Other Briefings
Further Tax Amendments Receive Approval in India
India recently passed amendments to its Finance Bill. Tax on share buybacks will now be raised to 20 percent, while the tax on technical service fees provided to non-residents will also be raised from 10 percent to 25 percent.
Bombay Stock Exchange Launches Shariah Index
The Bombay Stock Exchange has become India’s first stock exchange to launch an Islamic-focused Index, calling it the S&P BSE 500 Shariah Index. It will be compliant with Islamic canonical law in choosing investments.
Preparing Foreign-Invested Entities for Annual Audit in India
India is often perceived as an investment destination full of red tape and bureaucracy, yet in fact with some attention to detail, the legal and financial operational procedures can be relatively easily expressed – if you know what you are doing. Annual audit procedures help assess companies for purposes of taxable income, but can also help management evaluate company efficiencies and deficiencies.
India Passes Tax Cuts for Foreign Investors
India will cut the tax rate on income earned by non-residents from investments in corporate and government debt. The cut is part of India’s Finance Bill which was passed by the lower house of the Indian parliament on Tuesday.
Payroll Processing in India: Allowances and Outsourcing
Payroll , or employee compensation management, is a multifaceted process. To help shed some light on this complicated process, in this article we discuss allowances (including housing and leave travel assistance) and the benefits of outsourcing payroll.
India: World’s Largest Recipient of Global Remittances
Apr. 25 – The World Bank has listed India as the world’s largest recipient of remittances from its overseas diaspora in 2012 after having received over US$69 billion in remittances. Following India is China (US$60 billion), the Philippines (US$24 billion), Mexico (US$23 billion), Nigeria (US$21 billion) and Egypt (US$21 billion). Pakistan, Bangladesh, Vietnam and Lebanon are […]
New Issue of India Briefing: An Introduction to Audit in India
In this issue of India Briefing Magazine, we examine how India’s accounting standards differ from the globally accepted IFRS and IAS protocols, and why it is important to be aware of such discrepancies. We also outline the standard steps an auditor will go through during the audit process and explain pre-audit preparations that can be carried out to make the process easier to follow for foreign executives.
Individual Income Tax Rates and Deductions in India
Apr. 23 – Individual income tax (IIT) is the direct tax paid on personal income by an individual or a company to the central government. The Indian Income Tax department is governed by the Central Board for Direct Taxes (CBDT) and is part of the Department of Revenue under the Ministry of Finance. In this […]
