Prime Minister Narendra Modi’s government unveiled the Budget for 2019/2020 on Friday, seeking to reverse weakening growth and investment that threaten to take the shine off a recent landslide election victory. Finance Minister Nirmala Sitharaman, presenting the annual budget statement to parliament, said the government planned structural reforms to kickstart foreign and domestic investment. Read the full article here Read the full article here Read the full article here
“While one would continue to pay 10 per cent LTCG on income over Rs 1 lakh on listed shares, if the capital gains along with the other income heads exceeds Rs 2 crore, then one has to pay the higher surcharge,” Chairman at JMP Advisors. Accordingly, the net tax rate increase for the two income groups will be 3 per cent and 7 per cent, respectively, said Jairaj Purandare. Read the full article here
Jairaj Purandare, Chairman of tax advisory firm, JMP Advisors discussed the futility of buyback tax on listed companies as compared to unlisted companies. Listed companies do buyback following all regulatory guidelines prescribed by SEBI — when you do buy back; upto what amount of capital and reserves you can do buy back; it also imposes a gap (12 month) between two buybacks. Thus, “when precautions are there to not misuse the tool of buyback of shares, is it appropriate for
Will you be impacted? Jairaj Purandare, Chairman, JMP Advisors said, “With this proposal, the Government hopes to transition towards a ‘less cash economy’. This proposal is somewhat similar to Banking Cash Transaction Tax (‘BCTT’) which was levied from 1 June 2005, albeit at 0.1% of cash withdrawals and was withdrawn from 1 April 2009.” Read the full article here
Reacting to the proposals, JMP Advisors Chairman Jairaj Purandare said, “In presenting the Budget, the government has taken due cognizance of the fact that FPI is a significant source of capital for the economy and hence, with a view to streamlining the KYC compliance process and to facilitate ease of doing business for FPIs, measures are being proposed to make the KYC process investor friendly.” He further said that these are welcome measures, “aimed at promoting the much-required foreign investment in
Reacting to the proposals, JMP Advisors Chairman Jairaj Purandare said, “In presenting the Budget, the government has taken due cognizance of the fact that FPI is a significant source of capital for the economy and hence, with a view to streamlining the KYC compliance process and to facilitate ease of doing business for FPIs, measures are being proposed to make the KYC process investor friendly.”He further said that these are welcome measures, “aimed at promoting the much-required foreign investment in
Fiscal issues, GST compliance challenges and complexities in an around taxation is what is a major challenges that accountants are witnessing. In an Interview with ETCFO, Jairaj Purandare, Chairman at JMP Advisors, who has a over three decades of experience in tax and business advisory matters and is an authority on taxation has highlighted many such issues. Purandare is an independent director on the boards of a few reputed companies and banks don’t expect any announcement related to complicated tax.
On the banking side, there are two things the Budget 2019 should address. One, recapitalization due the NPA problem in the banking industry. Second, Consolidation of PSU banks, while it may take time as it’s not a short term fix. Read the full article here