 "taxes, tax, taxing, audit")
Angel investment at high premium under Income-Tax department scanner
Indian start-ups that raised capital from domestic investors at an “excessive premium” between Assessment Years 2018-19 and 2020-21 have come under the income-tax (I-T) department scanner. The tax department has asked a considerable number of start-ups, including those in the financial technology and education space, to justify their shares issued at a premium to domestic investors under angel tax provisions in a recent communiqué, informed two people in the know. The excess premium received on the sale of shares by an Indian unlisted company to either foreign or domestic investors will be construed as ‘income from other sources’ and liable for angel tax. Read more...
Localisation plan: Indian firms to make key components for Apple
Apple is working to increase localisation in its iPhone by assembling two key components through its suppliers in India.
One is the enclosure or casing, which holds the phone that Apple is working on with the Tatas. The other is the camera module, which Chinese company Sunny Opotech will assemble. Currently, based on the vendor data shared with the government, Apple’s domestic value addition in the various iPhones assembled by its three vendors — Foxconn, Pegatron and Wistron — is to the tune of 12-15 per cent. Read more...
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India's ICT tariffs led to annual export loss of €600 million, says EU
The European Union (EU) has claimed that up to €600 million of its technology exports to India were adversely impacted annually due to India’s imposition of tariffs on information and communications technology (ICT) products.
“The volume of EU exports of such technology affected by India’s violations is up to €600 million annually. While this is already significant, the real impact on European companies, which also export from other countries to India, is considerably higher,” it added. Read more...
India gets over $60 bn in PE-VC investments for third year straight: Report
India last year got 20 per cent of the total private equity and venture capital (PE-VC) investments in the Asia Pacific, said a report on Wednesday, making the country a "bright spot" amid decelerating capital flow in the region.
India got investments worth $61.6 billion last year: the third time it topped the $60-billion mark but moderating slightly from $69.8 billion in 2021, according to the report written by consulting firm Bain & Company in collaboration with Indian Venture and Alternate Capital Association (IVCA). Read more...
Tata nears deal to buy Wistron's iPhone factory for Rs 5,000 crore
Tata Sons is all set to acquire Taiwanese firm Wistron's existing plant near Bengaluru for around Rs 5,000 crore, according to sources. At the same time, the group is expediting investment worth Rs 6,300 crore in Tata Electronics’ plant in Hosur in Tamil Nadu. The plant is expected to start production of Apple products by the end of June. Read more...
