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

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

iamstarting talks with indian founders - talks with us

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

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.

  (c) LLPs with FDI will not be eligible to make any downstream investments.

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

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

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

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

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

• Knowledge Base
• Start a Business Guide
• Startup Videos