Latest news with #AnkitJain
&w=3840&q=100)
Business Standard
11 hours ago
- Business
- Business Standard
Digital payments for ads or software? Here's where TDS may surprise you
Freelancers, small business owners, and e-commerce sellers are increasingly relying on digital platforms for advertising, software, and sales. But these payments often come with tax obligations that many overlook, especially under India's Tax Deducted at Source (TDS) rules. Experts say a good starting point is identifying whether the payment is made to an Indian or foreign company. 'This is crucial, as domestic payments are governed by Sections 194C and 194J, while international ones fall under Section 195,' says Ankit Jain, partner at a chartered accountancy firm, Ved Jain and Associates. Domestic versus foreign payments: Know your provider For payments to Indian providers, such as digital ad agencies or cloud service resellers: Section 194C applies to ad contracts; TDS at 2 per cent if the annual payment exceeds Rs 30,000. Section 194J applies to professional or technical services like AWS or Zoom; TDS at 10 per cent. Exemption: 'TDS isn't required if you aren't under tax audit or are a non-corporate entity,' notes Jain. For foreign providers, such as Google, Meta, or SaaS platforms: TDS under Section 195 applies, but rates vary depending on the Double Taxation Avoidance Agreement (DTAA). You must also file Form 15CA/CB, even if TDS isn't deducted; failure attracts a penalty of Rs 1 lakh. Common mistakes to avoid According to Ritika Nayyar, partner at a law firm, Singhania & Co., many taxpayers: Wrongly assume no TDS is needed if the provider is foreign. Skip filing Form 15CA/CB if no TDS is deducted. Misapply DTAA benefits without obtaining a Tax Residency Certificate. Ignore changes in TDS law or documentation requirements. Selling online? Know your 1 per cent TDS rule Platforms like Amazon, Flipkart, and Zomato deduct 1 per cent TDS on seller earnings under Section 194-O. 'This amount reflects in your Form 26AS and can be claimed as a credit while filing returns,' says Nayyar, adding that, 'Maintaining accurate sales and TDS records is key.' Can small users avoid TDS? Yes, in many cases. If your turnover is below Rs 1 crore (business) or Rs 50 lakh (profession), you're generally not liable to deduct TDS. Also, individuals or HUFs paying for personal use are exempt from TDS obligations. But for international payments, no basic exemption exists, warns Jain. 'All such cases must be evaluated carefully, especially when claiming DTAA benefits.'
Time of India
06-06-2025
- Business
- Time of India
Crafting luxury: How this Jaipur-based MSME is winning India's elite
Jaipur-based ARL Group , known for its Specta Quartz Surfaces brand, has spent 30 years in the utility building material industry. After years of focusing on functional products, the company decided to diversify into the luxury segment, expanding its portfolio to cater to high-end customers seeking premium building materials. The Group explored new opportunities for diversification and discovered engineered quartz stones at exhibitions. Intrigued, they began a comprehensive study of the product and conducted global market research to understand its potential and trends. This helped them in evaluating the demand, competition, and potential applications of engineered quartz stones in the luxury segment, says Ankit Jain, Founder of Specta Quartz Surfaces, a luxury brand specialising in engineered quartz surfaces. 'Globally, the market is huge, and it is a very well-accepted product,' adds Jain. The global quartz market, estimated at $7.62 billion in 2025, is expected to grow at a CAGR of 4.19% to reach $9.35 billion by 2030. The Indian quartz market is projected to grow at a CAGR of 8.4% to reach $2,462 million by 2026. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Bank Owned Properties For Sale In Tan Dinh (Prices May Surprise You) Foreclosed Homes | Search ads Search Now Undo 'We saw an opportunity to enter a new product line, leveraging export markets to kickstart growth while simultaneously investing in the Indian market to build our brand. This strategy allowed for a beneficial synergy between international expansion and domestic development,' says second-generation entrepreneur Jain. As these luxury projects continue to grow in volume, there is a growing demand for luxury interior materials like quartz surfaces for kitchen and washroom countertops and wall cladding, says Jain. The entrepreneur identified an opportunity in the market for high-quality quartz surfaces, particularly those manufactured using Italian technology, which is preferred by discerning buyers for its superior quality and durability compared to Chinese alternatives. Live Events Ankit leveraged his manufacturing expertise and built India's first manufacturing facility with the Italian Bretonstone technology in the Bagru Industrial Area , Jaipur, Rajasthan. For the uninitiated, Bretonstone is the gold standard in engineered quartz manufacturing worldwide. This Italian technology enables the creation of highly durable, design-consistent, and hygienic quartz surfaces that are ideal for modern living spaces. 'We were only the third company in India to do so and the first to focus so much on the Indian market. This decision has paid off, as Specta's designs are now a benchmark in the industry,' says Jain. India's luxury housing market The growth of luxury real estate and consumption in India has fuelled the demand for high-end home products, says Jain. As people invest more in their homes, especially kitchens and bathrooms, the market for premium materials like quartz surfaces has naturally expanded, offering an opportune time for brands like Specta Quartz Surfaces to capitalise on this trend, adds Jain. Luxury housing units priced above Rs 1.5 crore account for around 17% of new residential launches in India, according to ANAROCK Research's 2024 data. The luxury homes priced over Rs 1 crore dominated sales in 2024, crossing the 50% mark. Specta is planning to open six exclusive experience centres, including flagship locations in Mumbai, Jaipur, and Ahmedabad. The Jaipur-based MSME has made strides in the stone surfaces market, successfully catering to high-end customers seeking premium building materials. It has achieved nearly Rs 150 crore in revenue within just three years. The company also supplies its products to the Middle East. The price of Specta's products ranges from Rs 500 per sq ft to Rs 2,000 per sq ft depending on design intricacies and colours. 'Our turnover (revenue) has steadily grown from Rs 23 crore in 2022-23 to Rs 90 crore in 2023–24, with an EBITDA of Rs 4 crore. The provisional figures for 2024-25 show continued momentum, with turnover reaching Rs 145 crore, underscoring strong demand, strategic execution, and improved profitability,' says Jain. Over the next one year, Specta is expecting a revenue of Rs 300 crore. Specta Quartz Surfaces is working to boost capacity by year-end and aims for 50% year-on-year revenue growth over the next three years. To drive this expansion, the company is launching six exclusive experience centers, with flagship locations in Mumbai, Jaipur, and Ahmedabad, as part of its strategic retail growth plan. How is the sector placed? Aarti Harbhajanka, Co-founder, CHRO & MD, Primus Partners, says that India's luxury market, including premium building materials like engineered quartz surfaces, is growing steadily due to rising disposable incomes, urbanisation, and demand for high-end interiors. 'The engineered quartz segment is expected to expand at a compound annual growth rate (CAGR) of 8-12% over the next five years, driven by real estate development and an increasing preference for durable, aesthetically pleasing surfaces, adds Harbhajanka. However, Harbhajanka cautions that India's engineered quartz market also faces hurdles like price sensitivity due to competition from affordable alternatives such as ceramics and laminates. Additionally, the industry struggles with high import dependency on raw materials and consumer preference for traditional marble, she says. The Jaipur-based MSME has made strides in the stone surfaces market, successfully catering to high-end customers seeking premium building materials. 'Logistics complexities, considering the weight of the quartz and sustainability concerns around silica sourcing and carbon emissions, may add further hurdles. However, manufacturers are countering these issues through localised production and eco-friendly innovations,' adds Harbhajanka. Specta's operating model Specta's business model leverages partnerships with architects, designers, and developers, wherein Specta, founded in 2022, integrates its premium surfaces into luxury residences, commercial spaces, and hospitality projects. Also, it has recently expanded into retail and direct-to-consumer sales for its next phase of scaling. Specta operates in 80 tier-II and tier-III cities across India, supported by a robust network of approximately 60 distributors and 300 dealers. Our business follows a B2B model, wherein we dispatch products from our factory directly to our distributor network, who then handle local logistics and last-mile delivery. 'While our transactions are B2B, over 95% of our sales cater to retail homeowners, facilitated by our dealer ecosystem. Our sales team also works closely with kitchen installers, architects, and designers who act as key influencers, helping get our products specified in premium residential and commercial projects,' says Jain. The company also partners with modular kitchen brands like Livspace, Spacewood, Arancia, and Nolte, who showcase its quartz surfaces in their showrooms. 'When customers place orders, our distributors handle fulfilment. Meanwhile, our business development team collaborates with these kitchen installers and architects in major cities to pitch and showcase our products,' he adds. However, Jain agrees that the product is still at a very nascent stage in India. But he is hopeful more and more people will access the product since people's spending power in India has increased over the years. More than the spending power, the willingness to spend has increased, says Jain. 'With luxury kitchens ranging from Rs 25 lakh to Rs 1.5 crore, high-end consumers aren't satisfied with basic materials like granite. Brands like Nolte and Livspace cater to this demographic, where premium quartz surfaces become a natural choice for those investing in high-end kitchen designs,' adds Jain. Expansion plans Specta, which has so far managed its working capital entirely through bank credit, is planning to open six exclusive experience centres, including flagship locations in Mumbai, Jaipur, and Ahmedabad. 'This is a part of our retail expansion strategy and will help us bring our products closer to customers in high-demand areas. Additionally, we are also banking on the rising luxury real estate market in tier-II and tier-III cities to expand our customer base within the luxury homeowner segment in these regions,' says Jain. The company has also invested in a new manufacturing plant, which will become operational by the end of the year. 'This plant will increase our capacity by almost 150%, and it will be capable of producing super-jumbo slabs and ultra-thin 7mm slabs with unique design possibilities. This advancement will open new applications beyond traditional surfaces, reinforcing Specta's position as an industry leader in innovation and design,' adds Jain.
Indian Express
05-06-2025
- Business
- Indian Express
India Inc falling short on net-zero targets, warns BRSR 2025 report
On World Environment Day, the latest edition of the BRSR Barometer has sounded an alarm on the state of corporate sustainability in India. Despite modest progress, the report reveals that Indian companies are falling short on critical sustainability metrics, particularly in renewable energy adoption and value chain emissions reporting. Jointly released by ECube, StepChange, and EarthInherited, the BRSR Barometer 2025 analyses data from over 800 listed Indian companies across 12 sectors, collectively generating over ₹8 trillion in annual revenue. The findings are expected to influence regulatory development and the report has been presented to SEBI Executive Director Pramod Rao. According to Ankit Jain, Co-founder and CEO of StepChange, the Barometer 'highlights critical data and performance gaps that are vital if we are to mobilise the trillions of rupees needed for the nation's net-zero transition'. Harish HV, Founder and MD of ECube, added that the report serves as a 'mirror' for India Inc's evolving ESG (Environmental, Social, and Governance) disclosures, enabling firms to benchmark themselves against peers. 📌 Scope 3 emissions largely undisclosed: Fewer than 25% of companies, on a median sector basis, quantify their indirect emissions (Scope 3), despite upcoming mandates on value-chain reporting. 📌 Limited renewable energy uptake: Median renewable energy use across sectors remains below 10%, indicating slow progress on green energy transition. The pharmaceutical sector stands out with 92% renewable adoption. 📌 Growing water and waste pressures: High-risk sectors such as Textiles (407 kilolitres per crore revenue) and Chemicals face increasing stress from water usage and hazardous waste generation. 📌 Inadequate social reporting: While female workforce participation has edged up in sectors such as light manufacturing (23%), broader social indicators such as health and safety reporting, training, and grievance redressal remain insufficiently covered. The BRSR Barometer is positioned as a strategic tool for companies, investors, and policymakers. By benchmarking ESG performance and identifying disclosure gaps, it enables Indian businesses to move beyond compliance and towards a competitive sustainability advantage. The full BRSR Barometer report is available for download via the StepChange and EarthInherited websites.
Hindustan Times
03-06-2025
- Business
- Hindustan Times
5 things NRIs should keep in mind before investing in property in India
Anita Reddy, an NRI residing in the US, has decided to purchase a residential flat in Hyderabad to stay during annual visits. She has checked RBI rules, verified the property title, and applied for a home loan. She has authorized her father in India with power of attorney. NRIs can legally purchase residential and commercial properties in India under Foreign Exchange Management Act (FEMA) rules, but are not allowed to buy agricultural land, plantation property, or farmhouses unless acquired through inheritance or specifically approved by the Reserve Bank of India (RBI). When acquiring property, if the purchase is funded from abroad, the funds should be remitted into an NRE (Non-Resident External) account. 'The payment for the property must be made through this NRE account. It is important to retain the bank statement as proof of the source of funds. This documentation will be crucial if the NRI wishes to repatriate the proceeds from the sale of the property back to their country of residence,' says Ankit Jain, Partner, Ved Jain and Associates, chartered accountancy firm. 'They are also eligible for home loans from Indian banks and housing finance companies, with loan repayments made using these accounts as per RBI guidelines' says Anupam Rastogi, co-founder and chief business officer, Square Yards, a real estate marketplace. If the purchase is funded through income or funds already held in India, the NRI can use any domestic bank account for the payment. Additionally, while making payment to the seller, the NRI must ensure that Tax Deducted at Source (TDS) is properly deducted on the sale consideration, even if the NRI does not regularly file tax returns in India. Failure to deduct and deposit TDS can lead to a tax liability for the buyer. 'It is also advisable that, after acquiring the property, the NRI files annual income tax returns in India, even if the income generated from the property is below the taxable threshold. Maintaining a consistent tax record can simplify compliance and tax calculations when the property is eventually sold,' says Jain. Under the old tax regime one claims deductions on home loan principal under Section 80C and home loan interest under Section 24(b) of the Income Tax Act, if they have taxable income in India. The 3.5% US excise tax on remittances by non-US citizens increases the cost of investing in India, as it is charged to the sender and not creditable in India. 'NRIs should account for this cost, remitting more to receive the desired amount in INR. India does not tax inward remittances, so funds received through banking channels can be fully used. Where possible, joint remittance with a US citizen family member may reduce the burden,' says Gagandeep Sood, Associate Director, Fox Mandal Global, a professional services firm. India does not impose any limit on the amount NRIs can remit inward for property investment. Such remittances are freely permitted, provided the funds are from legitimate sources and routed through authorised banking channels. There is no tax on inward remittances by NRIs in India. Also Read: Government proposes bill for online property registration, documents. Here's what it means for you 'NRIs should maintain NRE accounts, as funds brought in through authorised banking channels comply with FEMA regulations. Although Indian Income Tax authorities do not require documentation for the 3.5% US remittance tax, it is advisable to retain records of the sender, transaction details, and purpose to establish the legitimacy and source of funds, especially in high-value transactions,' says Sood. These are the following documents that NRIs need to have in place when they plan to buy a property in India. Passport and OCI/PIO card:A valid passport is mandatory. If you hold an Overseas Citizen of India (OCI) or Person of Indian Origin (PIO) card, you can use it instead of an Indian passport. PAN card:Required for tax purposes, especially if you plan to rent out the property or sell it later. Proof of address: Both Indian and overseas address proof (utility bills, bank statements, or rental agreements) may be required. Power of attorney (if applicable): 'If you're not physically present in India for the transaction, you may need to authorize someone via a registered and notarized Power of Attorney (PoA),' says Ravi Shankar Singh, managing director, Residential Transaction Services, Colliers India, a real estate services firm. Proptech has really simplified the buying process for NRIs in India. Developers are also setting up camps in countries with a large Indian population. Most NRIs today are IT professionals or engineers who have gone abroad for short to medium term projects and with an intention to return to India. While deciding on this high involvement purchase NRIs should keep certain things in mind. They should choose a reputed developer with a credible track record. 'The selected city should offer employment upon their return. The location and city should offer great physical and social infrastructure, And finally it should have international airport connectivity,' says Shankar. 'Before finalizing a property deal, NRIs should verify the property's title, check for any legal encumbrances, ensure all government approvals and permits are in place, and consult a real estate lawyer. This due diligence helps avoid legal disputes, fraud, and ensures a smooth transaction,' adds Rastogi. Anagh Pal is a personal finance expert who writes on real estate, tax, insurance, mutual funds and other topics
&w=3840&q=100)
Business Standard
30-05-2025
- Business
- Business Standard
Instamart appoints Ankit Jain as Senior VP of Operations
Swiggy-owned quick commerce platform Instamart on Friday announced the appointment of Ankit Jain as Senior Vice President - Operations, including supply chain management, dark store operations, delivery experience and network expansion. Ankit recently served as the Senior Vice President, Head of Grocery and Large Supply Chain as well as Ekart Design at Flipkart. The company's operations have seen strong momentum over the past few months -- enabling its presence in more than 120 cities, expanding into new categories and scaling our infrastructure with the record addition of more than 300 dark stores and mega pods last quarter, according to a senior company official. "Ankit's deep, hands-on experience across e-commerce, retail, and FMCG will be a strong force in further strengthening our operations, leading the way in delivery speed, availability, and assortment for our consumers, Instamart CEO Amitesh Jha said. Prior to Flipkart, Ankit spent over 14 years at Unilever, holding various roles such as General Manager of Demand Planning and Director of Logistics and Warehousing, managing end-to-end supply chain operations across multiple geographies. Ankit holds a Bachelor of Technology in Chemical Engineering from the Indian Institute of Technology, Delhi. Earlier this week, Instamart dropped parent Swiggy from its name, in a strategic move aimed at carving a standalone brand identity.
