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<ul><li>Changes to the <keyword id="46572" type="COMPANY" weightage="20" keywordseo="Direct-Tax-Code">Direct Tax Code</keyword> is set to hit India’s rich, according to a report.</li><li>The government had appointed a task force that was headed by CBDT member Akhilesh Ranjan. This committee was given the task of submitting a report on the new Direct Tax Code. </li><li>A person will be considered as a non tax resident, only if the individual has not been living in India for seven of the last 10 years. </li></ul><keyword id="131722" type="PERSON" weightage="20" keywordseo="Rich-Indians">Rich Indians</keyword> who find their ways to evade paying tax, by moving to tax havens, might be brought under the Indian tax net. According to <a href="https://www.bloombergquint.com/law-and-policy/direct-tax-code-top-5-changes-recommended-by-the-committee-exclusive">a report by Taxsutra</a>, there could be multiple changes to the Direct Tax Code which could impact the resident rule.This is as per the recommendations of a government-appointed task force headed by CBDT member Akhilesh Ranjan. 182 days to 90 days The committee recommended the government to change the residence rule. Currently, an individual has to be present in India for 182 days or more to be considered a resident. The report highlights that as the current ‘182 day test’ is being misused, the committee asked for the number to be brought down to 90 days. Furthermore, a person will be considered as a non-tax resident, only if the individual has not been living in India for seven of the last 10 years. It will cover a lot more individuals who spend half of the year abroad. Super rich will also have to cough up more as the existing tax rules too. In the last Budget, Finance Minister Nirmala Sitharaman hiked the tax for the super rich in India. She had announced that people earning over ₹5 crore a year would have to pay an additional surcharge bringing up their effective tax rate to 42.7% of their income. Now, Indians who badly want to escape tax might have to take up extreme measures like living in yachts in international waters and land occasionally to evade tax in every country! See Also: <a href="https://www.businessinsider.in/budget/news/union-budget-2020-from-reducing-income-tax-slab-to-increasing-health-budget-these-are-some-suggestions-that-india-has-for-finance-minister/articleshow/73269766.cms?src=hp_bgt">India's Prime Minister asked for budget 2020 suggestions — this is what some of the social media influencers had to say</a>

A government taskforce wants to bring more migrant Indians into the tax net

<ul><li>According to reports, a taskforce proposed a uniform rate of tax at 25% for both foreign and domestic companies. </li><li>It is also considering doing away with dividend distribution tax, which will help retail investors. </li><li>As per the new code, ‘assessing units’ will replace ‘assessing officers’. </li></ul> The <keyword id="3264804" type="PERSON" weightage="20" keywordseo="indian-taxation-system">Indian taxation system</keyword> has earned more red marks than their international counterparts in the last decade or so. Not only does the country have one of the most complex taxation system in <a href="https://www.thehindubusinessline.com/economy/india-is-second-most-complex-tax-jurisdiction-deloitte/article9714344.ece">the Asia Pacific</a>, it is also opaque making it tougher to interpret leading to disputes. But the country’s finance minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> is looking to change all that. She is known to have appointed a government taskforce which will rethink the entire system, according to<a href="https://economictimes.indiatimes.com/news/economy/policy/task-force-on-direct-taxes-panel-for-review-of-tax-brackets-surcharges/articleshow/70746712.cms"> an ET report</a>. The panel has proposed to alter tax brackets, revamp the Income Tax Act and make it tax-payer friendly. The report also quoted a government source which said that the new regime that the current government will herald will make it easy for taxpayers to comply with. Lesser tax, fewer brackets This includes individual taxpayers as well as businesses. According to a <a href="https://www.business-standard.com/article/economy-policy/direct-tax-code-2-0-task-force-for-big-relief-to-individual-taxpayers-119082000023_1.html">Business Standard report</a>, the Direct Tax Code 2.0 as they called it, proposed a uniform rate of tax at 25% for both foreign and domestic companies. This would bring in more foreign investments into the country. It is also considering doing away with dividend distribution tax, which will help retail investors and also those companies which would want to reward their shareholders. This would be a welcome relief for stock markets which have been fighting a losing battle with the government over clarification on Goods and Services Tax on foreign portfolio investments or FPIs. Temporary surcharge This Budget also made an unpopular move to introduce a surcharge on the super rich. The government increased tax on those with annual income of ₹2.5 crore to 25% from 15%. Those who earn more than that were to be taxed at 37%. The panel is recommending the government to turn this surcharge on super-rich ‘temporary’ providing relief to the many high-networth individuals in India. Managing litigation The report also said that as per the new code ‘assessing units’ will replace ‘assessing officers’. It also allows for settlement via mediation instead of prolonged tax battles which financially stress the taxman as well as the assessee. Tax litigation has been affecting the government as well as the taxpayers due to long-standing court battles. As much as ₹5.71 lakh crore is<a href="https://timesofindia.indiatimes.com/business/india-business/tax-disputes-of-rs-5-7l-cr-tied-up-in-pending-cases/articleshow/70166658.cms"> tied up in</a> tax litigation as appeals on tax decision pile up. In fact, Central Board of Direct Taxes itself said that it will focus on litigation management. SEE ALSO <a>Indian Prime Minister's economic advisor has 3 ideas to keep the economy running fast, on its own</a>

Direct taxes in India will be a lot simpler if Nirmala Sitharaman accepts these 3 proposals

(Image source: Reuters) <ul><li>The government has formed a task force led by Akhilesh Ranjan, the head of the Central Board of Direct Taxes, to review the <keyword id="6354751" type="UNKNOWN" weightage="20" keywordseo="income-tax">Income Tax</keyword> Act of 1961. </li><li>The goal of the taskforce, according to Ranjan, is to make India’s income tax law “more comprehensible” by removing extraneous provisions and ambiguities and simplifying the language. </li><li>The Income Tax Department has received 60.8 million <keyword id="45697" type="COMPANY" weightage="20" keywordseo="Direct-Tax">direct tax</keyword> returns in the year so far, which is 50% more than what was received at the same time last year.</li></ul>Last week, it came to light that the Modi administration had <a href="https://www.livemint.com/Politics/zHLowfSjq7NIZJwYlvrLGP/Panel-to-overhaul-simplify-Direct-Tax-laws-to-submit-report.html?utm_source=scroll&amp;utm_medium=referral&amp;utm_campaign=scroll">commenced a plan</a> to revise India’s income tax laws by instituting a task force led by Akhilesh Ranjan, the head of the Central Board of Direct Taxes, to review the Income Tax Act of 1961. At the time, buzz circulated that the move would entail a change in tax rates and possibly, a reduction in corporate taxes. Speaking at a conference yesterday, Ranjan <a href="https://indianexpress.com/article/business/redrafting-income-tax-law-direct-tax-task-force-to-focus-on-simplification-not-rate-changes-5478802/">explained</a> that the goal of the taskforce was to make India’s income tax laws “more comprehensible” by removing extraneous provisions and ambiguities and simplifying the language. He said that the mandate of the taskforce does not include changes to tax rates or new taxation policies and that the end product would be a cleaner, clearer income tax law. In doing so, he dispelled speculation that the new tax law would entail higher rates for top earners and relief for low earners. The news comes as the government’s direct tax submissions are surging. The Income Tax Department has received <a href="http://www.ptinews.com/news/10220197_ITR-filing-up-50--so-far-this-year--CBDT-chairman.html">60.8 million</a> returns in the year so far, which is 50% more than what was received at the same time last year, according to the Press Trust of India. The taskforce is expected to submitted its redrafted version of the tax law by the end of February 2019. It will likely be an important part of the Modi government’s platform as campaigning for general elections gets underway. Given the complexity of direct tax laws, however, it will be while before revisions to the existing legislation are rubber-stamped. In addition to a simpler income tax law, the <keyword id="128665" type="ORGANIZATION" weightage="20" keywordseo="CBDT">CBDT</keyword> is working on a plan to provide <a href="https://www.business-standard.com/article/economy-policy/soon-filing-income-tax-returns-may-get-easier-with-pre-filled-forms-118120500064_1.html">pre-filled forms </a>to people filing their taxes. Under the proposal, officials in the Income Tax Department will use data from previous forms or data available from companies and banks as they deduct tax at source to achieve this. This will make the process of filing returns much faster. Ranjan also shot down the possibility of a reduction in corporate taxation rates, citing the negative implication of a hit to government revenues. He did however, say that a reduction would only make sense once stronger compliance protocols and measures to prevent tax evasion by corporations were implemented and the tax base was widened. In his Budget speech for 2015-16, Finance Minister <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> had promised a reduction in the corporate taxation rate from 30% to 25% within four years. However, after presenting the Union Budget earlier this year, in February, Jaitley explained that this would only happen once tax exemptions and concessions given to certain industries <a href="https://economictimes.indiatimes.com/news/economy/policy/corporate-tax-to-come-down-to-25-once-exemptions-end-says-arun-jaitley/articleshow/62793672.cms">were done away with</a>. SEE ALSO: <a href="https://www.businessinsider.in/indias-plan-to-get-more-people-to-pay-taxes-is-working-and-now-its-cracking-down-even-harder-on-assets-stashed-abroad/articleshow/66328035.cms">India's plan to get more people to pay taxes is working — and now its cracking down even harder on assets stashed abroad</a> <a href="https://www.businessinsider.in/indias-income-tax-officials-may-penalise-restaurants-who-fail-to-disclose-service-charge-to-staff/articleshow/66770286.cms">India’s income tax officials may penalise restaurants who fail to disclose service charge to staff</a>

The Indian government has instituted a panel to make the country’s 57-year old income tax law ‘more comprehensible’

If the government takes a taskforce report on direct taxes into account, the personal taxes payers could see some big changes. The committee headed by Akhilesh Ranjan, a member of the Central Board of Direct Taxes, submitted a report to the Finance Minister Nirmala Sitharaman late last year, which sought to increase the tax on the highest income slab to 35%. A <a href="https://www.bloombergquint.com/law-and-policy/direct-tax-code-top-5-changes-recommended-by-the-committee-exclusive">report in Bloomberg Quint</a> citing sources said that the government has given no indication on whether they have taken these recommendations into consideration ahead of the Union Budget 2020. These are the tax rates proposed for different income levels by the panel on <keyword id="46572" type="COMPANY" weightage="20" keywordseo="Direct-Tax-Code">Direct Tax Code</keyword>: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Income </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Existing Tax Rates </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Taskforce Recommended Tax Rates </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Upto ₹2.5 lakh </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nil </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nil </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2.5 - ₹5 lakhs </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5% </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5-10 lakhs </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">20% </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹10 – ₹20 lakhs </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30% </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">20% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹20 lakhs to ₹2 crore </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30% </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2 crore and above </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30% </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">35% </td></tr></tbody></table> It also recommended that surcharges should be done away with altogether. An additional surcharge was levied in the last Budget on those who make over ₹2 crore and ₹5 crore. But they were later rolled partially back on capital gains, to boost investments. SEE ALSO <a href="https://www.businessinsider.in/policy/economy/news/income-tax-slabs-for-2020-and-cuts-proposed-by-finance-minister-nirmala-sitharaman-in-next-budget/articleshow/72975148.cms">Income tax cuts and new tax slabs ⁠— here’s how Indian Finance Minister Nirmala Sitharaman wants to make people shop more</a>

New income tax proposed by a government panel wants a 35% slab, says a report

<ul><li>Finance Minister <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> announced that the government will set up an Animation, Visual Effects, <keyword id="6357332" type="General" weightage="100" keywordseo="gaming" source="Orion">Gaming</keyword> and Comics (<keyword id="1920258" type="General" weightage="80" keywordseo="avgc" source="Orion">AVGC</keyword>) promotion task force for boosting talent in the animation and gaming sector.</li><li>We speak to experts from the industry to understand the larger implications of the move and how it will help the industry.</li></ul>During her Union Budget speech yesterday, Finance Minister Nirmala Sitharaman announced that the government will set up an Animation, Visual Effects, Gaming and Comics (AVGC) promotion task force for boosting talent in the animation and gaming sector. Sitharaman said the AVGC sector will provide a huge opportunity for young professionals and also create new job opportunities for the youth. “The AVGC sector offers immense potential to employ youth. An AVGC Promotion taskforce with all stakeholders will be set up to recommend ways to realize this and build domestic capacity for serving our markets and the global demand,” Sitharaman said during her speech. The move is expected to attract new talent and give them the required support to take the AVGC sector global. The AVGC sectors, and especially the gaming industry has been witnessing a healthy growth. Most industry reports have predicted that the next few years will contribute to immense growth for the industry. A recent report by Sequoia India and BCG had said that while the gaming industry in India is currently smaller than that of the US and China and is 1% of the global gaming market, it is generating $1.5 billion revenue and is expected to triple to over $5 billion by 2025 on the back of the ‘mobile first’ phenomenon. So the government’s move comes at an opportune time. To understand the larger implications of the move, we spoke to experts from the gaming industry and here’s how they thought the government's move will give a boost to the segment: <keyword id="2388996" type="General" weightage="20" keywordseo="sai-srinivas" source="Orion">Sai Srinivas</keyword>, Co-Founder and CEO, Mobile Premier League It is very encouraging to see that the Union Budget has taken into consideration some of the long-pending suggestions for the Animation, Visual Effects, Gaming, and Comics (AVGC) sector, while noting the strong potential this industry holds for employment-generation as well as taking ‘Made in India’ game titles global. We welcome the Hon’ble Finance Minister's announcement to set up an AVGC Promotion Task Force to provide a much-needed boost to the sector. This announcement highlights the need to build capacity to serve both domestic and global markets, and is a strong indicator of the impetus that the government is willing to provide for its growth. It is also heartening to see the government's commitment to work with the industry, allowing for a balanced approach that accommodates the needs of all stakeholders and strengthens the ecosystem holistically. A progressive tax regime, predictable regulatory framework and supportive funding policies will allow the industry to compete on the world stage and fulfil the Hon’ble Prime Minister’s vision for the Indian digital gaming sector to be a global powerhouse. Moreover, it will also help develop a workforce of young and employable AVGC professionals to usher in the next tech revolution from within India. With a renewed focus on the AVGC sector, blended financing for deep tech and IT, hardware and electronics manufacturing combined with deployment of 5G and affordable internet in underserved areas, it is clear that the government is committed to take the Indian startup ecosystem to the next level. We are hopeful that with the positive support of the government, the coming years will see online gaming, VFX and esports startups leading the charge in the global economy. By developing deep tech intellectual property and exporting services, they can help cement India’s position as a world leader in the sector. Rajan Navani, Vice Chairman and Managing Director, JetSynthesys I strongly welcome the formation of a AVGC task force for promotion, something that we as an industry have been pushing for a long time. It is high time that animation, visual effects and gaming are recognised as an industry because of the sheer potential that they carry. Skyrocketing further owing to the pandemic, these industries have the power to create large employment as well as give Indian gaming companies an opportunity to become globally competitive and play an increasingly larger role at a global level. Building a task force that will address the needs of this industry across various ministries would be a very proactive approach towards strengthening this industry, in my opinion. The aim to rollout 5G services in FY 2022-23 along with affordable broadband services and efficient connectivity to allow equal access to e-services in remote and urban areas has also been long due. The focus of Hon FM on new emerging technologies particularly like Blockchain and AI, a word which was repeated several times during the speech is again a very positive move to show that digitalisation is truly the future, and a strong focus area for government. Digitalisation was applied across agriculture, healthcare, skills, education and appeared in various shapes and forms throughout the budget speech. Additionally, the national tele-mental health programme is a great initiative by the government as the COVID-19 pandemic has impacted the mental health of people to an unfathomable extent. Various channels and platforms like ThinkRight.me by JetSynthesys and others in the space can together help tackle India's mental health issues. In all, we’re truly excited about the future of digital India and what this means to JetSynthesys which is here to play a key role in the daily digital lives of a billion Indians. As a country, we hope to move forward with jet speed and transform our country into an atmanirbhar, technologically and digitally forward nation. Vishwalok Nath, Director, World Esports Cup We welcome the steps by the Finance Minister of India as part of Budget 2022-2023 including the creation of the AVGC task force. We hope that this task force can help promote the creation of a robust infrastructure for game development with gradual benefits to the esports community. We are also looking forward to the 5G spectrum auction this year. 5G can further promote the latest innovations and mass adoption of technologies like cloud gaming in the country. There is a huge scope of employment for the youth in the gaming industry. Esports/Video Games is a versatile industry and there is a huge scope for professional gamers as well as other jobs like casters, commentators, and other support staff appointed by the esports tournaments like producers, editors, analysts, product managers, game testers, referees, production crew members, event managers, social media managers, etc. Lokesh Suji, Director, Esports Federation of India &amp; Vice President, Asian Esports Federation It is encouraging to finally see the seriousness from our Government towards this sector which has been long neglected. This will definitely help in setting up the policies which would encourage and build our capacities and capabilities to export to the rest of the world; leading to more domestic video game development studios and more investments in the AVGC sector. Spectrum auctions for 5G is a welcome move for the gaming industry as well, 5G can disrupt the industry by enhancing the live streaming of games and cloud gaming as well. The task force should consist largely of people who have been part of the ‘Video Game’ industry and are playing an active role in shaping up the Indian video game industry. <keyword id="263906" type="General" weightage="20" keywordseo="jehil-thakkar" source="Orion">Jehil Thakkar</keyword>, Partner and Media and Entertainment Sector Leader, Deloitte India The setting up of the AVGC promotion task force announced in the Union Budget will help India achieve its potential of achieving 20 lakh jobs according to Deloitte projections. These are critical skills for growth of the metaverse and India is poised to take advantage of this ecosystem. Sagar Nair, Co-Founder &amp; CEO, Qlan It is this continued acceptance that will lead to the progress of the Indian gaming and esports industry. First was esports’ entry in the Asian Games as an official event followed by a government dedicated task force to work with the AVGC sector. I have no doubt that these initiatives as part of the national budget policy highlight the true potential of the Indian gaming &amp; esports segment not only in India but also on the global circuit. The statement clearly indicates the backing of homegrown game developers, tournament organizers, and esports companies and recommendations from the appointed task force will help build domestic capacity for serving out markets and the global demand as well. Sunil Yadav, CEO, PlayerzPot The AVGC sector is one of the fastest growing sectors in India, and attracts a huge interest from a large cross section of the population. The announcement of the new AVGC task force is a welcome one, as we expect it will help to build domestic capacity and also serve the global demand. The task force has come at the right time, for those pursuing a career in gaming as the sector is booming right now and needs more talented youngsters to grow. With the government introducing digital rupee and a visible trend in crypto adoption, NFT’s will grow significantly. 5G services auction within FY 22-23 across the country will play an important role in the growth by further penetrating in the markets and also enhancing the gaming experience. As the honorable minister mentioned in her budget presentation, the gaming sector has the potential to become the torchbearer of 'Create in India' &amp; 'Brand India', on the same lines we were hoping for transparent and progressive regulation that will help differentiate games of skill from those of chance, because this is a key area of concern for the industry as a whole. Dilsher Singh Malhi, Founder &amp; CEO, Zupee The creation of the AVGC promotion task force is a welcome move. The initiative with industry participation will help in establishing uniform, progressive policies that will promote growth and investments in the sector, which in turn, will lead to job creation, revenue generation, and engagement opportunities. This will be a crucial step towards bridging the digital divide and unlocking a fully connected and empowered digital India. We believe that this initiative will pave the way for the Indian gaming industry to establish itself on a global stage. Rahul Tewari, Chief Financial Officer, Games24x7 The gaming industry welcomes the decision to set up a task force for Animation, Visual Effect, Gaming and Comics. AVGC taskforce can provide the long-term policy impetus and bring together the various stakeholders to turbocharge the vibrant ecosystem in gaming and animation. India has a deep and very high-quality talent pool of developers and creative artists who will transform India into a global player in the interactive entertainment space in the coming years. We hope this paves way for regularity clarity for gaming, a sector that has contributed immensely to India’s start-up success in the last few years. Manish Agarwal, CEO, Nazara Technologies Ltd. The government’s announcement of an AVGC task force to seek recommendation to create the way forward is a welcome move. As we know, India presently commands around 10% of the global AVGC market and has the potential to reach 20-25% by 2027. This taskforce will facilitate employment for the youth, build domestic capacity to serve the Indian markets and also meet global demand. <keyword id="3471731" type="General" weightage="20" keywordseo="roland-landers" source="Orion">Roland Landers</keyword>, CEO, The All-India Gaming Federation I am pleased that the government has announced a progressive budget; stating the gaming industry as a sector that generates various job opportunities for the youth while boosting the economy of the country. The ideas proposed for the sector are very encouraging. We are thrilled and look forward to the AVGC task force that will give a major boost to the game development sector by building scale and adding to the overall online skill gaming industry’s momentum. AIGF and the skill games council of domain experts will be happy to assist, if need be, in playing a consultative role for the same Likewise, the tax extension to four years will benefit the entire start-up ecosystem in online gaming which is in the excess of 300 companies. Furthermore, the Hon’ble FM’s announcement of the digital rupee launch will increase purchases of virtual goods in games through microtransactions. Finally, 5G auctions when implemented will enhance the gamer experience dramatically as well as facilitate the adoption of new technologies in gaming. Overall, the budget has opened more avenues for the gaming industry.

The gaming industry lauds the government’s decision to set up an Animation, Visual Effects, Gaming and Comics promotion task force

<ul><li>Donald Trump's White House has reached a deal with the US Senate, say reports citing sources.</li><li>The Trump administration's $2 trillion stimulus plan includes $1,200 checks and a host of other measures to help middle class and poor Americans survive the economic clampdown in a bid to contain the spread of coronavirus. </li><li>Indian Prime Minister Narendra Modi has declared a complete nationwide lockdown for 21 days starting March 25 but there is still no call on the relief measures needed for millions of India's poor to survive.</li><li><a href="https://www.businessinsider.in/searchresult.cms?query=coronavirus&amp;sortorder=effectivedate" data-type="tilCustomLink" target="_blank">Track the latest news and updates on the coronavirus pandemic on Business Insider India</a>.</li></ul>Donald Trump's White House has reached a deal with the US Senate paving the way for a $2 trillion economic stimulus for the world's largest economy, say reports citing sources. The US government wants to flush cash down to the last American whose livelihood has been stalled by the clampdown on social and economic activity in a bid to contain the deadly coronavirus that has claimed over 16,000 lives around the world. What makes this deal special is the fact that the sharply polarised leadership of both the Democratic Party and the Republicans were to set to aside their differences— although after five days of intense negotiations— in the interest of the American people who live from one payday to the next. 
	
 <div type="image" title="Mitch McConnell" msid="74806037" hostid="261" caption="&amp;lt;p&amp;gt;Senate Majority Leader Mitch McConnell of Ky. walks to the Senate chamber on Capitol Hill in Washington, Tuesday, March 24, 2020. He is expected to discuss the breakthrough on the Senate floor with Minority Leader Charles E. Schumer (D-N.Y.)Photo/Patrick Semansky)&amp;lt;/p&amp;gt;"></div>



 Nearly 8,000 miles away from the Capitol Hill, in New Delhi, the Indian Prime Minister announced a complete nationwide lockdown for 21 days starting the midnight of March 25. However, 90% of India's workforce, which works in unorganised spaces without any social or financial security and savings, is still hoping and praying for sustenance money while the country unites in its fight to curb the spread of Covid-19, a deadly virus that has no vaccine or cure. 
	
 <div type="image" title="Narendra Modi" msid="74806070" hostid="261" caption="&amp;lt;p&amp;gt;FILE- Feb.3, 2020 file photo, Indian Prime Minister Narendra Modi announced a 21-day nationwide complete lockdown starting the midnight of March 25.Photo/Manish Swarup, File)&amp;lt;/p&amp;gt;"></div>



 
 Some of the key proposals in Trump's stimulus plan include that could be a template for India to follow as well: 1. $1,200 cheques to individual Americans, 2. A $367-billion loan program for small businesses, 3. A $500 billion fund for industries, cities and states, 4. A massive boost to unemployment insurance, 5. $150 billion for state and local stimulus funds, and 6. $130 billion for hospitals. So far, India's <a href="https://www.businessinsider.in/policy/economy/finance-minister-nirmala-sitharaman-speech-highlights-and-updates/articleshow/74789836.cms" data-type="tilCustomLink" target="_blank">Finance Minister Nirmala Sitharaman has announced some welcome reprieve</a> on many compliance requirements for businesses and individuals⁠— from income tax to goods and services tax, requirements under Companies Law to customs to banking, to name a few. However, according to Sitharaman, a government taskforce and its subgroups are still thrashing out the details of an impending stimulus. 
 <div type="Article" hostid="261" msid="74802999" title="Here's how a 21-day lockdown might help break the Covid-19 chain" mstype="2" mssubtype="0"></div>


 As Morgan Stanley's Ridham Desai recently said,"I do think the government, the Reserve Bank of India and others will come out with a package even to alleviate the economic crisis, because there is no point in just alleviating the health crisis, if the economic crisis goes on for a long term. Because that can result in unemployment, income loss and other pain." The breadth of India's poverty is just too huge The 2011 Census pegged India's poor population at 22%— more than one in five Indians earned less than ₹816, or ₹27 a day a month. The National Sample Survey Office showed that the average household in India spent about ₹1,500 a month in 2017. 
	
 <div type="image" title="India Daily Life" msid="74806094" hostid="261" caption="&amp;lt;p&amp;gt;A woman selling posters of Bollywood stars and Hindu deities prepares to cross a street in Jammu, India, Sunday, March 1, 2020. Millions people in the country live in poverty and many of them migrate to the cities in search of a livelihood.Photo/Channi Anand)&amp;lt;/p&amp;gt;"></div>



 A <a href="https://www.businessinsider.in/policy/economy/article/pm-modi-address-to-the-nation-is-india-ready-for-total-lockdown/articleshow/74704162.cms" data-type="tilCustomLink" target="_blank">rough estimate of the cost of handing out</a> ₹1,500 in cash to every household that needs the money, is likely to be anywhere between ₹35,000 to ₹40,000 crore, for every month that the lockdown may last. This too, will only work if the supply chain of essential items continues to work unhindered. Or else, the cash in hand is useless. And it's not just the poor. The current uncertainty makes it difficult even for middle-class families in India, who are now starting to fear for their jobs, to plan their expenses and their future. The situation is definitely a lot more dire for the poor. Some large states like Uttar Pradesh and Tamil Nadu have announced cash handouts along with the lockdown. The fate of the poor hangs in a balance in many other states and they are looking towards any support no matter where it comes from— the state government or the centre. Without the assurance that they will be protected from starvation and necessities of daily life, as the political scientist and long-time India watcher Alastair Newton warned in a recent interview with Business Insider, the likelihood of a civil unrest cannot be ruled out. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/deal-on-a-roughly-2-trillion-coronavirus-stimulus-package-reached-between-the-senate-and-white-house-including-cutting-checks-to-americans/articleshow/74805238.cms" data-type="tilCustomLink" target="_blank">Deal on a roughly $2 trillion coronavirus stimulus package reached between the Senate and White House, including cutting checks to Americans</a> <a href="https://www.businessinsider.in/india/news/heres-what-india-want-from-modis-financial-package/articleshow/74795064.cmshttps://www.businessinsider.in/india/news/heres-what-india-want-from-modis-financial-package/articleshow/74795064.cms" data-type="tilCustomLink" target="_blank">Here's what India wants from Modi’s financial package</a> <a href="https://www.businessinsider.in/india/news/coronavirus-updates-in-india-and-steps-taken-by-narendra-modi-government/articleshow/74723667.cms" data-type="tilCustomLink" target="_blank">A look at Indian government response to coronavirus, so far, shows some quick reactions but not enough foresight</a>

You Searched For "Indian taskforce tax" and got 6 results

A government taskforce wants to bring more migrant Indians into the tax net

Sanchita Dash

Direct taxes in India will be a lot simpler if Nirmala Sitharaman accepts these 3 proposals

Katya Naidu

The Indian government has instituted a panel to make the country’s 57-year old income tax law ‘more comprehensible’

Dilsher Dhillon

New income tax proposed by a government panel wants a 35% slab, says a report

BI India Bureau

The gaming industry lauds the government’s decision to set up an Animation, Visual Effects, Gaming and Comics promotion task force

BI India Partner

Inside the $2 trillion US economic stimulus⁠— and what locked-down India can learn from it

Sriram Iyer

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