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The World Trade Organisation (WTO)’s Customs Moratorium on Electronic Transmissions (Moratorium) is due for re-assessment at the 12th Ministerial Conference of the WTO being held at Nur-Sultan, Kazakhstan from 8 to 11 June 2020.
Currently, digitised products are not subjected to customs as historically this presented a technical challenge and thereafter the Moratorium gave it a legal cover. Overtime, the technical feasibility has improved and therefore the case for an automatic rollover of the ‘temporary’ moratorium without assessing the economic implications has weakened.
Both the economic impact and technical feasibility are directly related to what is considered under the scope of electronic transmission. A wide definition could present many challenges and make it impractical to lift the Moratorium. Given this, we believe that a wider definition is a nonstarter.
Conversely, a narrow definition could be a basis for a realistic evaluation of the merits and demerits of the Moratorium.
In framing a narrow definition, concerns such as classification of digitised products (as goods or services), and the scope and valuation of the dutiable object (whether the value should be limited to the carrier medium carrying content or subsume the content as well) need to be settled.
In this backdrop, NASSCOM has put together an Industry Consultation Paper on the issue of the Moratorium. This paper seeks to (i) inform framing of an appropriate scope of electronic transmissions; and (ii) identify concerns that may remain should the Moratorium be lifted based on a narrowly defined scope.
Accordingly, this paper seeks industry feedback to:
We request the inputs been sent to the NASSCOM Public Policy team, latest by 31st January 2020. Please send in all inputs to firstname.lastname@example.org
DevOps, by far, has emerged as common practice for many development companies around the world. The methodology has become famous quickly; thanks to the vast scope of innovation it provides and productivity as well as efficiency it ensures. Therefore, any company that has not yet adapted to this approach already feels the competitive pressure to do so. Whether you are a mobile app development company or a software development firm, the popularity must have already knocked at your door.
What prevents many companies from embracing DevOps approach? Well, there are some challenges and perceived roadblocks that make some businesses avoid adopting this approach. Let us explain some of these challenges and identify their possible solutions.
DevOps, as a development methodology, focuses on integrating multiple processes instead of breaking a business process into segregated silos. Instead of maintaining the same strong dividing wall between the two processes, it is more about boosting productivity, efficiency, and speed by winning over the old clichés.
With this methodology, both teams try to align their respective goals and try to deliver the best output. As per the operational demands, developers set their priorities, and at times as per the development needs of evaluating implementation in real business context operation team has to respond accordingly. Integrating both the teams while streamlining the entire process seems to be the most essential objective for the DevOps development objective.
Adding more value to this approach, many organizations are further embracing cross-functional teams with a focus on the product output rather than just managing the IT projects. This has emerged as a variant of the DevOps development methodology that allows companies to create a highly cross-functional team that can bring together different functionaries, including architecture, roadmap, design, development, implementation, and support. This approach also allows incorporating business representatives into the team.
DevOps approach needs to streamline different processes like application development, testing, and deployment with a comprehensive vision. In this methodology, all these processes should work seamlessly in a streamlined and continuous manner with enormous scope for an iteration. But as different departments use different tools and applications, it becomes challenging to bring everyone on the same page concerning the set of tools.
Using a single automated system for both the developers and operations team can be ideal for facilitating more accessible communication and interaction between the two teams. Such a single set of tools and automated systems can help reduce the time for carrying out different processes by merely minimizing the repetitive tasks. This will also enhance the scope of sharing knowledge between two teams while streamlining the entire production cycle. Both the development and operations teams should get involved in choosing a perfect set of open-source tools that they can use throughout the project life cycle.
Any new DevOps team may have the impression that a DevOps approach can be useful for every different project, but that is not the case. For every project, it may not be the right methodology and depending upon the project and based on some other considerations, one must take a call. Remember, in specific projects, and the DevOps approach can slow down the development to a great extent. DevOps, as a cross-functional methodology, may not fit every project. The challenge is to fit it into the ideal project in order to get the best out of this concept.
Let us understand the typical projects where DevOps methodology is the ideal fit. Well, in all those projects, where faster scaling up of the capacity and agility are vital considerations, it stands as the perfect choice. On the other hand, if an organization prefers using an older system; DevOps does not stand as the perfect methodology of choice.
Moreover, projects having a focus on planning and UX design may not always be the right fit for a DevOps approach. Typically, design and UX do not require constant improvement approach, instead, such projects find prototyping and established UX design approach more effective.
There is a significant roadblock in DevOps projects in the form of human resistance. The shift to this approach from the traditional development methodology can trigger panic alerts among both developers and operations teams who suffer from static inertia or are reluctant to take the challenge of embracing something new by stepping outside of their comfort zone.
On the other hand, you would be wrong if you want to convince people overnight to embrace this approach. You must allow people to develop confidence over time. The team members should be gradually accustomed and trained with the DevOps approach to development. Instead of providing them a full DevOps project, one should allow them working with this approach on a substantial slice of an application involving the entire stack of technologies. As and when they know the benefits and find them necessary for projects, they can confidently embrace the approach for more projects.
This approach has already proven to be highly effective on various parameters, but it has its limitations when it comes to bugs and errors. There is good news that the developers can now utilize a whole array of sophisticated performance testing tools to ensure optimum quality while maintaining development speed.
Despite the challenges mentioned above DevOps development approach is likely to remain popular for years to come simply because of the substantial cost benefits and pace of development this approach ensures.
Every year almost 5 million Startups take birth, and nearly 123,000 fail every day, contributing to 90% of the failure rate. The reasons behind companies failing at such a high rate are –
In such a case, these factors can help a company to head towards a profitable business –
Now, you must be thinking of where to find these factors altogether. We suggest you join hands with GoFounders.
GoFounders is an epitome of the online marketing industry, which helps an offline and online business to succeed by providing personalised tools and services designed for any marketing activities.
Ash Mufareh founded the company in July 2018 to help those who seek in the field of online business. He is an expert in online marketing and understands how the internet world is evolving and how companies should sync with this change. He believes every person deserves personal time and financial freedom. That’s why he created GoFounders, a back-office for ONPASSIVE that allows interested members to register as a founder and build teams to receive passive earning. Thus, the company secures the future of its founders by ensuring financial freedom and continuous residual income for the whole life.
What is the product about?
GoFounders is a back-office of ONPASSIVE, which is a product-based online marketing solution company. One can become a founder at ONPASSIVE by registering on GoFounders website. After successful registration, GoFounders offers various tools for its registered members to build a team, send invitations and share contents.
Tools available on GoFounders platforms are:
Along with these tools, GoFounders provides Support tab for providing 24/7 assistance in case of any query or help required.
Why should I join GoFounders?
There are 3 most essential and important features of GoFounders company, and its members make most out of these features.
ONPASSIVE and GoFounders have received mostly positive feedback from the employees and their registered founders. Glassdoor, Sitejabber and Trustpilot review sites have scored GoFounders more than “4 stars”, and that’s an excellent review for any company.
On top of that, its founders consider GoFounders community as the ultimate tool for active participation. They are actively waiting for the launch of ONPASSIVE so that GoFounders tool can see full utilisation. ONPASSIVE’s Blog has a dedicated section for GoFounders, where its function and tools are explained for the users. Its vast community share testimonials on this platform which mostly suggest that joining GoFounders has been the best decision of their life.
The features and reviews shared by the GoFounders community and its employees are very positive. Who doesn’t wants to have a business in auto-mode to spend personal time? Who doesn’t wants to have a guaranteed continuous flow of residual income which secures life forever? And GoFounders provides all these along with an awesome team which shares the same objectives and goals. The company has been already making an impact and currently receiving thousands of registration requests each week. The GoFounders family has more than 51,000 members and doesn’t look like it’s going to stop ever.
Here, we are bringing up the most crucial software for Chartered Accountant professionals in India. This software not only facilitates the filing of tax returns but also greases the wheels for accounting related tasks.
In an Indian taxation system, an array of taxes like Income Tax, Goods & Services Tax, Tax Deducted at Source, are imposed by the government; so to facilitate the e-filing of multiple returns in one go, the Research & Development team comes up with SAG Infotech taxation software company with an all-inclusive package solution i.e. Genius Software, Gen CompLaw with XBRL and recently introduced Gen GST software for GSTR filing and billing.Genius Software
Genius software is a comprehensive package that encompasses software like Gen IT, Gen CMA, Gen Balance-Sheet, Gen Form Manager, Gen e-TDS & AIR. Genius software maintains a complete database that also includes clients’ details such as their address, email and telephone directory, details of partner and signatory details. With Genius, one can give the wings to soar to its business. Genius software offers an unlimited tax return filing to the clients in a manner that it allows user to Restore data, have a Back-up and change the privacy settings such as Passwords, etc.
It also has a “Help” option through which you can vail help on any issue that you may face. Another beneficial feature is the import facility through which the client can import details from the XML files. With the Genius software, you can effortlessly and accurately e-file the taxes and upload the returns. The cost of Genius installation is INR 10,000/- and that for the update is INR 4,000/-.Gen Income Tax Software for ITR Filing
Gen IT is a leading e-filing software in the taxation industry with a tagline “For those who can’t afford to make errors”. It offers multiple facilities to the users like e-filing of Income Tax, Self Tax, Advance Tax alongside the facility to directly upload the Income-tax return from the software.
Important features of Gen IT software are as follows:
TDS is an abbreviation that stands for Tax Deducted At Source and Gen E-TDS facilitates the online e-filing of TDS returns as per the rules & regulations of the Income Tax Department. Besides, providing the facility of online e-filing of TDS, the software quickly and easily offers acknowledgment of filing.
Apart from this, it constitutes various data that is needed for TDS e-filing such as all India Pin codes, MICR codes, Tan/Pan AO codes, STD codes, IFSC codes, TIN FCs, Bank BSR codes, and Service Tax ranges.
Salient Features of Gen E-TDS Software are as follows:
Gen GST is the best and highly-secure GST software developed by SAG Infotech Pvt Ltd to ease and accelerate the tax-related processes such as invoice generation, return filing, ITC claiming, etc. Gen GST software for return filing & billing is available in three variants – Desktop offline and mobile & cloud online variants. The desktop variant of the software can be easily downloaded and used on a compatible PC or laptop, the online version is platform-autonomous which can be accessed and used from anywhere at any time and the mobile app of the software can also be availed & used just by paying a little additional fee.
All three variants are highly safe, reliable & confidential and are backed with the restoration of latest minute data. An integrated feature of the software allows the user to directly upload the data to the GST portal. Gen GST Billing Software is an innovative solution for billing & invoicing and all the related work. It defines automation, accuracy, and alacrity.
Exquisite features of Gen GST software are as follows:
The Gen CompLaw with XBRL is the popular MCA/ROC filing software that offers a solution for ROC e-Forms, XBRL, Resolutions, Minutes, Registers and various MIS reports. The Gen CompLaw brings easy filing access for the XBRL and also assists in the statutory compliances under Companies Act, 2013 which is calibrated for the maintenance of fixed assets register.
There are multiple features compact with the Gen CompLaw (ROC/MCA Filing) Software given as:
SAG Infotech offers a trial version of these first-rated CA (Chartered Accountant) software for free to well-acquaint users with their features.
Available as a free download Chartered Accountant software trial version in India, the users can download a trial version for free and if contended, all the features can be downloaded by paying a nominal fee.
Traditionally, volumetric analysis required workers to collect data manually by climbing on stockpiles with heavy and expensive equipment, which can be very risky. The workers have to make a trade off between collecting quality data and their own & equipment safety.
The potential of drones for the mining industry is to improve efficiency and cost. DronaMaps incubated at NASSCOM CoE Gurugram, did the survey for Bakhrija Stone Mine, Tehsil Narnaul, District. Mahendragarh for Department of Mines & Geology, Government of Haryana.
Using a quadcopter and 2 DGPS the survey was conducted in two phases. After the end of the survey, the captured data was brought to DronaMaps Lab for processing and desired imagery (3D, 2D and DSM) was generated. The change detection was done by mapping the same area at an interval of 30 days.
Impact: The stockpiles are spread over a large area and are of varying sizes & heights so surveying them with a UAV has numerous benefits:
Granularity: Since the drone driven imagery has better spatial resolution than the satellite driven imagery the user can identify the different features present in the area of interest like trucks, excavators, cranes, benches, weighing stations, checkpoints etc.
Time saving: Getting ground measurements, segregating the data and making the CAD models takes minimum 30-35 weeks for the current area of interest. However, it took 3 days for ground deployment, 7 days for data processing and 13 days for geospatial analysis & application development, thereby completing the same work in 20 days.
Ease for Authority: The analysed data can be easily accessed in PDF format, Web Application and Dashboard. The Web application has features such as overlaying all the vector & raster layers, performing measurements, Swiping between two layers, zooming in and out, searching & exporting the data.
The dashboard presents key data that needs to be monitored for the area of interest. Two crucial characteristics of the dashboard are it’s visualisation capabilities and the way all the datapoints, however disparate, are integrated onto a single screen. The dashboard has features such as indicators that represent volume, Pie Charts that represents the relation between volume and its corresponding area, line graph that represents elevation profile etc.
Revenue: The volume estimated using GIS and the volume excavated (at actual mine) were cross verified by the authority. This technique not only helps Mines and Geology Department, Government of Haryana to increase its revenue but also in monitoring if any mining contractors are violating the mining boundary sanctioned to them.
In The Spotlight features NASSCOM CoE startups bringing new technologies to the fore and breaking new ground in innovation, every week.
Tax deductions allow taxpayers to cut down their tax liability. Tax deductions under Section 80C of the Income Tax Act, 1961 are the most preferable among different tax-saving schemes. A tax deduction of up to INR 1,50,000 is allowed to be claimed u/s 80C by an Individual or Hindu Undivided Family for making certain investments and payments. This deduction is subtracted from the gross total income to ascertain the total taxable income and hence it brings down the tax burden of the taxpayer.Deductions Under Section 80C
Investments and payments allowed as deductions u/s 80C of the Income Tax Act, 1961 are as follows:
Life Insurance Premium
Section 80C allows individuals to claim premiums paid against as tax benefits available u/s 80C. This deduction is claimable for the premiums paid towards life insurance policy for self, dependent children, spouse, and any member of the Hindu Undivided Family.
It should be noted that annual premium up to a maximum limit of 20% of the sum insured is allowed as a deduction, when the life insurance policy is issued on or before March 31, 2012. For insurance policies issued on or after April 1, 2012, the maximum limit of annual premium allowed as a deduction is 10% of the sum insured.
Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana is a tax-saving scheme for the daughter. Investment in this scheme is allowed as tax deduction u/s 80C of the Income Tax Act, 1961. A parent or legal guardian of a daughter – who has not crossed the age of 10 years, are eligible to open the Sukanya Samriddhi Yojana account. This account can be opened for two daughters – one for each and also extendable to three daughters in case of twins.
Senior Citizens Savings Scheme
As the name suggests, the Senior Citizens Savings Scheme is an ideal saving option for senior citizens and investment made in such schemes is eligible for deduction u/s 80C of the Income Tax Act. The tenure period of this scheme is 5 years and the eligibility for the same is a minimum age of 60 years, however, this eligibility gets reduced to the age of 55 years in case of the citizens who opted for VRS (voluntary retirement scheme).
Public Provident Fund (PPF)
Investments made in Public Provident Fund (PPF) allowed as tax deductions u/s 80C. PPF accounts have locked-in for a period of 15 years, however, partial withdrawals are allowed after a term of 7 years. PPF has a maximum annual deposit limit of INR 1,50,000 and so the whole amount deposited in the PPF account is eligible to be claimed as deduction u/s 80C.
Equity Linked Saving Scheme
Investments made in equity-linked savings schemes are eligible to be claimed as tax deduction u/s 80C of the Income Tax Act.
Notably, the mandatory lock-in period for the equity-linked savings scheme is 3 years which is counted from the date when the investment was made. Equity saving schemes are the best schemes for long-term investors who want to invest at least for 5-7 years.
Five Year Bank Deposit
Many fixed deposits schemes offered by banking institutions are allowed to be claimed as deduction u/s 80C of the Income Tax Act, subject to the condition that it should have a locked-in period of 5 years. Such investments do not allow investors to withdraw the amount before the maturity of the scheme. Such investments can be claimed as a deduction, however, interests on such investments are taxable and deducted at source.
Stamp Duty & Registration Charges
Stamp Duty & Registration Charges are allowed as deduction u/s 80C of the Income Tax Act, 1961. These expenses were included under this section by the government with an intent to provide relief to the home buyers as an exorable amount of money is incurred on stamp duty & registration of new home. These charges are allowed as deduction only when the construction of the property is complete and the house buyer legally owns the home.
Home Loan Principal Repayment
The amount paid for the repayment of the principal amount of a home loan is allowed as deduction u/s 80C of the Income Tax Act 1961. However, this benefit can be availed only when the construction fo the property is complete. It should be noted that this benefit is not available when the property is sold out before the completion of 5 years from the year when you took the possession. Apart from that, benefits claimed in the initial years also become taxable in the year when the property is transferred.
National Savings Certificate
Investments made in National Savings Certificates are allowed as deduction u/s 80C of the Income Tax Act, 1961. These investments got allowed as a deduction under this section by the government in order to motivate the taxpayers to save their money in the National Savings Certificate scheme. While the investment is allowed as a deduction, Interest earned on such investment attracts tax. However, when such interest is reinvested, it will be allowed as deduction u/s 80C. The interest rate on the National Savings Certificate is almost the same as that of tax-saving fixed deposits, PPF and other fixed-income yielding instruments.
Besides, these tax-deductions Under Section 80 C of the Income Tax Act 1961, subsections of Section 80C allows more tax deductions which are as follows:
Tax Saving Under Section 80CCC
Section 80CCC lets taxpayers save tax by allowing payments made to the pension plans or annuity plans of insurance companies as a deduction under the Income Tax Act 1961. The maximum amount of tax deduction allowed under this sub-section is INR 1,50,000.
Tax Saving Under Section 80CCD
Investments made towards the Pension Scheme of Central Government is allowed as deduction u/s 80CCD of the Income Tax Act 1961. The maximum amount of tax deduction allowed under this sub-section is INR 1,50,000. This tax deduction is allowed to be claimed only individuals and not by Hindu Undivided Family (HUF).
Tax Saving Under Section 80CCF
Section 80CCF of the Income Tax Act, 1961 allows investments made to the long-term government-approved infrastructure bonds as a deduction. However, the maximum deduction which can be availed is limited to INR 20,000.
Tax Saving Under Section 80CCG
Investments made under a government-certified equity savings scheme are allowed as a deduction under section 80CCG of the Income Tax Act, 1961. A taxpayer or HUF can claim deduction under this section up to INR 25,000.
The post Deduction Under Section 80C appeared first on NASSCOM Community |The Official Community of Indian IT Industry.
On 18th December, 2019 the Directorate General of Foreign Trade (DGFT) organised an interaction with the industry in New Delhi to take feedback on export of dual use items. NASSCOM and DSCI participated in this meeting to provide their feedback on SCOMET licensing issues. NASSCOM’s inputs (over and above inputs from NASSCOM members present at the meeting) have been summarised below:
Some Indian IT-ITeS companies provide customised software to business consumers abroad which incorporate encryption functionality for the purposes of data confidentiality, even where information security is not the primary function of the software. In such cases, the company must obtain an export licence as information security items are typically controlled items under the SCOMET List.
Although the Cryptography Note in the SCOMET List excludes items which do not have information security as the primary function of the software, the company is required to obtain an export licence if the feature set of the software is designed to customer specification; this is often the case in B2B transactions.
Under the existing export control laws, companies in India are required to obtain an export licence for each export of software to business consumers by virtue of the encryption functionality which inheres in the software. This increases the cost of doing business for the industry.
Many countries already provide for relaxed licensing requirements in their export control laws specifically for encryption products which range from mere record-keeping requirements to reporting requirements. For instance, under licence exception Encryption Commodities, software and technology (ENC) in the US, no classification request or reporting is required for certain exports, reexports, transfers (in-country) to related parties, not involving the development or production of new products. Similar relaxations in the export of encryption items may be considered under Indian export control laws.
2. Applicability of SCOMET to Export of Foreign Origin Items which have been Imported for Work for Hire Purposes
It is common for Indian technology companies to carry out work, based on foreign companies’ technology, on “work for hire” (WfH) basis. In such cases, at no point does the Indian company become the owner of the developed code, software and technology or the products, items, components, systems, codes, software and technology received as inputs from foreign companies for providing IT-ITeS services. The technology involved in such cases remains essentially ‘foreign origin’ technology and subject typically to export control laws of the foreign jurisdiction where the technology originates.
At present, export controls in India do not distinguish between domestic (Indian) origin technology, and foreign origin technology. This results in a situation wherein foreign origin technology such as that which is originally exported by a foreign company under a WfH contract to the Indian technology company, remains subject to an export licence requirement in India. This includes, the requirement for the exporter to submit an end-use-cum-end-user certificate (EUC). The current practice of providing EUC by the foreign company to the Indian government under Indian export control laws binds the foreign company to Indian government’s control of the foreign company’s technology. Given that the EUC contains an undertaking from the end user that they shall not retransfer or sell the exported technology, its replicas or its derivatives without the knowledge/consent of the Government of India, this requirement is perceived as severely restricting the foreign company’s ability to export technology on a WfH basis.
Further, where foreign origin technology has been imported on WfH basis, there is back to back export, i.e., the technology is first exported from a foreign country to India and subsequently exported back to that country by the Indian company. There is no risk of proliferation in such cases as the Indian company is exporting the technology back to the same company from which it originally imported the technology on WfH basis; as this involves a point to point export, there is no risk of diversion of the technology.
Therefore, there is a need to consider a licence exception in the nature of relaxed licensing requirements for the export of foreign origin technology by Indian companies (where such technology has initially been imported on WfH basis). For instance, under the proposed licence exception, the requirement to provide EUC for permission to export can be done away with.
3. Applicability of Export Control Laws to Cloud-based Storefronts
The current market trend among IT companies is to increasingly adopt a software as a service (SaaS) business model, where the company provides cloud-based storefronts to customers.
In traditional on-line application stores, users purchase/obtain a software application through a download from the server, however, in the cloud-based storefront setting users do not download a software application from the storefront but instead utilise the software application, including all its features and functions in the cloud, without downloading the product.
Under the existing export control laws in India, it is not clear whether provision of SaaS to customers outside India is treated as an ‘export’, and consequently, whether an export licence is required in such cases. In the US, the Bureau of Industry and Security (BIS) issued an Advisory Opinion on Cloud-based Storefronts in November, 2014 clarifying that there is no export of software by cloud-based storefronts, and therefore, no export licence is required. There is need for a similar clarification under Indian export control laws.
Nasscom continues to engage with DGFT on SCOMET licensing issues. For any information, please write to email@example.com.
Please read our feedback on MeitY’s Draft Approach Paper on Intangible Technology Transfer here.
Find enjoyment in what you do. An average work day can be mundane and from a long-term sustainability standpoint it’s very important that people draw pleasure from their career pursuits and find the things to enjoy about their work or who they work with.
We spoke to Jim Sadler, he is COO of SSP Worldwide. He shared some interesting insights on digital disruption being experienced in the insurance sector. Emerging technologies such as AI can work on data to come up with more suitable premiums. Moreover, the next level is about veering towards a preventive model where patterns in data, tells you in advance the likelihood of an event happening. Read on to find out more about these shifts.
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