Other Briefings
Court Ruling Says No Tax on Transfer of Goods at SEZs
Jul. 15 – The transfer of goods to special economic zones from outside suppliers are not subject to export duty said a Supreme Court ruling made on Tuesday. The court denied an appeal from the national government that defined any transfer of goods from an area outside the zone referred to as a domestic tariff […]
Companies Now Required to Electronically File Income Tax Returns with Digital Signatures
Jul. 14 – Companies are required to file their income tax returns electronically with a digital signature by July 31 according to an announcement made by the Central Board of Direct Taxes (CBDT) last Monday. Form No ITR-6 must be submitted with digital signatures as opposed to an earlier regulation that accepted forms without digital […]
India Proposes Repatriation of Profits for Foreign Real Estate Companies
Jul. 13 – The Department of Industrial Policy and Promotion is studying a proposal to allow foreign real estate companies to repatriate all their profits except the minimum initial investment of US$5 million. This will apply to foreign companies in a joint venture with a local developer and will effectively limit India’s lock-in period for […]
IMF Raises India Forecast to 9.4 Percent
Jul. 13 – The International Monetary Fund raised its 2010 economic forecast for India last Thursday from 8.8 percent to 9.4 percent on the basis of strong corporate profits and financing conditions. “IMF is an independent body monitoring India. It is a positive signal. If there are similar signals and confirmation from other agencies (monitoring […]
New Schemes to Ease the Process of Closing a Business
Jul. 12 – The Ministry of Corporate Affairs (MCA) will launch two schemes that will ease the process for companies wanting to formally close a business. The Easy Exit Scheme 2010 will allow exiting companies to have their names taken out of the Registrar of Companies quicker and at lower costs applicable from May 30 […]
Court Ruling Allows Marketing Intangibles Not to be charged to Overseas Parent Company
Jul. 9 – The Delhi High Court has decided in favor of overseas parent company Suzuki Motor Corp. (SMC) saying the company should not pay Maruti Suzuki India (MSIL) for increasing brand recognition for Suzuki via marketing campaigns contrary to a previous decision made by tax authorities. The court’s decision applies to the assessment year […]
India to Consider FDI in Domestic Carriers
Jul. 8 – Authorities will soon begin talks on possibly raising foreign direct investment in local carriers to push New Delhi’s recently opened Terminal 3 into becoming an international aviation hub. “This issue would be discussed in coming few days. A final view may be taken shortly,” Civil Aviation Minister Praful Patel said in a […]
India Opens Debate on Foreign Investment in Retail
Jul. 7 – The Commerce and Industry Ministry released a discussion paper on Tuesday that considers removing barriers hindering foreign investment in the retail sector. Currently, only 51 percent of foreign direct investment is allowed for single-brand retail while multi-brand retail is limited to cash-and-carry branches. It is now being proposed that large-scale investment in […]
