During Prime Minister Narendra Modi-led NDA government regime, manufacturing has emerged as one of the high focused sectors in India. And with the budget for the fiscal year 2017-18 just around the corner, everyone has set the bar high with their expectations from the Central Government on laying various reforms in the sector. Here is Amit Agarwal, Partner, Nangia & Co sharing what are the expectations of manufacturing sector’s from the budget 2017:

To determine the residential status of foreign companies, the Finance Act 2015 introduced the concept of place of effective management or POEM. If a company’s place of effective management is India, it will be treated as an Indian resident and its global income will be taxable in India. But the criteria to determine the place of effective management were missing and so in Budget 2016 Finance Minister Arun Jaitley deferred POEM by a year. That is, it would become applicable starting financial year 2016-17. 10 months into the fiscal and the Central Board of Direct Taxes has only now released the POEM guidelines.   Rakesh Nangia, Managing Partner shares his views on New norms seek to plug tax evasion by shell firms for following publications:

1. Economic Times
2. Business Standard
3. Bloomberg Quint
4. Indian Express
5. Financial Chronicle
6. Calcutta Telegraph
7. PTI

(PTI has flashed two stories which has been carried by 298 other publications)

• Defer POEM implementation till April to avoid confusion’
• 3-member collegium to decide if cos violating POEM rules

 Attached are links to the article http://economictimes.indiatimes.com/news/economy/policy/i-t-department-to-target-indian-mncs-avoiding-tax/articleshow/56767827.cms http://www.business-standard.com/article/economy-policy/new-tax-norms-target-shell-firms-rule-to-impact-auto-pharma-software-cos-117012401019_1.html https://www.telegraphindia.com/1170125/jsp/business/story_132173.jsp#.WIhiU1V97IU http://www.bloombergquint.com/union-budget-india/2017/01/24/tax-department-issues-place-of-effective-management-rules-to-stop-evasion-by-foreign-companies http://www.business-standard.com/article/pti-stories/defer-poem-implementation-till-april-to-avoid-confusion-117012401084_1.html

Finally the wait is over , Budget is just around the corner and as always, there’s a flurry of expectations and speculations about what it has in store. Some experts think that Budget 2017 is likely to benefit common man and some experts think that this will be in favour of corporates. This entire week , Nangia & Co experts will share their perspectives on what are their expectations from budget 2017. Here is  Rajat Mohan, Director- Indirect Taxation –  shares his expectations from Budget 2017?   You can watch the video on below link:  

A startup in India has to face a number of issues that it must deal with in order to grow into a successful organisation. Apart from planning the most effective business strategy for the company, the startup needs to look at the regulatory environment, various legal issues, and the various laws that exist in our country. Last year the launch of “Startup India” program received an overwhelming response by the startup community and the investors alike. The government needs to recalibrate its policy stance for Startups to make the scheme more accessible and hence it seems that Startups are likely to surely get an impetus in the Union Budget 2017 to be announced on February 1, 2017. Suraj Nangia, Partner shares his wishlist on what startups are excepting from Budget 2017 for moneycontrol.com. Attached is link to the article http://www.moneycontrol.com/news/sme/why-onlyhandfulstartups-can-avail-governments-tax-sops_8345021.html