Breather for startups: Govt raises Investment cap for Angel Tax Concession

Giving a major relief to startups, the government has decided to relax angel tax norms for startups, including increasing the investment limit to Rs 25 crore for availing income tax concessions by startups, an official said Tuesday.

Currently, startups avail tax concession only if total investment, including funding from angel investors, does not exceed Rs 10 crore.

A notification regarding simplifying the process for startups to get exemptions on investments under section 56(2)(viib) of Income Tax Act, 1961, will be issued shortly, the official said.

The definition of startups has been enhanced to an entity which has been in operation for up to ten years from its date of incorporation or registration, instead of the current seven years.

“An entity shall be considered as startup if its turnover for any of the financial year, since its incorporation or registration, has not exceeded Rs 100 crore instead of the existing Rs 25 crore,” the official said.

Besides, investments by listed companies with a net worth of Rs 100 crore or turnover of Rs 250 crore into an eligible startup shall be exempt from the section 56 (2) (viib) of the Income Tax Act, beyond the Rs 25 crore limit.

“Considerations of shares received by eligible startups for shares issued or proposed to be issued by all investors shall be exempt up to an aggregate limit of Rs 25 crore,” the official added.

Also, investments into eligible startups by non-residents, alternate investment funds – category I – shall also be exempt under this section beyond the limit of Rs 25 crores.

“For being eligible for exemption under Section 56(2)(viib), a startup should not be investing in immovable property, transport vehicles above Rs 10 Lakh, loans and advances, capital contribution to other entities and some other assets except in the ordinary course of its business,” the official said.

A startup shall also be eligible for exemption under Section 56(2)(viib) if it is a private limited company recognised by the department for promotion of industry and internal trade (DPIIT) and is not investing in specified asset classes.

Eligible startups only have to file a duly signed self-declaration by with DPIIT for availing exemption. DPIIT shall transmit these declarations to Central Board of Direct Taxes (CBDT).

Further, there is no requirement of making any application for exemption under this section and there will be no case-to-case examination of startups for exemption under Section 56(2)(viib) of Income Tax Act.

“The valuation of shares is no more a criterion for exemption of investments into eligible startups under Section 56(2)(viib) of Income Tax Act, the official added.

The development assumes significance as several startups have claimed to receive angel tax notices, impacting their businesses.

Various startups have raised concerns on notices sent to them under the Section 56 of Income Tax Act to pay taxes on angel funds received by them.

Section 56(2)(viib) of the Income Tax Act provides that the amount raised by a startup in excess of its fair market value would be deemed as income from other sources and would be taxed at 30 per cent.

Touted as an anti-abuse measure, this section was introduced in 2012. It is dubbed as angel tax due to its impact on investments made by angel investors in startup ventures.

Source : Press Reports

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Books of Accounts under GST

Every registered person under GST is required to keep and maintain all specified Accounts and records at his principal place of business.

Section 35 of the CGST Act, 2017 has cast the responsibility on the owner or operator of warehouse or godown or any other place used for storage of goods and on every transporater to maintain specified records.

Books of Accounts

Every registered person must maintain records of-

• Production or manufacture of goods
• Inward and outward supply of goods or services or both (Purchase and Sales Register)
• Stock of goods (Inventory Register)
• Input tax credit availed (Electronic Credit Ledger)
• Output tax payable and paid and (Electronic Liability and Electronic Cash Ledger)
• Other particulars as may be prescribed
• Records of goods or services imported or exported or
• Records of supplies attracting payment of tax on reverse charge along with the relevant documents, including invoices, bills of supply, delivery challans, credit notes, debit notes, receipt vouchers, payment vouchers, refund vouchers and e-way bills.

Accounting Ledgers under GST

Uunder GST, a trader has to maintain the following a/cs (apart from accounts like purchase, sales, stock) –

• Input CGST a/c
• Output CGST a/c
• Input SGST a/c
• Output SGST a/c
• Input IGST a/c
• Output IGST a/c
• Electronic Cash Ledger (to be maintained on Government GST portal to pay GST)

Records	Information Required	By Whom?
Register of Goods Produced	Account should contain detail of goods manufactured in a factory or production house	Every Assessee carrying out manufacturing activity
Purchase Register	All the purchases made within a tax period for manufacturing of goods or provision of services	All Assessee
Sales Register	Account of all the sales made within a tax period must be maintained	All Assessee
Stock Register	This register should contain a correct stock of inventory available at any given point of time	All Assessee
Input Tax Credit Availed	This register should maintain the details of Input Tax Credit availed for a given tax period	All Assessee
Output Tax Liability	This register should maintain the details of GST liability outstanding to be adjusted against input credit or paid out directly	All Assessee
Output Tax Paid	This register should maintain the details of GST paid for a particular tax period	All Assessee
Other Records Specified	Government can further specify by way of a notification, additional records and accounts to be maintained	Specific Businesses as notified by the government

Period for Retention of Accounts under GST

As per the GST Act, every registered taxable person must maintain the accounts books and records for at least 72 months (6 years). The period will be counted from the last date of filing of Annual Return for that year.

Consequences of Not Maintaining Proper Records

If the taxpayer fails to maintain proper records in respect of goods/services, then the proper officer shall treat such unaccounted goods/services as if the taxpayer had supplied them. The officer will determine the tax liability on such unaccounted goods.

The taxable person will be required to pay the tax liability calculated along with penalty.

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CBDT to clarify on angel tax in a week

• The tax authority is reviewing suggestions from businesses in consultation with, an official said
• Earlier, CBDT had simplified the process for startups seeking exemption from angel tax notices.

The Central Board of Direct Taxes (CBDT) will in a week clarify the rules of taxation of startups that will give genuine new age firms relief from taxation of share premium.

A government official said the tax authority is reviewing suggestions from businesses in consultation with the department for promotion of industry and internal trade (DPIT) to further clarify how a distinction will be drawn between genuine startups and shell companies engaging in money laundering.

Startup companies say the best solution is to exempt taxation of share premium that is beyond fair market value in the first ten years of the company’s existence. They say this could be made applicable to those with paid up capital and share premium upto ₹25 crores after the share issue, up from ₹10 crores now.

CBDT clarified on Friday night that not all tax demands to startups are issued under section 56 (2) (viib) of the Income Tax Act, the controversial ‘angel tax’ provision. It said that businesses are given the benefit of doubt as well as the opportunity to submit documents showing their status as a genuine start up.

Citing the instance of tax recovery in one such case, CBDT said, “..The action of the assessing officer of enforcing recovery of demand is not in violation of CBDT’s instructions. Notwithstanding the above, the benefit of doubt should and must be given to our entrepreneurs. However, when after repeated reminders, records of funds received are not provided, the Department is unfortunately left with no other choice. It is also our duty to prevent and expose suspected evasion,” said the CBDT statement.

Section 56 (2) (viib) introduced in the Income Tax Act in 2012 subjects share premium that is above the fair valuation of shares to tax treating it as “other income.” Since startups derive high valuation based on the strength of their business model, rather than their assets, differences arise between the companies and tax officials about the share valuation, leading to disputes.

CBDT had in January simplified the process for startups seeking exemption from angel tax notices by eliminating the need for a certification from an inter-ministerial body. Instead, they were to route such applications through DPIT to CBDT. But many companies are not happy and insist on getting a more lenient tax regime.

Source : Press Reports

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Angel Tax relief likely for startups, but it may not be enough

A large number of startups that have recently faced tax demands are unlikely to get any relief as demands were made under different provisions of the law

• Startups may face tax notices for unexplained fund receipts, treated as taxable income under Section 68 of Income Tax Act
• Angel tax is levied on startups that receive an equity infusion in excess of their ‘fair valuation’

 Only startups that have received tax demands under the specific angel tax provision may get relief once the government notifies new rules easing the tax burden on new ventures, a government official said.

A large number of startups that have recently faced tax demands are unlikely to get any relief as demands were made under different provisions of the law, the official said, requesting anonymity.

Last week, the income tax department allegedly deducted ₹33 lakh and ₹72 lakh from the bank accounts of startups Travelkhana.com and Sheroes-owned Babygogo, respectively, though Ramesh Abhishek, secretary of Department for Promotion of Industry and Internal Trade (DPIIT), had said no coercive action would be taken against startups that have received tax notices.

Startups may still face tax notices for unexplained fund receipts, which are treated as taxable income under Section 68 of the Income Tax Act, 1961, the official clarified, adding there is no blanket exemption.

“Many startups are trying to project their unexplained fund receipts that the department has questioned as cases of angel tax or taxing of share premium above fair market valuation under Section 56 (2) (viib) of the Income Tax Act,” the official said.

The Central Board of Direct Taxes (CBDT) is expected to extend within the next two days angel tax exemption to companies with paid-up capital and share premium of up to ₹25 crore, according to two people familiar with the matter.

Angel tax is levied on startups that receive an equity infusion in excess of their “fair valuation” and the premium paid by investors is treated as income, taxable at 30%.

The tax relief will be available only to entities registered with the DPIIT.

“Some startups have not submitted certificates from the angel investor showing his credentials and PAN which are required for a tax official to be satisfied about the source of funds. There is a reluctance on the part of some startups to submit such a certificate which results in taxation of unexplained funds,” the official added.

Startup founders claimed the information demanded from them could be easily found in the tax department’s database. “Some of the angel investors who invest in startups are high-profile people who would not want to share their income tax returns,” said Pushpinder Singh, founder of Travelkhana.com. “But with PAN details, tax officials can pull those documents out without us having to submit them.” The company’s accounts have been unfrozen and it has a hearing with the Commissioner of Income Tax (Appeals) on 5 March, according to Singh.

In December, several startup entrepreneurs received tax notices to pay tax on funds raised by them in assessment year 2015-16. According to industry estimates, around 75% of these startups received tax notices under Section 56, while the remaining ones received notices under Section 68.

“The upcoming relief will solve for angel tax but is not expected to solve for Section 68 under which source of funds is scrutinized by the assessing officer,” said Sachin Taparia, founder of LocalCircles, which had submitted suggestions on this issue with the CBDT and DPIIT.

Sources : Press Reports

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Cement rate cut to 18% on the agenda of GST meet

Cutting the rate from 28% will cause the government a loss of Rs 13,000 crore annually

The GST Council will consider a proposal to slash the tax on cement to 18 per cent from 28 per cent at its meeting next week along with a ministerial panel report that proposes a cut in rates in under-construction properties, including affordable homes.

A rate cut in cement to 18 per cent will lead to a loss of Rs 13,000 crore annually to the government.

The Narendra Modi-government is keen to ensure the GST cut actually benefits the end users in terms of lower prices as the Lok Sabha elections loom.

Officials said the GST cut in cement and the panel report were on the agenda of the GST Council meeting on February 20. The Cement Manufacturers Association had been pitching for a cut in the GST to 18 per cent as it would boost infrastructure spending and create jobs, while reducing the costs of buying a house.

While cutting the rates, the council could come out with some guidelines to ensure the manufacturers pass on the benefits of the rate cut to consumers, officials said.

Union minister Arun Jaitley had in a Facebook post said lowering the tax rate on cement was a priority. Cement is the only commodity used by the common man that is taxed at the highest slab.

“Since the government and its agencies are one of the largest consumers of cement, the necessity of passing on GST rate cuts, whenever the rate reduction takes place, could result in some guidelines being issued as part of the rate reduction process,”.

Analysts said cement roughly accounts for a fifth of construction costs, and a 10 percentage point reduction in the tax burden will bring significant relief to buyers. A cut in the GST rate would boost demand and increase revenue collection.

Housing proposals

The council will also consider a report by a group of ministers (GoM) under Gujarat deputy chief minister Nitin Patel that has proposed a reduction in the rates for under-construction homes to 5 per cent from 12 per cent and in affordable housing to 3 per cent from 8 per cent — but without input tax credit.

Analysts said the margin in affordable housing is so low that builders were unlikely to pass on the GST benefits in the absence of input tax credit.

In the non-affordable segment, the builders are likely to pass on the benefits as the margins per square feet are high. Construction is a labour-intensive sector that contributes 8 per cent to the gross domestic product.

After a marginal growth of 1.3 per cent in 2016-17, construction activity had picked up pace to grow at 6 per cent in 2017-18.

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Angel Tax

What Is “Angel Tax” ?

“Angel Tax”, at the heart of the discontent among start-ups, under Section 56(2) (viib) of the Income Tax (I-T) Act, taxes any investments made by an Indian entity in an unlisted Indian company above fair market value as income.

New notification on angel tax likely today; startups to get breather on age, fund raising cap

New guidelines on angel tax are likely to announced this week in two tranches. While the Department for Promotion of Industry and Internal Trade (DIPP) is expected to revise the definition of startups by extending its duration bracket from seven to 10 years as early as today, the Central Board of Direct Taxes (CBDT) will soon clarify its stance on the issue of returned income cap for angel investors.

“Any firm that was started in 2009 will qualify as a startup for the next 10 years,” said a source privy to the development. “If you are a DIPP recognised firm, who submits the three documents, you will get a blanket exemption up to a capital raise of Rs 25 crore,” he added.

Last week, the government had set-up a small working group constituting of angel investors and startup founders to look into issues faced by angel investors.

This meeting was the outcome of incessant protests by investors in the last few weeks following the government’s angel tax notification on January 16.

The new norms were expected to soothe sentiments of the startup ecosystem. However, not many were convinced by the fresh guidelines. Angel investors had been demanding complete scrapping of the angel tax.

While the government had set up a 45-day deadline for CBDT to approve or reject a startup’s request for tax exemption, only startups certified and recognised by the DIPP were eligible for all exemptions.

According to official data, there are around 16,000 DIPP-level 1 recognised startups in the country. As of November last year, just 91 startups have been approved by the government for availing tax benefits. So, this rule leaves behind a majority of the startups in the country.

The industry has being demanding an extension of the seven year cap under which a firm is recognised as a startup by the government.

Recently, many startups have been complaining of notices they were receiving from the tax department. Many were being asked to provide an explanation for the funding raised and their valuations.

According to a report by LocalCircles and the Indian Private Equity & Venture Capital Association (IVCA), over 73 percent of startups, which raised capital between Rs 50 lakh to Rs 2 crore in India, have received angel tax notices from the I-T Department till date.

Source : Press Reports

 

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Karnataka Shops & Establishment – Important Aspects

Aspects Regulated by Shop and Establishment Act:-

The Shop and Establishment Act regulates a number of aspects relating to the operation of a shop or commercial establishment. Some of the key areas regulated by the shop and establishment act include:

Hours of work

Interval for rest and meals

Prohibition of employment of children

Employment of young person or women

Opening and closing hours

Close days

Weekly holidays

Wages for holidays

Time and conditions of payment of wages

Deductions from wages

Leave policy

Dismissal

Cleanliness

Lighting and ventilation

Precautions against fire

Accidents

Record keeping

Shop and Establishment Act License:-

Any shop or commercial establishment that commences operation must apply to the Chief Inspector for a Shop and Establishment Act License within the prescribed time. The application for license in the prescribed form must contain the name of the employer, address of the establishment, name of the establishment, category of the establishment, number of employees and other relevant details as requested. On submission of the application and review by the Chief Inspector, the shop or commercial establishment will be registered and a registration certificate will be issued to the occupier. The registration certificate must be prominently displayed at the shop or commercial establishment and renewed periodically, as per the act.

In case the shop or establishment would like to close down the business, the occupier should notify the Chief Inspector in writing within fifteen days of the closing. The Chief Inspector after reviewing the request for closure can remove the shop or commercial establishment from the register and cancel the registration certificate.

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Karnataka Shops & Establishment – Registration Procedure

Procedure of Registration under the Act.

Application in Form-A duly completed with supporting documents are required to be submitted to the local Labour Inspector with necessary payment towards registration fee. The jurisdiction of the Labour Officer is based on the locality in which the business is housed from.

Businesses with special needs i.e. long hours and women workers:

Establishments working on holidays or beyond working hours are required to apply separately for permission from Labour Officer.  Similarly, establishments seeking to employ women beyond the permitted closing hours should obtain permission separately from concerned Labour officer.

Renewals and Changes

For any changes such as increase in working hours, change in address etc. same form – Form A is to be used. Certificate of registration is required to be renewed once in 5 years. If the company has more than one office/ branches each branch has to be registered separately.  Each Company / branch has to be registered in different circles based on their locality. (Locality will be on PIN code basis)

Registration Fee Structure

Sl. No	No of employees	Fees in INR
1	NIL	250-00
2	1 to 9	500-00
3	10 to 19	3,000-00
4	20 to 49	8,000-00
5	50 to 99	15,000-00
6	100 to 250	30,000-00
7	251 to 500	35,000-00
8	501 to 1000	45,000-00
9	above 1000	50,000-00

Prohibited activities

• The employment of children below 14 years is prohibited.
• Young persons and woman shall not be employed during night, between 8 pm to 6 am for Bangalore and 9 pm to 6 am in other cities. Establishment requiring them to work between 8 pm to & 6 am for Bangalore and 9 pm to 6 am in other cities are required to obtain a special permission after fulfilling certain welfare measures such as providing security & transport facilities for employees engaged in Night shift, etc.

Rules & conditions to be followed

Business establishments in Bangalore should not open before 6.00 am and the closing hours cannot be after 8.00 pm.  Business establishments in other cities were permitted to open till 9.00 pm. If any organization requires working beyond the closing hours, a separate permission from Labour Officer is required to be obtained.

Though this provision does not applies to certain establishments listed in s. 3 (2) of the Act i.e.:

(a) shops dealing mainly in medicines or medical or surgical requisites or appliances;

(b) clubs, residential hotels, boarding houses, hostels attached to schools or colleges, and establishments maintained in boarding schools in connection with the boarding and lodging of pupils and resident-masters;

(c) stalls and refreshment rooms at railway stations, bus stands, ports or aerodromes;

(d) shops of barbers and hairdressers;

(e) shops dealing mainly in meat, fish, poultry, eggs, dairy produce (except ghee), bread, confectionery, sweets, chocolates, ice, ice-cream, cooked food, fruits, flowers, vegetables or green fodder;

(f) shops dealing in articles required for funerals, burials or cremations;

(g) shops dealing in pan (betel leaf), pan with beedies or cigarettes, or liquid refreshments sold retail for consumption on the premises;

(h) shops dealing in newspapers or periodicals, editing sections of newspaper offices and offices of news agencies;

(i) cinemas, theatres and other places of public entertainment and stalls and refreshment rooms attached to such cinemas, theatres and places of public entertainment;

(j) establishments for the retail sale of petrol;

(k) shops in regimental institutes, garrison shops and troop canteens in cantonments;

(l) tanneries;

(m) retail trade carried on at an exhibition or show, if such retail trade is subsidiary or ancillary only to the main purpose of the exhibition or show;

(n) oil-mills and flour-mills not registered under the Factories Act, 1948;

(o) brick and lime kilns;

(p) commercial establishments engaged in the manufacture of bronze and brass utensils so far as it is confined to the process of melting in furnaces.

(q) Information Technology Establishments;

(r) Information Technology enabling services or establishments;

(s)  Bio-Technology and Research Centres or establishments ofepidemic and other diseases.

The name board of every establishment shall be in Kannada.  If any other language is used, it should be below Kannada version

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Karnataka Shops & Establishment – Establishments that need to register under the Act

Establishments that need to register under the Act

The definitions for the establishment, commercial establishment and shop given in S. 2 of the the Act are:

S. 2 (i) “establishment” means a shop or a commercial establishment;

S. 2 (e) “commercial establishment” means a commercial or trading or banking or insurance establishment, an establishment or administrative service in which persons employed are mainly engaged in office work, a hotel, restaurant, boarding or eating house, a cafe or any other refreshment house, a theatre or any other place of public amusement or entertainment and includes such establishments as the State Government may by notification declare to be a commercial establishment for the purposes of this Act;

S. 2 (u) “shop” means any premises where any trade or business is carried on or where services are rendered to customers, and includes offices, storerooms, godowns, or warehouses, whether in the same premises or otherwise, used in connection with such trade or business, but does not include a commercial establishment or a shop attached to a factory where the persons employed in the shop fall within the scope of the Factories Act, 1948;

On analysing the above definitions we see that the act virtually cover all types of business establishment and thus making it necessary for all business establishments (with or without any employees) in Karnataka to register under the Act.  This is an important labour state level compliance requirement. The only case where one doesn’t need to register under the Act is when either the establishment is a factory when it will be covered under the Factories Act, 1948 or when it is exempted under the s. 3(1) of the act. As per this section following establishments are not covered by the Act:

(a) offices of or under the Central or State Governments or local authorities, except commercial undertakings;

(b) any railway service, water transport service, postal, telegraph or telephone service, any system of public conservancy or sanitation or any industry, business or undertaking which supplies power, light or water to the public;

(c) railway dining cars;

(d) establishments for the treatment or care of the sick, infirm, or the mentally unfit;

(e) establishments of the Food Corporation of India;

(f) offices of legal practitioners and medical practitioners in which not more than three persons are employed;

(g) offices of a banking company.

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Karnataka Shops & Establishment – Important registers to be maintained under the Rules

Important registers to be maintained under the Rules

(a) Register of leave with wages Form–F

(b) Visit book

(c) Appointment order in Form –Q

(d) Notice to be exhibited on weekly holidays in Form P

(e) Registration certificate to be exhibited in Form C

Documents required for registration along with Form A

• Incorporation Certificate of Company
• MoA & AoA
• Rental Agreement/ Lease Agreement of Company
• Company PAN Card
• Address Proof of Director – Lease / Rental Agreement
• ID Proof of Director – Pan Card / Election Card/ Passport/ Driving License
• List of Directors

Information required for filling up of Form A

• Name of The Company
• Postal Address
• Telephone No
• eMail Address
• Details of Director/ Managing Director/ Proprietor  – Address, Ph.No, eMail ID
• Details of Authorized Signatory (in case whose is signing in the place of Director)
• Nature of Business
• Date of Commencement of Business
• No. of in the Company (Male & Female to be mentioned separately)
• Weekly Holiday

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