The latest Indian budget has a set of changes that impact real estate laws. We’re going to cover a series of issues and potential taxation pitfalls to be aware of over the next few posts.
This past tax season in the US presented us with many unique live cases and learnings, which we’d like to share with you. For example, imagine a scenario where someone makes a gift (a transfer of funds) to their spouse, and the spouse is a home-maker. How does that impact US and India returns from an income tax standpoint?
As a continuation of our series on learnings from live cases (our clients!) this past tax season, we’d like to share some points to keep in mind on filing returns as a ROR or RNOR.
I have often been asked if US citizens should steer clear of mutual fund investments in India because of the adverse tax consequence of any growth in the values being subject to tax at ordinary income tax rates in the US and that too on
Our business is focused on our clients, and we are well aware that this is a service industry. However, internally we’re also aware that we work together, and that coming this far would not have been possible without a dedicated, diligent team. We’ve grown to become a professional family, and it’s important that we help each other achieve our dreams and aspirations.
As perhaps with any field, we keep learning on the job, but what makes the learning so acute in the case of cross-border accounting is that every case is a live one with serious stakes, every case is unique, and every case is a tangled web of finances and tax laws across continents.
I was still giddy from my wonderful trip to LA, where I got to sit with the team there and meet with clients in a more leisurely fashion, so when I flew back to India a couple of weeks ago, in time for a friend’s son’s wedding in Chettinad, I decided to head there the very next day. Having made the trip there and since Trichy was in the vicinity, I drove to our office there to spend the day with the team.
There are budget proposals currently, under the Biden administration, that are yet to be passed in Congress and in the house. These are prospective changes that may or may not be passed, but it might be important to know what you could expect. Here is a summary of proposed tax changes:
We recently did a presentation for a company where many of them had managed to secure H1B visas via a lottery system. For a while, the US had capped these visas, but the lottery has been re-opened again. For companies getting ready to send their team members to the US, here are some taxation aspects to know.
For someone going on an H1B lottery to the US for the first time from India, there’s a lot to consider by way of finances and taxation. Not to take the excitement out of going to a new country and the career adventures that lie ahead (on the contrary, we want you to be prepared so that you don’t have to pay the price later), we’ve outlined how this might impact your stock options.
Ventura Pranas turned 9 last week. A few years ago it seemed like it was just yesterday that we founded the company, but 9 years is long enough to say that my work at Ventura Pranas is a big part of who I am today. It feels good to have persevered.
The government extended the last date for filing income tax returns for the financial year 2018-19 to June 30, 2020 from March 31, 2020
The government lowered the interest rate on delayed payment of advanced taxes, tax deducted at source, tax collected at source and equalization levy, among others, to 9 percent from existing rates of either 12 percent or 18 percent, if the payments are made until June 30.
Contributing towards non-profits or charitable organizations is a fulfilling and somewhat low-effort act on our part that contributes to humanity. Still, you’ll want to at least understand how these can affect your taxes so that you file accordingly, and make sure you don’t end up losing money that could affect the generosity of your contribution in future years.
First, it is important to know that for tax purposes, the law classifies charities and nonprofits according to their mission and organizational structure. Each group must register with the IRS for the section of the law that applies to it.
At Ventura Pranas we have taken on a community initiative to help businesses that we have come in contact with, which are the hardest hit by the crisis, by providing them with short term loans to carry payroll, utilities and rent.
Perhaps we could all do our part by reaching out to people and businesses we have come in contact with and who have provided us with services before and are desperately in need of assistance.
On March 15th, a week before the lockdown began in India, Satish Sridharan (co-founder and partner, Ventura Pranas) thought to himself, “what if an indefinite lockdown happens and things get worse”? India had time to react after watching much of the Western World see the number of Corona virus cases ...
It is with great pleasure and gratitude that we announce to you the acquisition of a firm in Santa Monica, Nadadur Vardhan Inc. This accounting firm has a legacy – a practice since 1984 by an intelligent and creative Tax Attorney, Mr. Nadadur Vardhan, who has grown this firm in much the same niche as we already serve- Indo-US mix of clients. They have a set of clients who have been loyal to them for over several decades.
What this means to you: is that we now have a full fledged office at 2316 Hills Street, Santa Monica (CA), with a team that now offers our entire range of services, from bookkeeping to financial statement audits. Most importantly,.
The Coronavirus has infected our life in many ways. There’s the lack of physical freedom and for those of us less fortunate, anxiety surrounding our daily income. Everyone is thinking about the financial impact, and we wanted to break down a few things that you need to act on, and what you can ignore for the moment.
President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act, (CARES Act), a $2 trillion stimulus package to mitigate the impact of the Coronavirus pandemic.
The CARES Act includes stimulus payments of $1,200 for each individual and $500 for each dependent child, defined by the child tax credit rules as under age 17.
Stories and scenarios you can relate to, for families in the US and in India, to help you understand the complexity (and humour) involved in financial planning.
What Saroja loved most about her life in Chennai, aside from her family, was her activities; her morning walks in the neighbourhood, during which she’d greet many neighbours and catch up on their lives (Nithya’s son finally passed his 12th grade exams on his third attempt), leisurely cook her lunch (curry leaves and spinach from her terrace garden), and her afternoon Bhagavad Gita classes. Her husband had passed away two years ago, and she misses his companionship, but she decided to live a full life ...
Once the basic needs of your loved ones and yourself are met, the biggest luxury of all is time. We’re not referring to immortality, but rather hours of leisure time to reflect, do the things we enjoy, slow down to engage with people, and spend time with the ones we love.
For most of us, this desire is in a constant tug-of-war with our goals, our needs, and the effort required to secure our future. It’s as if we wish time would slow down, but since it won’t, we carry on at this pace, taking decisions at various stages on what to drop and what we can delegate.
The government liberalised foreign direct investment rules in four sectors including single-brand retail trade and digital media to boost investment in the private sector. The Cabinet brought foreign investment rules for the digital media at par with the print media. FDI would be permitted in this sector up to stakes of 26 per cent with approval from the government. It is the easing of stringent local S. It is advised that the timeline for conversion of minimum detail PPIs to KYC compliant PPIs has been extended from 18 months to 24 months...
1. Review of SEBI (Foreign Portfolio Investors) RegulationsThe Board considered the recommendations of the working group constituted for reviewing the SEBI (Foreign Portfolio Investors) Regulations, 2014and approved the proposed new set of Regulations. The key focus of the proposed Regulations is to simplify and rationalize the existing regulatory framework for foreign portfolio investors (FPIs) in terms of easing the operational constraints and compliance requirements...
Form AGILE is likely to be revised on MCA21 Company Forms Download page with effect from 10th August, 2019. Stakeholders are advised to check the latest version before filing.
2 Form SCP, AOC-4 CFS and AOC-4 XBRL is likely to be revised on MCA21 Company Forms Download page with effect from 11th August, 2019. Stakeholders are advised to check the latest version before filing.
The Securities and Exchange Board of India (SEBI) is planning to tighten rules for broker commissions on investment products for the rich as it aims to curb mis-selling and bring in more transparency. The capital market regulator’s proposal to clamp down on fees charged by portfolio management services (PMS) and alternative investment funds (AIFs) follows complaints that asset managers and distributors are aggressively pushing ...
It’s an employment-based Immigrant Investor Visa Program, provides a method for eligible immigrant investors to become lawful permanent residents (Informally known as “green card” holders) by investing to finance a business in Unites States that will employ at least 10 American workers. The criterion of 10 American workers does not include the investor and their immediate family. This program affords not only the investor but also their spouse and unmarried children under 21 to become lawful permanent residents.
Please note that last date for filing ACTIVE(INC-22A) expires on 15th June 2019 and no further extension would be provided. Incase ACTIVE is not filed on or before the said date, the compliance status for such companies shall be marked as ‘ACTIVE Noncompliant’ and Directors of such ‘ACTIVE non-compliant’ companies shall be marked as ‘Director of ACTIVE non-compliant company’.
Stakeholders may please take note and plan accordingly
The revised guidelines issued by the Income Tax (I-T) department have made serious offences under the black money and benami laws generally non-compoundable. It means that an individual or an entity would not be able to get away by just paying the tax demand, penalty and interest. The new guidelines will kick in from June 17.
It will be applicable to all cases for compounding received on or after this date.
A) Money can be transferred under FEMA if the buyer and seller have a SOW in place and goods / services have changed hands. The seller ( the Indian entity) can raise invoices for the goods/service provided (cost + profit) on the foreign entity.
B) Alternatively, they can bring in the money by way of advance against services ...
A non-resident Indian who wishes to buy a property in India, should be aware of the regulations that govern the acquisition and sale of property, as well as income earned from the property.
In order to attract more foreign investment ...
Union Finance Minister Piyush Goyal presented an Interim Budget for 2019 in Parliament on Friday. An Interim Budget usually doesn't list out new schemes or doesn't unveil any policy measures. The government will present the vote on account for the next four-to-five months. A full-fledged Budget will be presented after the House reassembles after the general election.
Let's take a quick look at the key changes in the Interim Budget from a personal tax perspective, which will be effective from 1 April 2019.