Other Briefings
New Amendment Rules for Income Tax
Feb. 22 – India’s Central Board of Direct Taxes has amended the Income Tax Rules of 1962 applicable starting April 1, 2009. Changes include a new Form 16, Form 16A, Form 16AA, Form 27D, and forms showing breakup of Tax Deducted at Source and Tax Collection at Source for financial year 2009-10. Rules 30, 31 […]
Foreign Investment Board Allowed to Approve FDI Worth Up to US$258.7 Million
Feb. 15 – India’s Foreign Investment Promotion Board (FIPB) is now allowed to approve foreign direct investment proposals worth as much as US$258.7 million. This is a major procedural change and will streamline the FDI process and lessen the burden for Cabinet Committee of Economic Affairs (CCEA); the agency previously required to approve proposals amounting […]
Purchasing Manager’s Index at 17 Month High
Feb. 10 – India’s manufacturing Purchasing Managers’ Index, a key measure that indicates the mood in the manufacturing sector, rose to a 17-month high at 57.6 in January from 55.6 in December. Exports increased for the second month running and in December it grew by 9.3 percent to US$14.6 billion. An analyst from Nomura told […]
Business Visa Norms May be Revised for IT Industry
Feb. 5 – Business visa rules that prohibit foreigners from working in the country may be relaxed to adjust to the needs of the IT industry. Indian visa rules became stricter last year to clamp down on the thousands high and low-skilled Chinese workers illegally working in the country on power and steel projects using […]
Paid Fringe Benefit Tax Up for Adjustment or Refund
Feb. 4 – Taxpayers can now apply for an adjustment or claim a refund for Fringe Benefit Tax (FBT) paid in advance starting this year. The FBT was dissolved by the Finance Act 2009 effective 2010. The FBT, implemented in 2005, levied added benefits or perks given by the employer to the employee. Some companies […]
New Delhi Property Tax Rates to Increase in April
Feb. 3 – India is set to increase property tax rates in New Delhi starting April 2010. The Municipal Corporation of Delhi’s (MCD) has proposed higher tax rates for residential properties in the A to H category. A two percent increased for categories A and B, three percent in categories C and D with the […]
Foreign Companies Now Allowed to Appeal Transfer Pricing Taxes
Feb. 1 – Multinational companies asked to pay additional transfer pricing taxes for overseas transactions will be given the choice to appeal their case to the conventional forum of Commissioner or the Dispute Resolution Panel (DRP). Previously, a tax order coming from of a transfer pricing officer (TPO) was considered the final decision but now […]
New Goods and Services Tax Implementation Date to be Announced in April
Jan. 29 – The Indian government has officially announced the delay of the implementation of the new Goods and Services Tax (GST) with the new roll out date to be decided in April 1. The head of the empowered group of state finance ministers, Asim Dasgupta, said in a statement that the April 1 deadline […]
