Wisdom Tree Consultants Pvt. Ltd.

02/08/2021

02/11/2018

15/06/2018

The Bombay High Court has accepted service of notice in an ex*****on application through WhatsApp after observing that the notice, served as a PDF file, was not only delivered but opened as well by the receiver.

Justice Gautam Patel, earlier this week, was hearing an ex*****on application filed by the SBI Cards and Payments Services Pvt Ltd (the claimant), saying that the respondent -- city resident Rohit Jadhav -- was evading service of notice.

According to the claimant comp ..

Read more at:
//economictimes.indiatimes.com/articleshow/64603701.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

The court has asked the claimant company to furnish the residential address of the respondent on the next date of hearing so that a warrant, if necessary, can be issued against him.

15/06/2018

Liberalized Remittance Scheme mandate by RBI for all Accounts.

As per RBI’s latest mandate on Liberalized Remittance Scheme (LRS), resident individuals have a limit of USD 2,50,000 or equivalent per financial year (April-March). This limit is for Current or Capital Account transactions or a combination of both.
Current Account Transactions include:
Withdrawal of foreign exchange and remittances (in case of private visit, gift/donation, going abroad on employment, emmigration, maintenance of close relatives abroad, business trips, medical treatment abroad, studies abroad).
Capital Account Transactions include:
Opening a bank account/ investment/ purchase of property and the like. Buying foreign exchange including purchase/ reload of Forex Card, use of Debit & Credit Cards for expenditure, withdrawing cash outside India, purchase of Currency and Telegraphic Transfers to beneficiary abroad.
In case this limit of USD 2,50,000 is breached/ crossed by the individual availing one or more of the permitted foreign exchange facilities as referred above, the bank will be compelled to not extend any further foreign exchange facility including Forex in Cash or Reload on Forex Card. There will also be blocking of remittances/ international transactions on the individual’s Debit Card, Credit Card and Prepaid Cards.
However, transactions and banking functions in INR will not be affected. If you’d like to know more about this mandate, you can click here. This communication was to keep you updated with RBI Policy. We assure you of the best of our services.
Courtesy : HDFC Bank

09/01/2018

Have you ever wished to move to USA ?

Here’s an opportunity !

You may get EB-5 Visa

What is EB-5?

• The EB-5 program: allows entrepreneurs and their families (children under 21) to obtain a green card in order to reside in the United States.
• Congress created the program in 1990 in order to boost US economy by creating jobs and receiving capital investment from foreign investors.
• In 1992, Congress created the Immigrant Investor Program (Regional Investor Program) that helps set aside visas for those who invest in commercial enterprises associated with regional centers that are US Citizenship and Immigration Services-approved, meaning they are favored for helping with economic growth in the US.
• Qualifications: In order to be qualified, EB-5 investors have to have invested either $500,000 or $1,000,000 in a new commercial enterprise, located in a targeted employment area (T.E.A.) and creates 10 full-time positions with qualifying employees. ISA through investment route.

Interested ? Contact us, investment opportunity open for short period. Contact us for participating in forthcoming seminars in Delhi NCR and Mumbai.

25/11/2017

FOREIGN INVESTMENTS IN INDIA

South Korean conglomerate Lotte Group and French carmaker PSA Group have separately discussed proposals to invest as much as $6 billion combined in India, a move that would boost Prime Minister Narendra Modi’s attempts to attract foreign capital in Asia’s third-largest economy, a person with direct knowledge of the matter said.
Lotte may invest between $3 billion and $5 billion in the next five years, the person said asking not to be identified as the proposals are preliminary. The South Korean firm intends to invest in retail, chemicals, food processing and real estate, as well as develop railway platforms in the country, the person said. Separately, PSA, the maker of Peugeot and Citroen cars, plans to spend about 1 billion euros ($1.2 billion) to build a car factory and an engine plant in southern India, the person said.
Modi’s flagship "Make in India" plan encourages foreign firms to manufacture locally by offering easier land acquisition, pruning the number of approvals and, in some cases, offering incentives. The efforts have helped India move up in the World Bank’s ease of doing business survey and achieve an unexpected credit rating upgrade last week by Moody’s Investors Services.
“The number looks big but through concerted drive, India may be able to bring it in,” said Mohan Guruswamy, chairman of the New Delhi-based Centre for Policy Alternatives, by phone. “It is still not easy for companies to do business in India.”
Restaurants, Shops
Lotte plans to develop urban real estate by adopting railway stations and maintaining them, the person said. In return, the railways will allow the group to operate restaurants, hotels and shops, the person said. The confectionery arm of Lotte is in the process of setting up a new factory in India, according to the person.
"Lotte is exploring various business opportunities in India and other countries, but there is nothing confirmed or discussed in detail as to which areas to enter and how much money to invest," Lotte said in a statement. In January, PSA announced a deal with C.K. Birla Group to manufacture cars in India with an initial investment of 100 million euros. In a statement on Thursday, the group said its investment plan remains unchanged.
Expanding its business in India may help the Seoul-based group to hedge the risks it faces in neighbouring China. When tensions between China and South Korea simmered over a U.S. decision to deploy a missile shield on South Korean soil earlier this year, Lotte was among the hardest hit companies as Beijing retaliated by hindering operations of Korean companies in the mainland.
Lotte already sells candy, gums and snacks in India after acquiring a local confectioner. On Thursday, the unit announced buying a local ice-cream maker Havmor for 165 billion won ($152 million) in cash.
Paris-based Peugeot entered India in the late 1990s in partnership with a local automaker when India’s government opened up the industry to foreign manufacturers. After the attempt failed, the French company has been planning to re-enter the South Asian country, where a unit of Suzuki Motor Corp. and Hyundai Motor Co. control a combined 67 percent of the market.
The Indian government is discussing more than 550 foreign investment proposals worth about $85 billion, offering competitive terms to companies and ensuring uninterrupted supply of power and water to plants, the person said. The proposed projects include setting up factories in the areas of food processing, electric vehicle components and electronics among others, the person said.

Source : Bloomberg

06/10/2017

The other day I came across a young NRI couple working and living in London. The lady has some pre-marriage deposits with bank in India and some investments in real estate. She receives interest income on these deposits and TDS has been deducted and deposited by bank and builder.
The couple had no clue as to they can claim refund of TDS if they do not have taxable income in India. While going through their record it was noticed that out of five previous years, she could have claimed refund and in two years she was supposed to pay the tax as income was more than exemption limit.
Such cases are not remote and rare. In many NRI cases, such irregularities are being noticed. It's matter of concern as apart from non-compliance where tax is payable, the NRI stands to loose genuine refunds.
Lack of knowledge and professional guidance must be blamed fro this.
NRIs are welcome to contact our team at [email protected] for their queries.

22/08/2017

11/06/2017

We are stressed day in and day out for all right and not-so-right reasons. Here is an effort to analyse and suggest a way out of stressful situations.........

08/06/2017

“World Gold Council – GST to accelerate Indian Gold Market’s organisation & transparency”
On 1st July, India’s labyrinth of taxes will be replaced with a simple, nationwide Goods & Services Tax (GST). This is the biggest fiscal reform since India’s liberalisation in the early 1990s. While gold consumers will face a slightly higher tax rate, and the industry will go through a period of adjustment, we see the net impact on the gold industry as being positive. The gold supply chain should become more transparent and efficient, and the tax reform could boost economic growth, which we see as supporting gold demand.
Gold GST– lower than feared
The tax on gold is set to increase from 1st July 2017. Prior to GST being implemented, the overall tax rate on gold jewellery stands at 12.2%. This is made up of 10% customs duty, 1% excise duty, and 1.2% VAT. GST replaces the excise duty and VAT components, but sits on top of the import duty. The headline gold rate of 3% announced on 3rd June has been welcomed by the industry, as it is significantly lower than many had feared.
But when we delve a little deeper, the effect of the tax is a little more complex. There are two important GST rates which will affect the industry. The first is the 3% tax on gold products, such as jewellery. In addition, there is an 18% tax on services that will apply to firms and individuals providing manufacturing services across the gold supply chain. This is a significant part of the industry. Taking these two rates into account, our analysis of the supply chain indicates the effective tax rate consumers face could increase to between 13.5 -14%. This range depends on whether the jewellery is manufactured in-house or is outsourced. Firms manufacturing jewellery in-house will have an advantage. This, however, overlooks the broader tax efficiencies GST will bring. A key benefit of the new regime is that a firm can offset the tax it pays against its revenues using input tax credits and double taxation throughout the supply chain should be eliminated.
Jewellers, for example, will now be able to use input tax credits from any goods and services used in the process of selling jewellery. Any tax efficiencies gained in the supply chain will be passed on to the consumer. One might be concerned firms could use input tax credits to fatten their margins. But anti-profiteering legislation will ensure this is policed, and that firms pass on the benefits to the end consumer. The devil is in the detail when it comes to tax. While the GST rates have been announced, there are several areas where greater clarity is required. But there are still some key themes worth highlighting.
Consumer impact
We see consumer behaviour changing in response to GST. Our econometric analysis spanning 26 years of data illustrates that higher taxes act as a headwind to gold demand. But the tax should also change the industry to the benefit of the consumer. Consumers currently get a bad deal. The industry is highly fragmented, dominated by small independent retailers where under-carating is rife. While most analysts think of India’s jewellery market as being dominated by 22k, the reality is that most of the jewellery sold has less gold in it than advertised. GST will bring greater transparency to the supply chain, and bring more of the gold market into the formal sector. We expect this to make it harder for retailers to under-carat their customers.
GST's impact on India's gold market
A slew of measures from the Bureau of Indian Standards is pushing the industry towards mandatory hallmarking, which will also tackle the issue of under-carating. The direction of travel seems clear to us: India’s gold market is becoming more organised and transparent, and it is likely GST will accelerate this process. Consumers can have more faith in the gold products they are buying, and this in turn can support gold demand in the years to come.
On top of this, jewellery made by artisans subcontracting for larger manufacturers from another state would be treated as inter-state supply and subject to IGST, even if the artisans do not reach the turnover threshold of Rs.2m per annum. This may not be feasible for small-scale craftsmen.

27/05/2017

There is also a distinct divide in GST preparedness between MSMEs and big businesses as some GSPs that primarily cater to companies with annual turnover of Rs1,000 crore and above sound confident about their clients.