Other Briefings
Daily Wage Payments Cannot be Considered as Contractual Payments
Sept. 8 – Compensations made by the employer to workers employed by it on daily wage basis cannot be said to be a contractual disbursement and, as such, the assessee in such cases is not required to subtract tax from such payments u/s. 194 C of the Act. Such payments are not in the nature […]
Consequences for Nonpayment of TDS in India
Sept. 1 – If an individual fails to subtract the whole or any part of the tax at source, or, after deducting, fails to pay the whole or any part of the tax to the credit of the Indian Central Government within the agreed time-frame, the individual shall be legally responsible for the repercussions in […]
India’s MCA Cuts Down Company Registration Time
Aug. 25 – The Ministry of Corporate Affairs has cut down measures under MCA-21 to facilitate the registration of a company within 24 to 48 hours where there is no complexity about availability of names.
CSR Contribution Based on Net Profit
Aug. 17 – India’s Ministry of Corporate Affairs stated that the Department of Public Enterprises and the Ministry of Heavy Industries and Public Enterprises have issued complete guidelines on corporate social responsibility (CSR) for central public sector enterprises (CPSEs) in April 2010. In these guidelines, CPSEs are obligated, through a board resolution, to generate a […]
One More Step towards FDI in India’s Multi-Brand Retail
Aug. 10 – Multi-brand retailing, perhaps the most vital issue of the new century in terms of FDI in India, has gone ahead by one more step. The top notch secretaries of the Indian government have forwarded 10 recommendations to the Commerce and Industry Ministry. According to government officials, the ministry is evaluating it and […]
New Issue of India Briefing: Tax and Financial Management
In this new issue of India Briefing, we take a look at the Indian tax environment generally, including types of taxes, fees and key dates, and continue on to focus specifically on requirements for foreign companies. Next, we look closer at the generous tax benefits available in Special Economic Zones, contingent on sector and operating dates, and finally expand our focus to India’s international trade agreements.
India Considers New Law to Regulate Micro-lenders
The Indian government recently proposed to establish a new law in order to better regulate the country’s microfinance industry that is faced with complaints of aggressive lending practices and high interest rates.
HSBC India Foreign Bank Account Client Indicted on FBAR Tax Return Charges
Jul. 8 – The U.S. Department of Justice (DOJ) and Internal Revenue Service (IRS) announced last week the indictment of an HSBC India client on four counts of filing false tax returns and four counts of failure to file a Foreign Bank Account Report, form TD F 90-22.1 (FBAR). Each tax return charge can result […]
