Latest news with #DhruvaAdvisors
Khaleej Times
6 hours ago
- Business
- Khaleej Times
Dhruva expands operations in UAE to support SMEs with robust tax framework
Dhruva Advisors, a leading tax consultancy firm in the GCC, has expanded its footprint in the UAE with the opening of its third office in the region and second in Dubai at Emaar Square, Downtown Dubai. Since its entry into the UAE in 2017, Dhruva's Middle East practice helmed by Partner and Head of GCC, Nimish Goel has grown from a 15-member team to over 130 professionals today. The firm has played a vital role in steering organisations through major regulatory changes such as the rollout of VAT, the implementation of Corporate Tax, and the introduction of Transfer Pricing regulations, becoming a trusted partner for both local businesses and global enterprises. This expansion is closely aligned with the Dubai Economic Agenda D33, a strategic roadmap aiming to double the size of Dubai's economy and position it among the world's top three global cities. 'We are honoured to contribute to Dubai's ambitious growth story,' said Nimish Goel. 'Our new Emaar Square office positions us at the centre of economic activity and deepens our commitment to support D33's transformative vision.' A homegrown brand with a global outlook, Dhruva serves clients across diverse sectors, including oil & gas, healthcare, retail, construction, technology, artificial intelligence, and crypto. The firm is known for offering tailored tax strategies that address industry-specific challenges while identifying new opportunities for sustainable growth. In response to the UAE's evolving tax ecosystem, Dhruva has also launched an AI-powered platform that transforms tax management by making it intuitive, real-time, and predictive. The solution leverages advanced machine learning, large language models, and natural language processing to interpret complex regulations, analyse financial data, and generate actionable insights instantly. Fully integrated with major ERP systems, ensures continuous compliance through API-driven updates and built-in audit features. 'Our vision from day one has been to simplify taxation and empower businesses with clarity, control, and confidence,' added Nimish Goel.
Zawya
10 hours ago
- Business
- Zawya
Dhruva expands operations in UAE to support SME's with robust tax framework
Dubai, UAE: Dhruva Advisors, the leading tax consultancy firm in the GCC, has expanded its footprint in the United Arab Emirates with the opening of its third office in the region and second in Dubai at Emaar Square, Downtown Dubai. Strategically located in the heart of the Emirate's commercial hub, the new office underscores Dhruva's ongoing commitment to delivering partner-led, specialised tax advisory services across the region. CEO Dinesh Kanabar led the inauguration alongside his leadership team. The firm continues to maintain a strong presence in Abu Dhabi's Reem Island, reflecting its robust client base and growing operations throughout the UAE. Since its entry into the UAE in 2017, Dhruva's Middle East practice helmed by Partner and Head of GCC, Nimish Goel has grown from a 15-member team to over 130 professionals today. The firm has played a vital role in steering organisations through major regulatory changes such as the rollout of VAT, the implementation of Corporate Tax, and the introduction of Transfer Pricing regulations, becoming a trusted partner for both local businesses and global enterprises. This expansion is closely aligned with the Dubai Economic Agenda D33, a strategic roadmap aiming to double the size of Dubai's economy and position it among the world's top three global cities. 'We are honoured to contribute to Dubai's ambitious growth story,' said Nimish Goel. 'Our new Emaar Square office positions us at the centre of economic activity and deepens our commitment to support D33's transformative vision.' A homegrown brand with a global outlook, Dhruva serves clients across diverse sectors, including oil & gas, healthcare, retail, construction, technology, artificial intelligence, and crypto. The firm is known for offering tailored tax strategies that address industry-specific challenges while identifying new opportunities for sustainable growth. In response to the UAE's evolving tax ecosystem, Dhruva has also launched an AI-powered platform that transforms tax management by making it intuitive, real-time, and predictive. The solution leverages advanced machine learning, large language models, and natural language processing to interpret complex regulations, analyse financial data, and generate actionable insights instantly. Fully integrated with major ERP systems, ensures continuous compliance through API-driven updates and built-in audit features. 'Our vision from day one has been to simplify taxation and empower businesses with clarity, control, and confidence,' added Nimish Goel.
Business Standard
3 days ago
- Business
- Business Standard
From Goa to Global Mandates: The Funktion Junction Leads India's Event Management Wave
VMPL Goa [India], July 19: What began as a boutique event venture on the shores of Goa has rapidly scaled into one of India's most dynamic and globally recognized event management companies. The Funktion Junction, founded in 2017, is now at the forefront of India's experiential services sector, known for delivering high-impact corporate events, immersive brand activations, and sophisticated destination experiences across continents. Founded by former lawyer-turned-event strategist Daniel Hiremath, The Funktion Junction was born out of a vision to bring global standards of event curation to and from India. Under his leadership, the company has built a strong reputation for delivering emotionally engaging, logistically sound, and visually stunning events across diverse geographies. With operations spanning India, Sri Lanka, and the UAE, The Funktion Junction has consistently demonstrated that Indian event firms can compete at a global standard. The company's portfolio includes large-format conferences, leadership summits, international offsites, and brand launches for leading names like Microsoft, ICICI, TRAI, Evolis, Dhruva Advisors, and Firstsource Solutions. Whether it's executing a 400+ delegate offsite for Dhruva Advisors, curating the Global Leadership Summit for Firstsource in Dubai, or managing a product launch for Evolis in Sri Lanka, The Funktion Junction has become synonymous with precision-led execution and seamless cross-border coordination. "Our approach has always been rooted in creative precision and cultural fluency," said Daniel Hiremath, Founder - The Funktion Junction. "Every event is designed to deliver emotional resonance while staying logistically flawless - no matter the destination." - he added. That promise was particularly evident at the Pharmaceutical Supply Chain Initiative (PSCI) India Chapter summit, where The Funktion Junction managed an event that brought together over 120 global pharma and healthcare stakeholders to discuss supply chain transparency and safety protocols. The success of the event cemented FJ's capabilities in delivering purpose-driven experiences for industry leaders. Client testimonials reflect this credibility: "Their ability to handle over 400 delegates for our international offsite was nothing short of remarkable. We felt supported and stress-free throughout." Mehul Bheda, Partner, Dhruva Advisors The Funktion Junction team brought incredible precision, creativity, and calm to our leadership summit in Dubai. It was a seamless experience from start to finish. Shahul Karim, SVP, Firstsource Solutions In just eight years, the company has not only expanded geographically but also elevated its service offering. Today, it stands out for integrating storytelling, hospitality design, and operational excellence across both corporate and social segments, including luxury destination weddings. As India increasingly becomes a hub for global business and cross-cultural collaborations, homegrown players like The Funktion Junction are setting new benchmarks. The company's Goan roots and founder-led ethos continue to shape a brand that is proudly Indian, yet globally relevant. About The Funktion Junction (FJ) The Funktion Junction is a Goa-based full-service event management company specializing in corporate conferences, MICE events, luxury destination weddings, team-building experiences, and bespoke social celebrations. With a reputation for high-touch service and strategic creativity, FJ delivers end-to-end production across India, the Middle East, and Southeast Asia. For more information: Daniel@
Time of India
5 days ago
- Business
- Time of India
Capital gain on property: How to pay lower LTCG tax using indexation benefit
What is indexation? When is indexation benefit available? Particulars LTCG tax rate Property acquired prior to July 23, 2024 20% with indexation or 12.5% without indexation Property acquired after July 23, 2024 12.5% without indexation How claiming indexation benefit can help in paying a lower capital gains tax on sale of house property Particulars Tax With Indexation (in Rs) Tax Without Indexation (in Rs) Full Value of Consideration (Sale Price) 1,50,00,000 1,50,00,000 Cost of Acquisition (Original) 50,00,000 50,00,000 CII for Year of Acquisition (2010-11) 167 Not applicable CII for Year of Sale (2024-25) 363 Not applicable Less: Indexed Cost of Acquisition 1,08,68,263 (50,00,000 * 363/167) Not applicable Long-Term Capital Gain (LTCG) 41,31,736 1,00,00,000 Applicable Tax Rate (u/s 112) 20% 12.50% Capital Gains Tax Payable 8,26,347 12,50,000 Effective Tax Rate on Sale Price 5.51% 8.33% Tax Savings by Indexation Rs 4,23,653 When claiming indexation benefit increases the tax liability instead of reducing Scenario A: For properties held over a long period, indexation can significantly boost the purchase cost, thereby reducing the taxable capital gain. In such cases, opting for the 20% tax with indexation often leads to meaningful tax savings. For properties held over a long period, indexation can significantly boost the purchase cost, thereby reducing the taxable capital gain. In such cases, opting for the 20% tax with indexation often leads to meaningful tax savings. Scenario B: On the other hand, if the property was acquired recently, the indexation adjustment is minor due to a shorter holding period and limited inflation impact. Here, choosing the 10% tax without indexation may actually result in a lower overall tax burden. Punit Shah, Partner, Dhruva Advisors. Particulars Tax With Indexation (in Rs) Tax Without Indexation (in Rs) Full Value of Consideration (Sale Price) 1,00,00,000 1,00,00,000 Cost of Acquisition (Original) 50,00,000 50,00,000 CII for Year of Acquisition (2022-23) 331 Not Applicable CII for Year of Sale (2025-26) 376 Not Applicable Less: Indexed Cost of Acquisition 56,79,758 (50,00,00*376/331) Not Applicable Long-Term Capital Gain (LTCG) 43,20,242 50,00,000 Applicable Tax Rate (u/s 112) 20.00% 12.50% Capital Gains Tax Payable 8,64,048 6,25,000 Effective Tax Rate on Sale Price 8.64% 6.25% Tax Savings Rs 2,39,048 Only transactions that involve real estate house properties are eligible for indexation benefits which can lead to lower capital gains tax in some cases. Previously, other assets were also eligible for indexation benefit. However, Budget 2023 eliminated indexation benefits for debt mutual funds purchased on or after April 1, put, the indexation benefit refers to incorporating the inflation factor into capital gains,transactions to determine the real value of the gains. The law describes Indexation as a tax mechanism that inflates the cost of acquiring a capital asset for inflation, thus lowering the taxable capital gain when the asset is indexation benefit does not always results in lowering the capital gain tax as some time it may do the opposite since it comes with higher tax rate of 20%.Do notice the phrase mentioned is 'lower capital gains tax in some cases'. This highlights the importance of carefully evaluating the impact of indexation based on the real estate asset's acquisition year, sale year, and prevailing tax rates before making tax planning this is where the eligible property owners got dual benefits through amendments in Budget 2024 due to which they can now opt for indexation benefit when it suits them and leave it when it does not suit below to learn more about indexation in real estate transactions and how it can assist as well as when it may not help in reducing the net tax is a significant factor contributing to the increase in the value of a capital asset over time. Applying indexation increases the inflation-adjusted acquisition cost of a capital asset, which leads to reduced net long-term capital gains (LTCG).Chartered Accountant Suresh Surana says: 'It aims to ensure that taxpayers are taxed only on the real gain (adjusted for inflation) rather than the nominal gain. By applying the Cost Inflation Index (CII), issued annually by the Income Tax Department, the purchase cost of an asset is inflated to reflect its value in the year of sale. This indexed cost is subtracted from the sale price to calculate the long-term capital gain (LTCG).'Also read: Indian engineer wins Rs 69-lakh unexplained investment income tax case in ITAT Mumbai on these technical grounds Only capital assets classified as immovable property such as land and buildings are now eligible for indexation benefits when computing long-term capital gains (LTCG).Table showing the tax rateOnly those house properties that are acquired before July 23, 2024 would continue to be eligible for indexation benefits. Consequently for these assets, long-term capital gains are taxable at the rate of 20% (plus applicable surcharge and cess) after allowing for cost says: 'Alternatively, for properties acquired before July 23, 2024, the resident individual / HUF taxpayer has the option to compute gains as the difference between the sale consideration and the actual cost of acquisition, without applying the CII, and subject to tax at a flat rate of 12.5%.'The resident individual / HUF taxpayer can choose either of the aforesaid options in case of land or building acquired before 23 July 2024. For properties acquired after this date, only option-2 i.e. 12.5% without indexation can be read: Taxpayer wins capital gains tax case in Delhi High Court regarding sale of Rs 2 crore property despite Rs 46 lakh tax demand notice For calculating the benefit of indexation, let's assume Mr. A bought a property in FY 2010-11 for Rs 50 lakh and sold it in FY 2024-25 for Rs 1.5 table below shows the capital gains tax calculation with and without indexation benefits:Source: CA Suresh SuranaThe calculations mentioned above shows the significant tax benefit provided by indexation. Indexation lowers taxable gain, resulting in a reduced capital gains tax says: 'As seen in the example, Mr. A's effective tax rate drops from 8.33% without indexation option to 5.51% with indexation option, resulting in substantial tax savings of over Rs. 4 lakh.'While indexation generally helps reduce the tax burden on long-term capital gains by adjusting the cost of acquisition for inflation, there are certain cases where claiming indexation can actually lead to a higher capital gains tax Shah, Partner, Dhruva Advisors, explains two likely scenarios:Surana says the reason why sometimes claiming indexation benefit may result in higher tax liability is because when the tax rate applicable with indexation (20%) is significantly higher than the flat tax rate (12.5%) applied without indexation. To explain this concept better, see the example below which illustrates a situation where, despite a lower taxable gain due to indexation, the overall tax payable is higher because of increased tax Mr. B bought a property in FY 2022-23 for Rs 50,00,000 and sold it in FY 2025-26 for Rs 1,50,00,000. The table below shows the capital gains tax calculation with and without indexation Suresh SuranaAs shown in the above calculation, even though indexation reduces the taxable capital gain from Rs 50 lakh to Rs 43.2 lakh, the higher tax rate of 20% applicable with indexation results in a greater tax outgo of Rs 8,64,048. In contrast, without indexation, the lower flat tax rate of 12.5% results in a tax liability of Rs 6,25, says: 'This leads to an additional tax burden of Rs 2,39,048 when opting for indexation as per the above computation. Such scenarios demonstrate that indexation is not always beneficial and can, in some cases especially in case the property is held for a smaller duration/ period, increase the effective tax liability.'
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Business Standard
6 days ago
- Business
- Business Standard
Delay in ITR-5, 6, 7 utilities:Brace for shorter filing window, say experts
Taxpayers looking to file ITR-5, 6 and 7 are waiting for their forms to go live on the Income Tax portal. Tax experts say the hold-up has left professionals with a shrinking window to complete complex filings, raising the chances of last-minute errors. 'These forms require complex disclosures, audits and reconciliations. The phased rollout of ITR utilities this year has disrupted workflows even in the most efficient tax practices,' said Sonu Jain, chief risk and compliance officer at 9Point Capital. ITR-2 and 3 utilities were also released late in mid-July. 'Normally, filings for multiple clients are spread over 3-4 months. This delay has created a backlog, increasing the chances of last-minute rush, errors and delayed refunds. Taxpayers are also grappling with discrepancies between AIS data and their own records, making the process slower and more stressful,' said Deepesh Chheda, partner at Dhruva Advisors. What taxpayers should do now Experts stress that taxpayers should use this time wisely. 'Finalise your financial statements, reconcile data with Form 26AS and AIS, and prepare drafts of your returns based on last year's schema,' advised Kinjal Bhuta, CA and treasurer of the Bombay Chartered Accountants' Society. She warned that waiting for the utilities to go live could leave too little time for quality checks. Deepak Kumar Jain, chief executive officer of recommended that taxpayers, required to undergo audits, complete them early and coordinate closely with tax professionals. 'Preparedness always pays dividends. Do not rely on the hope of an extension,' he cautioned. Will the deadline be extended? While the government had extended deadlines for non-audit cases earlier, no fresh announcements have been made for ITR-5, 6 or 7 filings. 'Future extensions cannot be predicted. For corporates and trusts, due dates are linked to other compliance deadlines under the Companies Act and GST, so any miscalculation can lead to a domino effect of non-compliance,' said Jain of 9Point Capital. Penalties for missing the deadline Failing to file on time can prove costly. Taxpayers with income above Rs 5 lakh may face a penalty of Rs 5,000 under Section 234F, while those below the threshold are charged Rs 1,000. Interest at 1 per cent per month applies on unpaid taxes. 'Belated filers also lose the ability to carry forward business or capital losses and may face delayed refunds,' Chheda noted. Bhuta pointed out an additional risk. 'Multiple deadlines coinciding could overwhelm the Income Tax portal, adding to taxpayers' woes.' With little clarity on further extensions, taxpayers filing ITR-5, 6, or 7 should proactively prepare to avoid last-minute bottlenecks and penalties. Staying in contact with tax advisors will be critical in navigating the compressed timeline.
