth Rate of More Than 7% is The Strongest Among G-20 Countries OECD Survey.

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The Indian economy is expanding at a fast pace, boosting living standards and reducing poverty nationwide. Further reforms are now necessary to maintain strong growth and ensure that all Indians benefit from it, according to a new report from the OECD. The latest OECD Economic Survey of India 2017 finds that the acceleration of structural reforms and the move toward a rule-based macroeconomic policy framework are sustaining the country’s longstanding rapid economic expansion. The Survey, launched in New Delhi today by OECD Secretary-General Mr Angel Gurria and Secretary, Department of Economic Affairs, Ministry of Finance, Govt. of India, Shri Shaktikanta Das, hails India’s recent growth rate of more than 7 percent annually as the strongest among G-20 countries. It identifies priority areas for future action, including continuing plans to maintain macroeconomic stability and further reduce poverty, additional comprehensive tax reforms and new efforts to boost productivity and reduce disparities between India’s various regions in tax consultancy firms in Delhi.
The implementation of the landmark GST reform will contribute to making India a more integrated market. By reducing tax cascading, it will boost competitiveness, investment and job creation. The GST reform – designed to be initially revenue-neutral – should be complemented by a form of income and property taxes, the Survey said in tax consultant in India.

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GST to Ease Loan Access For Millions of Firms Using Digitalised Data.

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The new unified indirect taxation in India system, which is scheduled to be implemented later this year, will bring in millions of unorganized businesses on one platform. This would effectively, Nilekani believes, help them get loans
Nilekani pointed out, though the country has over 60 million businesses, fewer than one million are incorporated and only a few thousand are listed. A digital trail through GST would help these firms get access to formal credit at a much lower cost, which would help more small enterprises get into the formal economy.
Nilekani headed the empowered group on information technology infrastructure on GST in chartered accountant firms in mumbai.

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Key Highlights of Budget 2017?

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This is the first time in Indian history that Union Budget has been announced one month in advance. This decision is made to complete the legislative process for approval of annual spending plans and tax proposals in chartered accountant firms in mumbai before beginning of the new financial year on April 1.

Govt. proposes levy of surcharge of 10% for income between Rs. 50 lakhs and Rs. 1 crores

FM proposed no change in Exemption limit but reduces tax rate to 5% for income between 2.5 lac to 5 lacs

Threshold limit for audit of entities opting for presumptive indirect taxation in India under Section 44AD is increased to 2 crores.

For more information visit at: http://bit.ly/2oDQOqi

Key Highlights of Budget 2017?

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This is the first time in Indian history that Union Budget has been announced one month in advance. This decision is made to complete the legislative process for approval of annual spending plans and tax proposals in chartered accountant firms in mumbai before beginning of the new financial year on April 1.

Govt. proposes levy of surcharge of 10% for income between Rs. 50 lakhs and Rs. 1 crores

FM proposed no change in Exemption limit but reduces tax rate to 5% for income between 2.5 lac to 5 lacs

Threshold limit for audit of entities opting for presumptive indirect taxation in India under Section 44AD is increased to 2 crores

For more information visit at: http://bit.ly/2oDQOqi

Budget 2017 – Push or Pull To Digital Economy

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There are not many changes in current indirect taxation in India regime as GST is proposed to be rollout on 1stJuly, 2017. Hon’ble Finance Minister in today’s speech, said that IT system is on schedule for GST implementation and several teams of tax officers are also working tirelessly to give finishing touch to the Model GST law and rules and other details.

This budget has been welcomed by the whole industry. The Sensex jumped immediately after the speech was over. Digital economy budget will be a right move for the future growth of the economy. With more & more digitalization, India would have new taxpayers & better transparency in system. Every stakeholder from a small shop to a big corporate is pushed towards the digital economy. Government has pushed the digital theme in every area of the budget which is a nice effort.
Therefore, this Budget of 2017 is not a pull, but a push to Digital economy. Our government is determined to lay a beautiful foundation of digital economy in chartered accountant firms in Mumbai.

For more information visit at: http://bit.ly/2pXRB1l

Startup Brace For Legal War With I-T

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With startup fever having waned over the past year or so amid concerns over profitability and competition, valuations have declined sharply. Last month, the tax consultancy firms in Delhi department challenged such reductions at about 100 startups and issued orders seeking 33% tax at the elevated levels that prevailed earlier.

Lets Recycle, an Ahmedabad based and Aavishkaar Ventures-backed waste management startup, was among those to get the tax demand and has challenged it at the Income-Tax Appellate Tribunal. “Entrepreneurs don’t understand I-T notices as they have to struggle daily to improvise business processes,“ said Lets Recycle founder Sandeep Patel. “When I-T (income tax) acts this way, investors will be sceptical to invest, entrepreneurship will never be born and startups will never become (large) enterprises.“ He said his startup directly or indirectly employs 1,650 waste pickers, among them 200 from the weaker sections of the society in chartered accountant firms in mumbai.

Read more information visit at: http://bit.ly/2nj0Oog