Other Briefings
Presumptive Basis of Taxation for Small Business in India
By Himanshu Joshi, Accounts Associate, Dezan Shira & Associates Mar. 6 – In order to provide small business owners relief from the tedious work of book keeping, auditing and compliance, sections 44AD and 44AE of the Income Tax Act 1961 allows an assessee to determine their income on a presumptive basis. This allows income to […]
Can India Tax Itself to Prosperity?
By Chandrahas Choudhury Mar. 5 – India’s central and state governments are edging closer to an agreement on a design and deadline for the Goods and Services Tax, a comprehensive value-added tax that will replace many smaller taxes and levies and will make India a unified market. The proposed tax reform has been described as […]
Introduction to the Service Tax Partial Reverse Charge Mechanism
By Himanshu Joshi Feb. 28 – A new taxation scheme for the services sector that came into effect on July 1, 2012, states that both the service provider and the recipient of the service must now pay the requisite service taxes. Prior to this, the liability to pay such services tax was only born by […]
Indian Industrial Output Shrinks, WPI Inflation Declines
Feb. 15 – In a worrying development, data from the Central Statistics Office (CSO) has revealed that India’s Index of Industrial Production (IIP) contracted by 0.6 percent in December, largely due to sluggish performance in the manufacturing and mining sectors. Compounding the issue, contraction of industrial production in November has been revised further down, from […]
An Overview of India’s Taxes on Business
Feb. 13 – In this article, we give a brief overview of India’s major taxes and duties on business, including Corporate Income Tax, Dividend Distribution Tax, Minimum Alternative Tax, Value-Added Tax, Central Sales Tax, Goods And Service Tax, Customs Duty, Excise Duty (CENVAT) Service Tax, Capital Gains Tax, Wealth Tax, and Withholding Tax. The central […]
Moody’s: India’s Rating Outlook Stable
Jan. 22 – International credit rating agency Moody’s reaffirmed India’s rating and scored India as a “Baa3,” which indicates investment grade with a stable outlook. This rating is equivalent to Standard and Poor’s (S&P) and Fitch’s “BBB(-)” rating. A downgrade would have pushed India into the so-called “junk” status, which would essentially mean that interest […]
New Issue of India Briefing: India’s Taxes for Foreign-Invested Entities
In this issue of India Briefing, we begin with an overview of India’s taxes on business, which includes a section on India’s double taxation avoidance agreements, and then discuss individual income tax rates and deductions.
Indian Government to Defer GAAR to 2016
Jan. 16 – On Monday January 14, Indian Finance Minister P. Chidambaram stated that India would delay the implementation of its controversial rules on tax avoidance known as the General Anti-Avoidance Rules (GAAR) to 2016. The decision earned positive reactions from the market, and is likely to help attract more capital inflow and improve investor […]
