Tax & Accounting

India-Mauritius DTAA Amendment Closes Tax Avoidance Loophole


India and Mauritius have agreed to abide by recent DTAA revisions, which include a PPT clause to prevent any unjustified tax avoidance.

India’s ITR Forms for AY 2024–25: Key Updates


India’s Income Tax Department has released ITR Forms 1-6 for AY 2024–25 and is enabling e-filing mechanisms according to reporting deadlines.

India-Spain DTAA Notification: Lowered Tax Rates and Key Provisions


India has announced that tax rates on royalties and fees for technical services under the India-Spain DTAA will be capped at 10%, a rate lower than domestic laws, as per a most-favored nation basis, according to a March 2024 notification.

Tax Rules in India in Effect from April 1, 2024


FY 2024-25 begins April 1, 2024 and brings in no new changes to the tax rules in India per the federal government. We roundup the direct tax rules applicable for AY 2024-25 and certain Finance Act 2024 amendments to the indirect tax regime.

NFRA Seeks to Promote Innovation in India’s Auditing Industry


At the maiden international conference organised by the NFRA, its chairman, Ajay Bhushan Pandey, has expressed strong intentions to inculcate a framework identical to an innovation lab to promote technological advancement in the auditing industry.

Mauritius Government Amends its Double Tax Treaty with India to Align with BEPS MLI


In a list of Cabinet Decisions taken by the Mauritius government on February 23, 2024, it was announced that its DTAA with India would be amended in keeping with BEPS norms.

India’s New Tax Compliance Law Impacting MSMEs: Section 43B(h) Explained


We discuss why specified companies could face higher taxable incomes under section 43B(h) of the Income-tax Act, 1961, due to delayed payments to MSME suppliers.

Understanding Accelerated Depreciation of Solar Power Assets in India


Accelerated depreciation is a crucial driver of investments in the adoption of solar power in India, offering commercial and industrial consumers faster depreciation on solar power plant investments than traditional plants and machinery.

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