Other Briefings
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 […]
Income Taxation for an Off-Shore Fund
By Himanshu Joshi, Accounts Associate, Dezan Shira & Associates Apr. 16 – In India, the Income Tax Act, 1961, provides special treatment for the taxation of the income of an off-shore fund. An off-shore fund is classified as a fund, institution, association or body, whether incorporated or not, established under the laws of a country […]
How are Capital Gains on Shares Taxed in India?
By Himanshu Joshi, Accounts Associate, Dezan Shira & Associates Apr. 4 – The Income Tax Act of India recognizes shares as capital assets. Therefore, any gains derived from the sale of shares are treated as capital gains, which are taxable. To determine the effective tax rate on capital gains derived from the sale of shares, […]
India Increases Customs Duties on Luxury Items
The Indian government has made some key changes in its 2013 Budget that will primarily affect the super-rich, with customs duties on imported luxury items, including high-end motor vehicles, motorcycles, yachts and other similar vehicles, being increased.
How Are Non-Residents Taxed on Royalties and Fees for Technical Services?
Mar. 29 – When a non-resident earns any income in India by way of royalties or fees for technical services, they are liable to pay the relevant taxes. The official definition of royalties and fees, as stipulated by Section 9 of the Income Tax Act 1961, can be found below.
Service Tax in India
By Himanshu Joshi, Accounts Associate, Dezan Shira & Associates Mar. 27 – Service taxes were first introduced to India through the Finance Act (1994) in the 1994-95 Union Budget, however the service tax rules have gone through various changes since their introduction. There was previously an exhaustive list of services that were subject to service tax, […]
India’s Double Taxation Avoidance Agreements
Mar. 26 – Double taxation avoidance agreements (DTAs or DTAAs) aim to prevent the same income from being taxed by two or more states, while also eliminating tax evasion and encouraging cross-border trade efficiency. DTAs prevent double taxation by allowing the tax paid in one of the two countries to be offset against tax payable […]
