The Official eLagaan Blog

TiE Women Entrepreneur Business to Business Meet, Bangalore, India

2012-02-15T14:22:00.005+05:30

Jyoti Ramnath from TiE Bangalore, is organizing an event focused on the Women Entreprenuers on Feb'16 2012. As a women co-founded company, eLagaan is happy to be a participant & support the event.

Event Details:

By TIE SIG-Women

Topic: Women Entrepreneur Business to Business

Meet Our FIRST EVENT of TIE 2012 @ TIE Office, Divyashree Chambers- Inviting all Bangalore based Women Entrepreneurs for an evening of growing your business. An opportunity/platform to let people know about your services and what is the value add you create. This will help in generating leads for business. Get to know of businesses from four Women Entrepreneurs that can help grow your own business.Also get to know what other women entrepreneurs are doing. You may be able to get the benefit from their service / product and in turn be able to get others to know what you are doing. Reach out to the women entrepreneur ecosystem Understand some issues and how these are tackled.. informally over a cup of coffee/tea.. and during the course of the Meet February 16th 2012Time- 6-7.30 Pm only

Fo further details of the event please visit http://linkd.in/zRRAcv

Silcion India & Arindam Ghosh features eLagaan co-founder Navin Kumar

2012-02-09T03:49:00.005+05:30

eLagaan Co-Founder Navin Kumar, was recently featured in Silicon India and blog by Arindam Ghosh (read his blog here). The topic of the article is "Confession Of Entrepreneurs".

Navin Kumar was featured along with Nishith Shah, Founder, True Sparrow & Ramesh Jagannathan, Co-Founder, Lucivid Software.

You can read the article here or here

eLagaan proud to sponsor Startup Weekend, Mumbai, India

2012-02-05T08:04:00.004+05:30

We are proud to sponsor free Company Registration for the winners of Startup Weekend, Mumbai, India. Find more details at http://bit.ly/wBBTqR

Here is the agenda of the event:

Startup Weekend and GTUG (Google Technology User Group) are teaming up to organize a technology bootcamp in Mumbai on 4th February 2012. This is part of the bootcamp events Startup Weekend and local GTUG chapters are hosting worldwide. Such events present an opportunity to learn more about some of the Google developer technologies (e.g. Android, Chrome, HTML5, Google Maps etc.) and also other technologies which budding entrepreneurs can leverage to build successful businesses.

The Pre-Startup Weekend GTUG Bootcamp is free and open to all. More here

10th Feb Friday:

6:30pm – Registration starts

7:00pm – Dinner & Networking

7:20pm – Welcome & Speakers

7:30pm – Pitches Start

9:00pm – Attendees vote for the top ideas

9:15pm – Teams start forming and discussing ideas

10:00pm – Start to formalize teams and take an inventory of skills. Be honest, and direct about what resources and skills are needed for the weekend. You may stay and work as late as the venue will allow.

11th Feb Saturday

9:00am – Arrive, simple breakfast & coffee

9:30am – Teams formed and setting up workspace for the weekend

12:00pm – Lunch

1:00pm – Call for needs & skills

2:00pm – Mentors help teams one-on-one. They are here to help!

6:30pm – Dinner

7:30pm – Mid weekend check-in, status reports, call for help

10:00pm – Finished for the day. You may stay and work as late as the venue will allow.

12th Feb Sunday

9:00am – Arrive, simple breakfast & coffee

10:00am – Call for help (this is self motivated, so don’t be shy)

12:00pm – Lunch

12:30pm – Mentors arrive… ASK QUESTIONS

3:00pm – Gut check. Start prepping for presentations

4:00pm – Dinner

5:00pm – FINAL PRESENTATIONS

7:30pm – Judging & awards

8:30pm – Wrapup

9:00pm – Go home!

Good luck to all the teams !

eLagaan to speak at "Startup Essentials Series", Bangalore, India

2012-01-30T15:38:00.007+05:30

Are you working on the next big startup in India, then you should attend the next "Startup Essentials Series" event being organized by our friends Open Coffee Club, Bangalore, Entrepreneurs Cell at Christ University, Bangalore Entrepreneurs Meetup Group.

eLagaan is happy to be one of the presenters, and will be talking about "Company Incorporation Perspectives (Includes which one should you go for and why: Proprietorship, General Partnership, Limited Liability Partnership, Private Limited Company and the Registration Process)"

So register today here.

Date: 04 Feb 2012

Day: Saturday

Time: 12 Noon - 03 PM

Venue: Christ College, Kormangala. (Exact venue within Christ College to be announced 48 - 72 hours before the event).

Cost: INR 100.00

See you at the event, and don't forget to say hello when you see us there.

eLagaan happy to sponsor Startup Weekend, Bangalore - a Kauffman Foundation initiative

2012-01-19T13:03:00.005+05:30

eLagaan is happy to offer Free Company Registration for Startups In India as a sponsor for the Startup Weekend 2012 Bangalore, India (a Kauffman Foundation initiative).
We are also happy to offer a 5-10% discounts to all Startup Weekend participants. So if you are a participant in the event, claim you discount by sending us an email at support@elagaan.com .
For more details about the sponsorship visit http://bit.ly/zPdyY9.
Visit here for more details about Pvt. Ltd. Company registration, LLP Company registration.

Don't Miss the eLagaan Startup Camp, Bangalore

2012-01-03T11:50:00.007+05:30

eLagaan is happy to announce "eLagaan Startup Camp: Fund Raising & Legal compliance" on 7Jan2012, Microsoft, EGL, Bangalore, INDIA. Details at http://elagaan.com/startupcamp eLagaan Startup Camp is an event to gather insights and interact with industry experts & leaders. This is not meant for showcasing ideas and products but rather brainstorm & learn from experts to benefit from their experience to help build/run a successful startup.

Many startups fail, not because they didn't have the right product or service, but because either they raised fund at the wrong time from the wrong investor in wrong terms, OR they didn't have an exit strategy, OR even worse they didn't have a proper legal structure to make the company fundable or saleable.

The Camp will touch base on these aspects from people who have made it happen, and then followed by strong panel to see both sides of the coin. The event is targeted towards entrepreneurs & wannabe entrepreneurs.

Registration is completely FREE, so Register Now at http://elagaan.com/startupcamp

Thanks to Our partners (Microsoft India, Yourstory.in, Intuit SIPA USA, OCC Bangalore, eLagaan) for support.

eLagaan to Speak at TiE Entrepreneurial Summit - TES 2011, Bangalore

2011-12-13T13:16:00.009+05:30

eLagaan is happy to be participating and speaking at the upcoming TES 2011/ TiE Entrepreneurial Summit 2011 organized by TiE.

eLagaan Co-Founder Navin Kumar will be there speaking at a Panel discussion on "Financial Services". The panel will be hosted by Alok Mittal, co-founder of Indian Angel Network.

So do look for the eLagaan team when you are at the event and say hello, and hope you enjoy the Vibrant Panel.

About TES 2011:

TiE is a global organization dedicated to fostering entrepreneurs across its international network. In keeping with this dedication, the theme for the TiE Entrepreneurial Summit 2011 is ‘Celebrating the EntrepreneurTrip’ - the entire entrepreneurial journey – trials, tribulations, challenges and exhilaration - from ideation to creation to growth and scaling will be the focus this year. Entrepreneurship experiences and lessons from across this spectrum will be discussed, debated and shared through multiple panels and sessions including Guru Talks (where Gurus from the world of entrepreneurship share their experiences in an informal Q & A session with the audience), mentoring, and networking opportunities.

Appropriately enough, TiE Summit 2011 will also be ‘Going Green’ this year with the use of cutting edge web and mobile applications to manage communication, registration, accessing and networking at the conference.Successful entrepreneurs and eminent thought leaders, all stellar names in themselves, will lead TES 2011 with keynote addresses.

The conference agenda, with over 40 sessions and over 100 speakers will address a range of technology, policy, business and management issues of relevance to entrepreneurs.Attendees will have a world of opportunities thrown open to them in the fields of Healthcare, Education, Agriculture, Social Media & Advertising, Mobile Business, Clean Technologies, Web Economy, and Financial Services at this year’s event.

To learn more about the event, visit: http://www.tes2011.com/

Wishing You All A Very Happy & Prosperous Deepavali

2011-10-26T20:25:00.004+05:30

iamstarting talks with indian founders - talks with us

2011-06-03T03:54:00.004+05:30

eLagaan was recently featured in I Am Starting Blog. So head over here to listen to the interview. Nikita from iamstarting has done a great job talking to our co-founder Navin Kumar.

If you have not hear of iamstarting, it is a platform where Nikita interviews the founders of up & coming startups in India. Its a great blog and good read/listen for people interested in startup echo system in India. You can find the blog at http://iamstarting.com/

Navin's interview can be found at http://iamstarting.com/2011/05/interview-with-navin-kumar-of-elagaan

FDI for LLP to be reality soon in India

2011-05-12T18:07:00.001+05:30

Foreign Direct Investment(FDI) in LLP (Limited Liability Partnership) got a nod from cabinet. The Government has decided to implement this in a calibrated manner. This shall now help LLPs to attract foreign investments and also structure themselves to become more competitive globally. It is a major boost to startups and SME segment who were forced to choose for a Pvt. Ltd. Co. if they were looking at foreign investments/ participation. Checkout our guide on How to choose my business to compare various business forms in India.

Here are the details of the FDI nod as released vide press release:

APPROVAL FOR FDI IN LLP FIRMS

Approval for FDI in Limited Liability Partnership firms

PRESS RELEASE, DATED 11-5-2011

The Cabinet Committee on Economic Affairs today approved the proposal to amend the policy on allowing Foreign Direct Investment (FDI) in Limited Liability Partnership (LLP) firms.

The FDI in LLPs will be implemented in a calibrated manner, beginning with the ‘open’ sectors where monitoring is not required, subject to the following conditions :

(a) LLPs with FDI will be allowed, through the Government approval route, in those sectors/activities where 100% FDI is allowed, through the automatic route and there are no FDI-linked performance related conditions.

(b) LLPs with FDI will not be allowed to operate in agricultural/plantation activity, print media or real estate business.

There are also further following conditions relating to funding, ownership and management of LLPs :

I. Funding of LLPs:

(a) An Indian company, having FDI, will be permitted to make downstream investment in LLPs only if both the company, as well as the LLP are operating in sectors where 100% FDI is allowed, through the automatic route and there are no FDI-linked performance related conditions.

(b) Foreign Capital participation in the capital structure of the LLPs will be allowed only by way of cash considerations, received by inward remittance, through normal banking channels, or by debit to NRE/FCNR account of the person concerned, maintained with an authorized dealer/authorized bank; and

(c) Foreign Institutional Investors (FIIs) and Foreign Venture Capital Investors (FVCIs) will not be permitted to invest in LLPs. LLPs will also not be permitted to avail External Commercial Borrowings (ECBs.)

II. Ownership and management of LLPs :

(a) For the purpose of determination of the designated partners in respect of LLPs with FDI, the term "resident in India" would have the meaning, as defined for "person resident in India", under section 2(v)(i)(A) & (B) of the Foreign Exchange Management Act, 1999 ;

(b) In case the LLP has a body corporate as a designated partner, the body corporate should only be a company registered under the Companies Act and not any other body, such as an LLP or a trust.

III. Conversion of a company with FDI into an LLP will be allowed only if the above stipulations are met and with the prior approval of FIPB/Government.

IV. The designated partners will be responsible for compliance with the above conditions and liable for all penalties imposed on the LLP for their contravention.

Presently, FDI is allowed in Indian companies. It is allowed in a firm or a proprietary concern, subject to certain conditions. FDI in a trust is also allowed with prior Government approval, provided it is a Venture Capital Fund (VCF).

The CCEA’s approval will benefit the Indian economy by attracting greater FDI, creating employment and bringing in international best practices and latest technologies in the country.

The Limited Liability Partnership Act, 2008 (LLP Act) was notified in April, 2009. With the passage of this Act, a new hybrid entity, incorporating the features of a body corporate and a partnership, can now be formed for the purpose of undertaking business in India

elagaan to demonstrate its Chartered Accountant Capabilities at Startup City, Bangalore

2011-04-15T02:53:00.000+05:30

eLagaan will be participating in the upcoming startup City, May 28th in Bangalore, Karnataka, India.
Some of you met us last year, this year again you will have the opportunity to meet us.
Ask our team about how to start a Company In India , how we can help you run your business more smoothly, or tax and saving tips for individuals & companies. We have seen it all !

About Startup City:

Startup City is an event organized by Silicon India. The next event will occur on May'28th, more details here

It is said good things come in small packages. There are over 500 startup companies in Bangalore alone. There are several others across India. If their number is an eyebrow raiser, the technologies they work on are a mindblower. The sad reality is that most of us have no clue of the cutting edge technology development that happens in our own city!

You will find several of these 'cool startups' at the siliconindia Startup City. You can meet star engineers from these companies and see how they built cutting edge products.

Watch live product demonstrations
Get a peek into cutting edge technologies
Lay hands on the best-of-breed solutions
Meet young, energetic, passionate geeks
Experience the culture of innovation

Venue

Nimhans Convention Centre
Near Dairy Circle
Bangalore - 560029

So stop by and say hello to us when you are there.

India Budget 2011

2011-03-02T17:57:00.006+05:30

Finance Minister has taken a middle path in this budget. It has rolled out many schemes to stimulate basic sectors like Education, Infrastructure which is expected to give a boost to overall economy. IT support for better governance has been identified as a crucial element and Indians can look out for better interaction, early resolution of queries and grievances with various tax departments in times to come. FDI and FII investments are being liberalised.

India Budget 2011 doesnot offer too many tax soaps. Steps are being taken to move to GST and DTC regime, which is expected to be in force from 01-Apr-2012.

For Businesses
• Silence over continuation of STPI scheme. Currently the STPI is coming to an end on 31-Mar-2011. This shall hit the SME segment hard.
• MAT (minimum alternate tax) imposed on SEZ units @ 18.5%. Large companies shall be impacted severely with this move as they will have to shell out close to 20% (including surcharge and cess) as income tax on their book profits.
• Surcharge on Income tax reduced from 7.5 to 5% for Domestic companies and 2.5% to 2% for others
• Income tax on dividends received by Indian companies from its subsidiary companies reduced from 30% to 15%
• Many new services brought under service tax net. Major ones include Air travel, AC Hospitals, AC Hotels & restaurant with bar, Life Insurance companies etc.
• Service tax audit waived for Individual & proprietorship business for turnover upto Rs.60Lacs
• Central excise duty rate changes: Min rate enhanced from 4% to 5% and standard rate @ 10%
• 130 new items brought to Central excise net at nominal rate of 1%. These excludes the basic food and fuel items
• Boost to Agriculture equipment sector, fertilizer, Infrastructure and Education sector
• Proposal for liberalising FDI and also to lure FII in Infrastructure sector
•Iron or exports to attract export duty of 20%

For Individuals
• Income tax exemption limits enhanced. A new category called Very Senior Citizens has been introduced (80 years & more of age). Income upto Rs.5 Lacs are exempted for them. Qualifying criteria for senior citizens relaxed to 60 years & above of age from existing 65 years. Income exemption limit enhanced to Rs.2.5Lacs from Rs.2.4 Lacs
• No change in structure for Women. For other individuals the exemption limit has been enhanced to Rs.1.8Lacs from Rs.1.6Lacs. Check the new Income tax rates
• Proposals are underway to remove tax return filings for salaried class and small tax payers who have already paid their taxes through their employers. New form called SUGAM shall be introduced. eLagaan shall introduce these forms as they are notified. When you file your taxes at eLagaan, you may relax and not worry for changing formats anymore.
• Boost to low cost housing. Government shall bear 1% interest cost for loan upto 15 Lacs (house value under 25 lacs)
• Investment benefits in infrastructure extended for another year (Rs.20,000 additional benefits for investing in infra bonds)
• Air travels to cost more and so is AC hotels, restaurants and hospitals, as these services has been included in service tax net. Fuel, branded clothes to cost more.
• Environmental friendly products, batteries to cost less. Hybrid vehicles to cost less

How to make Income Tax/ TDS payments

2011-02-14T16:20:00.005+05:30

eLagaan introduces new series of videos to empower Do-It-Yourself techniques for variety of topics related to taxation, business basics and other compliances. Watch out this space and also catch us on Youtube.

Check out this video if you are look to pay:

1. Income Tax

2. TDS payments

3. Advance Taxes for income tax

4. Any other Income tax payments

Check our Knowledge Base for more resources.

eLagaan to present at CIIE (Centre for Innovation Incubation & Entrepreneurship) from IIM Ahmedabad

2011-01-29T09:50:00.003+05:30

CIIE (Centre for Innovation Incubation & Entrepreneurship) from IIM Ahmedabad along with Power Of Ideas is conducting a workshop in association with The Economic Times and DST to help foster entrepreneurship @ Bangalore today (29 Jan 2010).

This is going to be a great event. eLagaan is glad to be associated with this event to support, present and exchange

our views on areas of Taxation, Laws and other compliances for Startups.

For more resources on Startups and Doing business in India, checkout

Due date for filing Corporate income tax returns extended to 15-Oct-2010

2010-09-28T14:46:00.003+05:30

CBDT in a recent order has extended the due date for filing of income tax returns for all Tax audit cases (both Corporates and Individuals) from 30-Sep-2010 to 15-Oct-2010.

The extension has been made for disturbance in general life caused due to floods and heavy rains in various parts of the country.

eLagaan offers the most convenient way to prepare and file your taxes. Just get in touch with eLagaan Support and we take care of the rest. No travel, No Hassle to prepare and file your corporate tax returns.

Due date for Filing Income tax return extended to 04-Aug-2010

2010-07-31T21:51:00.003+05:30

CBDT in a recent press release has announced extension of due date for filing income tax returns. Now income tax returns filed upto 04-Aug-2010 shall be considered as filed within the due date.

So go ahead and prepare your tax returns if you have still not done so.

A recent press release attributed some snag in the efiling system and inclement weather conditions at many location as the reason for extension of date. More details at Income Tax Website.

eLagaan offers the most convenient and user friendly way to prepare your income tax return right from your desktop. So you need not travel anywhere in this inclement weather and file your tax returns from the comfort of your home. eLagaan has been rated # 1 in India by variety of TV Channels and Newspapers for 2nd successive year.

Suvarana News TV - Hassle free way of preparing income tax returns

2010-07-21T00:33:00.005+05:30

Suvarna News 24x7 TV (a Star TV Channel - Kannada) finds during a recent review of our income tax return tool, that eLagaan is simple and easy to use, takes only 10-15 minutes for end to end process and is hassle free (no need to stand in queues, fill up long forms etc.)

Now you need not waste time, money and efforts to prepare your tax returns. Act smart and choose the right way of preparing income tax returns.

eLagaan has been Rated # 1 in India by variety of TV Channels, Newspapers and other medias for 2 successive years.

Kasthuri TV - Income Tax Returns made Easy at eLagaan.com

2010-07-19T00:35:00.005+05:30

Kasthuri TV (one of the most popular channels in Karnataka) reviews our tax return preparation process and finds how easy it is now to prepare your tax returns at eLagaan. "It takes only few minutes to prepare your returns and is very convenient and user friendly". "eLagaan offers systematic process so that chances of any errors are eliminated". These are few of comments and reviews given by our users while discussing with Kasthuri TV team.

Now you donot need any tax expert to file your tax returns. You can do it completely on your own and proceed with eFiling (recommended) or manual filing, all right from your desktop/ home.

If you are still waiting for a tax expert to come and file your tax return, try eLagaan and discover on your own as to why eLagaan has been Rated # 1 in India for 2 years in succession.

eLagaan is now Authorised PAN Service Agent

2010-06-26T02:46:00.003+05:30

UTI Technology Services Limited, one of the 2 agencies appointed to issue PAN cards in India by Income Tax Department, has appointed us (Lamingo) as Authorized PAN Service Agent. This means that we can accept PAN applications from customers and process them directly without a 3rd party intermediary.

Get your PAN card right from the comfort of your home now. You don't have to travel anywhere or take any hassles in getting a PAN card. Send us the filled PAN application alongwith required supportings over post/ courier and get the PAN card at your doorstep. eLagaan brings the best of technology and service assurance levels to ensure hassle free PAN cards for all its users.

Checkout our extensive Knowledge Base on PAN cards to get answers to all your PAN queries.

Important Note: As per new provision of tax deduction at source (TDS) under the Income Tax Act 1961 effective from April 1, 2010, TDS at higher of the prescribed rate or 20% will be deducted on all transactions liable to TDS, where the Permanent Account Number (PAN) of the deductee is not available.

Meet eLagaan team in Booth#28 @ Startup City event

2010-05-28T08:20:00.005+05:30

eLagaan is exhibiting at Startup City on May 29 & 30, 2010. We have planned special packages, surprise gifts, exciting events etc. during these 2 days. So come and meet the eLagaan team at Booth#28.

eLagaan will unveil whole new range of business support pages to make it more user friendly, transparent and informative.

So if you are looking to Register a company in India & USA, or looking for expert CA services for your business, connect with us to see how eLagaan can work with your organization.

Silicon India has been organizing startup city event every year, helping various startups to connect and network with each other. The demand has been increasing and it is estimated that about 10000 people will attend the event this year.

eLagaan ties up with Commonfloor

2010-05-10T10:29:00.007+05:30

eLagaan announces special tie up with Commonfloor to help serve the residents and associations in a effective, professional and efficient manner.

Commonfloor users can now enjoy an exclusive discount of 10% on online tax return products from eLagaan. Please contact the Commonfloor support or eLagaan Support for more details on the offer and how to avail the same or visit this page for more details.

Housing Associations registered with Commonfloor can also enjoy special discounted prices on various services like registering your association, filing annual returns and complying with various statutory requirements etc.

About eLagaan:

eLagaan offers a variety of tax and compliances related services and has been ranked # 1 in India by various TV Channels, newspapers, blogs and other medias. eLagaan focuses on simplicity and making the whole process simple to use.

About Commonfloor:

CommonFloor is an online application that provides a feature rich and private portal for your residential community (Apartment Complex, Gated Layout, Villas or a Colony), to help you have better and effective information sharing among all members.

eLagaan accepts Itz Cash payments

2010-05-10T09:43:00.004+05:30

eLagaan brings the power of cash cards to tax preparation and other services. After a long pending demand of our users, we have now enabled accepting Itz Cash cards for making payments for our entire range of services.

Itz Cash cards are No. 1 in India for cash card transactions with about 20,000 distributors and agents spread across India. You can also walk in to any Itz Cash outlet to get help on your various tax related queries.

Paypal - New Withdrawal Instructions for India

2010-03-02T01:31:00.002+05:30

eLagaan releases detailed purpose codes for export transactions. These can be used while initiating withdrawals from Paypal account or wherever the purpose codes are required to be furnished.

Paypal in their blog today announced new bank withdrawal instructions for their customers in India.
"As I indicated in my earlier blog post, we are making changes to comply with Indian regulations for settlements for exports of goods and services. In order to facilitate this process, PayPal will be suspending new withdrawals on March 1, 2010. We expect to resume the service on March 3rd. When you select the ‘Withdraw Funds’ option on your PayPal account after March 3rd, we will ask you to fill out a new field entitled ‘Purpose Code’. This information is required under the laws of India in order to identify the nature of cross-border merchant transactions."

What is Purpose Code?
Purpose codes are unique codes used by your bankers to furnish various information to Reserve Bank of India. You donot need any registration for purpose codes and they are pre-defined. For any international business transactions which mandates a purpose code, the same should be specified.

When is Purpose code needed?
Whenever you receive money at your Bank in India, your Bankers will require a purpose code to be associated, if the money received is for a international commercial transaction. Only after identifying the purpose code, the banker can credit the amount to your account. Since the bankers are not aware of the purpose for which the money is received, you should provide the purpose for the same.

You can check out details of various purpose codes here. Please confirm with your bankers once before actually using the same.

Get Export code for Paypal

2010-02-28T13:50:00.009+05:30

eLagaan announces special package for getting export code to get your money from Paypal.

INDIVIDUALS can also get an export code.

As many of you may be aware that PayPal recently announced that all the Business owners need to have an export code to withdraw money (see below).

To support our users on this issue we have created a special page for information on IEC (Import Export Code) here. Also noticeable is the detailed IEC FAQ.

Here is a small presentation on the subject.

Get Your Import Export Code (IEC) for India

View more presentations from eLagaan Income Tax India.

Here is what we have from Paypal's recently announced in their blog:
"I’m pleased to tell you that the RBI has now allowed us to resume bank withdrawals for settlements for exports of goods and services. We are currently making changes to comply with Indian regulations for settlements for exports of goods and services, and we anticipate that as of Wednesday, March 3rd, we will be able to resume the bank withdrawal service. As part of the changes, you will be required to fill out a new field entitled ‘Export Code’ when you request a withdrawal. This information is required under the current laws of India in order to identify the nature of cross-border merchant transactions. On Monday, March 1st, we will be back in touch with specific instructions on how you can move your money into your bank account. I will be posting another blog then. I’d like to thank the RBI for working with us to get this addressed. We know this is an inconvenience to you and we appreciate your patience. Moving forward, the RBI has told us that PayPal needs specific approvals to allow personal inward remittances to India, which we currently do not have. Until we get these approvals, personal payments into India will remain suspended. However, if you are an exporter, you will continue to be able to use the PayPal service for payments of goods and services. In fact, with the changes we are making to our system, PayPal is now set to be a more powerful engine for exporters in India. With purpose codes for export transactions and FIRCs (Foreign Inward Remittance Certificates), you should now be able to get the export related benefits you seek."

Click here to get your export code for Paypal in just few clicks.
For more details on import export code, checkout our IEC page or IEC FAQs.

Budget 2010 - The Greens & Reds

2010-02-27T09:27:00.005+05:30

India has been looking forward to a progressive budget after recent recession to boost the economy and control inflation. This year budget can be term as Populist as many stimulus has been rolled back. But it has more of Greens and less of Reds, so relax and donot get tensed.

For Individuals:
* The basic exemption slab has not been changed and kept at existing Rs.1.6 Lacs
* Tax slabs has been changed to provide relief to middle and high income earners. The new tax slabs are:
# upto 1.6 Lacs - NIL
# 1.6 to 5 Lacs - 10%
# 5 to 8 Lacs - 20%
# Above 8 Lacs - 30%

* Additional Deduction of Rs.20,000/- is provided u/s 80C (in addition to existing Rs.1 Lac) for investments in Long term infrastructure bonds as notified by Central Government bonds
* Ambit of deductions in respect of contributions to Health insurance schemes has been widened to include Central Government Health Schemes.
* Saral-2 to be introduced for current year instead of ITR. eLagaan will launch the new forms as soon as the same are released by IT department, so no more worry with changing formats when you prepare the tax returns at eLagaan.

For Businesses:
* Surcharge for companies has been reduced from 10% to 7.5%
* Minimum Alternate tax has been increased from 15% to 18% of book profits
* Deductions in respect of expenses incurred on in-house research & development has been increased from 150% to 200%
* Deduction on payments made to approved research institutes for scientific research has been increased from 125% t0 175%
* Limit for accounts to be audited has been increased from 40Lacs to 60lacs for businesses and from 10lacs to 15Lacs for Professionals
* Interest for delay in depositing taxes has been increased from 12%p.a. to 18%p.a

Other Highlights
* Petrol and diesel will cost more
* Normal cars to cost more and ELECTRIC cars to cost less
* Custom duty on precioous metals like Gold, Platinum etc. hiked from Rs.200 to Rs.300 per gram
* GST and Direct Tax Code to be applicable from 01-Apr-2011