Updated rules for Taxation of NRI, RNOR and ROR, as per Income Tax in India.

In the finance bill presented on 1st February 2020 by Ms. Nirmala Sitharaman in the form Budget, 2020 where she has mentioned about change in definition of the resident of India as per Section 6 of the Income Tax Act, 1961 and here is the reason behind updating this definition of resident Instances have come to notice of the tax authorities where period of 182 days specified in respect of… Read More »Updated rules for Taxation of NRI, RNOR and ROR, as per Income Tax in India.

Key Highlights Budget Speech 2020

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Financial Budget 2020 for the financial year 2020-21 key highlights from Speech Honorable finance minister Mrs. Nirmala Sitharaman has presented budget in the parliament on 1st February 2020 Past Achievements Trucks turnaround time has been reduced due to GST 60 Lakh new tax payers added in last two years and 40 Crore returns filed under GST. 800 Crore invoices generated and 105 Crore e-Way bills were generated Between 2006-16 27… Read More »Key Highlights Budget Speech 2020

Employees Stock Option Simplified

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Below is brief about ESOP, Process and Steps needed for implement   ESOP are very useful for companies at the growing stage to attract good employees. The basic purpose of ESOP for many companies is to provide employee benefits or incentives as they believe that by increased employee participation with them perceiving themselves as owners and more involved with the company, it will lead to a positive increase in their… Read More »Employees Stock Option Simplified

Transaction where Valuation of Shares required

  There are many instances where valuation of shares required in case of transfer of shares of unlisted and privately held companies. Situation reached to that level even newly incorporated Company with Rs. 1 lakh Capital, if any shareholder want to take exit and have to transfer their irrespective of percentage of stake release, face value, book value of share Company has to get Valuation of Shares done and have… Read More »Transaction where Valuation of Shares required

Equalization Levy or Google Tax

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Introduction  E-commerce companies provide a platform where supply and procurement of goods and services takes place digitally. Consequently, it has resulted into an evolution of various new business models, where huge business transactions are made and availed through telecommunication network. Inadequacy of such a tax regime governing income generated through  digital business transactions has posed a set of new challenges to taxing authorities. Challenges in form of difficulties in characterizing… Read More »Equalization Levy or Google Tax

International Financial Reporting Standards (IFRS)

Meaning As the name suggests, IFRS is a set of standards suggesting how to report financial statement at international level. While maintaining company’s account, preparing and reporting financial statement, these standards must be followed in practices of accounting. Standards of Financial Reporting were designed to provide a common set of rule to be followed by companies in financial reporting. The purpose of establishing common international standards is to make all… Read More »International Financial Reporting Standards (IFRS)