Indian IT department sends tax demand notices to global funds

The Indian Income Tax authorities go back on their own promise and put a brake on the ‘once protected’ grandfathered transactions!!

The department has issued demand notices to 9-10-year-old transactions done from Mauritius, Singapore and opened up grandfathered transactions under the pretext of invoking judicial GAAR by calling such transactions ‘sham’ (fake & fraudulent).

But what is this probe into? Is it for,

– Lack of substance?
– Lack of decision making in treaty jurisdictions?
– Use of a treaty only for tax exemption?
– Orchestrating a complete fraud with no foundation whatsoever?

Watch the full video to get a glimpse as the tax authorities will now be acting aggressively because they realise that with the recent AAR (Authority for Advance Ruling) in Tiger Global – Flipkart case, they have a chance to win.

Radically Yours | Teaser on Indian IT department sends tax demand notices to global funds

It is not the Cayman Islands this time, but Mauritius and Singapore! The Indian Income Tax authorities go back on their own promise and put a brake on the ‘once protected’ grandfathered transactions!!

The department has issued demand notices to 9-10-year-old transactions done from Mauritius, Singapore and opened up grandfathered transactions under the pretext of invoking judicial GAAR by calling such transactions ‘sham’ (fake & fraudulent).

But what is this probe into? Are the tax officers opening assessments for their selfish purposes by means of tax terrorism?

Watch this teaser to get a glimpse as the tax authorities will now be acting aggressively because they realise that with the recent AAR (Authority for Advance Ruling) in Tiger Global – Flipkart case, they have a chance to win.

GIFT City | Teaser

Modi’s dream to make a Singapore/Dubai in Gujarat has taken off well with GIFT City. But why Gujarat? Well, the lion always likes to stay in his den despite the fact that he rules the jungle. GIFT has already gathered traction from MNCs like Grand Thorton and companies like Zerodha (set up the 1st AIF in GIFT).
However, one of the biggest fears is that GIFT City is premised fully on the Indian Income Tax Act. But how does it matter? It matters because the changes brought in by the Modi Gov can be changed any day by the existing or the future Gov just by the passing of a bill in Lok Sabha. Following this, the tax exemptions now in GIFT may not be applicable in a few years.
But as of now, GIFT is promising for offshore investors investing in India due to significant tax reduction and other pros. There is also a lot of scope for foreign infra players as the infrastructure is just coming up in Gandhinagar and the Indian Gov is heavily supporting it. What are your views on GIFT?

GIFT City | Part II

GIFT City, launched in 2012 as Smart City, is a planned business district in Gujarat, India. It is visioned as an alternative to other financial hubs like Singapore, Mauritius or Luxembourg. Although based in India, GIFT City is an international jurisdiction meant to provide financial services to non-resident and resident investors.

GIFT City | Interview

GIFT City, launched in 2012 as Smart City, is a planned business district in Gujarat, India. It is visioned as an alternative to other financial hubs like Singapore, Mauritius or Luxembourg. Although based in India, GIFT City is an international jurisdiction meant to provide financial services to non-resident and resident investors. From tax benefits to procedural compliances, GIFT has a lot to offer but is its success foreseeable amidst other benchmarked financial hubs? Something to think about.

GIFT City | Explained

In this video we encapsulate the essential features of GIFT City as the new financial and technology gateway to India for the world by discussing the pros and cons of setting up alternative investment funds or vehicles. From tax benefits to procedural compliances, GIFT has a lot to offer but is its success foreseeable amidst other benchmarked financial hubs? Something to think about.
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