Income Tax Rules|Funds under FEMA|SEBI|Team Board|Reserve Bank of India.

How our paperless brag was put to test

How our paperless brag was put to test: enabling a team of 80 to work from home just hours before the lockdown in India

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 grow exponentially in their countries. Still, a certain amount of cognitive dissonance in all of us leaves us unwilling to acknowledge that this could happen to us too.

Ventura Pranas acquires Nadadur Vardhan Inc.

Ventura Pranas acquires Nadadur Vardhan Inc.

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, having an office and a team in the US allows us to fulfill your needs in real time.

You Ask, We Answer (Stimulus Rebate)

You Ask, We Answer (Stimulus Rebate)

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.

Parallel Universes

Parallel Universes

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 ...



Parallel Universes

Our latest offering: Estate Planning


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.

News On Reserve Bank Of India

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. The PPI-MD has been amended suitably. It may also be noted that no further extension will be granted for this purpose.

SEBI Board Meeting

1. Review of SEBI (Foreign Portfolio Investors) Regulations

The 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...


News On Ministry Of Corporate Affairs

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.

Securities Exchange Board Of India

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 these products to investors after incentives for selling moto.

EB Synopsis

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.

NEWS FROM MCA

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

New Income Tax rules

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.

Transfer of funds under FEMA

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 but there are conditions attached to this as outlined below: -

Rules for NRIs Investment in Indian Real Estate

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, the Reserve Bank of India has made the rules simple for NRI investments.

Interim Budget 2019 Highlights

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.