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Walmart-Flipkart deal: Buyout liable to tax in India; I-T Dept awaits formal pact – Chirag Nangia

Flipkart founders Sachin and Binny Bansal may have to pay 20 per cent capital gains tax if they sell their shares in the company as part of the proposed deal with US retail giant Walmart, say tax experts. The Indian e-commerce major is in discussions to sell majority holding to Walmart and an announcement to this effect is likely to be made soon, sources close to the development said.

1.       Chirag Nangia, Director shares his views on aforementioned story for following publications:

 

How angel tax demonises a growing start-up- Chirag Nangia

The angel tax is a 30% tax levied on investments made by external investors in start-ups. It is not that the whole investment is taxed, it is only the amount which is above the “fair market value” (FMV) valuations of the start-up that is classified as ‘income from other sources’ liable to tax under the Income-Tax Act. However, considering the nature of businesses of start-ups, they are valued subjectively using discounted cash flows or taking into account intangibles such as goodwill, brand value, etc. (which are not accounted usually).

 

Chirag Nangia, Nangia Advisors LLP contributed an article on How angel tax demonises a growing start-up for Financial Express.

How angel tax demonises a growing start-up- Chirag Nangia

Should you deduct tax at source – Chirag Nangia

Tax Deducted at Source (TDS) is a concept that was introduced by the Government of India to prepone tax collection and curb tax evasion, by collecting tax from the very source of income. This “pay as you earn” measure of tax collection is a regular source of revenue to the Government, and provides for a wider tax base.

Chirag Nangia, Nangia Advisors LLP contributed an article on Should you deduct tax at source (Full page article)for Hindu business Line special issue on Guide to Taxation.

Should you deduct tax at source - Chirag Nangia

Greetings from the income tax department- Chirag Nangia

Dear All

A new scheme, called the Centralised Communication Scheme (CCS) 2018, has been notified by the Central Board of Direct Taxes (CBDT). It aims to issue the tax-related notices in a centralised manner. The notices are likely be about furnishing information or documents and verifying the information.

Chirag Nangia, Nangia Advisors LLP shares his views on aforementioned story for Livemint.

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