International payment companies like Visa, Mastercard and American Express now may have to pay around 15% tax on their India income. This may happen as they set up servers locally to comply with a central bank directive on data storage. The Reserve Bank of India had ordered payments companies to locally store data on all transactions taking place within India from […]
Online tax return-filing and investment platform ClearTax has raised funds amounting to $50 million in a fresh financing round. The round was led by Composite Capital which is based in Hong Kong. This deal has come at a time when the financial tech sector, commonly referred to as fintech, has clocked rapid growth and managed to […]
India’s tax department has now launched the provision of e-PAN occurring immediately. This move is anticipated to bring down the interaction with the department and assist the taxpayers in creating the permanent account number (PAN) without facing any difficulty. This provision of the tax department is totally free of cost and the taxpayers can log […]
The Income Tax Appellate Tribunal (ITAT) rejected Indian tax authorities decision on Flipkart to pay INR 110 crores on the discounts offered by Flipkart in their capital expenditure account. As per the law, the tax authority targeting and demonstrating how e-commerce companies asked for tax exemption from earnings generated through discounted products, which deduct their taxable […]
The Finance Minister, Mr. Arun Jaitely, has proposed to relax certain conditions for availing 10 percent concession on long-term capitals gain tax. The Ministry has invited stakeholders feedback on draft notification that lists out scenarios wherein individuals need not pay Securities Transaction Tax (STT) at the time of purchase for availing concessional tax rate. In […]
ClearTax announced the acquisition of Greeblu Enterprises, which is an app-based startup and TOOTL, an app offering infotainment in the form of personalized content via predictive analysis modeling to its readers. These acquisitions go along with ClearTax’s ambitions of using this innovative technology to incorporate with the personalized tax, finance and compliance related content found […]
In between the Indian government’s bid to promote Make in India and the startup industry in the country, the government has finally agreed stating that startups founded before 2016 who have raised up to Rs 10 crore angel funding will be exempted from the Angel Tax. Know what is Angel Tax here? “We have finalised […]
Amazon.com Inc on Thursday reported a profit near $2 billion, the largest in its history, as the online retailer drew millions of new customers to its Prime fast-shipping club for the holiday season and as changes to U.S. tax law added to its bottom line. Shares rose more than 6 percent in extended trading, after […]
China said on Thursday it will temporarily exempt foreign firms from paying provisional income tax on profits they re-invest into the economy, in a bid to stop foreign firms shifting their operations out of the country. The move will help “promote growth of foreign investment, improve quality of foreign investment and encourage overseas investors to […]
The government has extended tax benefits to 67 startups so far with a view to promoting budding entrepreneurs in the country, Minister of State for Commerce & Industry C R Chaudhary said today. In January 2016, Prime Minister Narendra Modi had unveiled a slew of incentives to boost start-up ecosystem, offering them a tax holiday and inspector […]
The photos of your Singapore vacations trip or your brand new luxury car on Instagram or Facebook may lead the tax department on your doorstep if you’re evasing tax or hold black money. The tax department from next month will begin amassing virtual information to trace such frauds.
Global ride-hailing firm Uber Technologies is rethinking its car leasing strategy in India, its second-biggest market, as drivers have returned dozens of leased cars early after the company cut incentives, people familiar with the matter told Reuters. Uber had planned to buy 15,000 new cars last year and lease them out in a bid to […]