Other Briefings
Economists Call for Higher Income Tax Rate on Super Rich
Jan. 10 – At a pre-budget meeting held on Monday with India’s Finance Minister P Chidambaram, the country’s leading economists proposed that a higher income tax rate for the rich be announced in the Budget for 2013-14. Days before the pre-budget meeting, C Rangarajan, Chairman of Prime Minister’s Economic Advisory Council, said the government could […]
Corporate Taxes in India
In this article, we outline some of the key tax responsibilities for both foreign and domestic companies operating in India with regards to the following areas: Corporate Income Tax, Value-Added Tax, Goods and Service Tax, Withholding Tax.
Assocham’s Pre-Budget Memorandum Seeks to Spur Economic Growth
Dec. 6 – The Associated Chamber of Commerce and Industry of India (Assocham) released its Pre-Budget Memorandum for 2013-2014 on December 3, 2012 with the chamber pointing out that the country is facing competitive disadvantages brought on by complex multi-layered indirect tax structures. Assocham also suggested measures to be taken in order to revive consumer […]
India Tightens Eligibility Norms for Listing on the Bombay Stock Exchange’s SME Platform
Nov. 29 – India’s Bombay Stock Exchange (BSE) has issued new conditions for companies seeking to list on the BSE’s small to medium-sized enterprise (SME) platform. Companies seeking to be listed on this platform through initial public offerings (IPOs) are already required to comply with the quantitative eligibility norms prescribed by the BSE. Now, however, […]
India Amends DTAs with Spain and the United Kingdom
Nov. 21 – India has initiated the process to revise its double taxation avoidance agreements (DTAs) with over 75 countries in an effort to strengthen its legislative framework to control the black money generated domestically and the flow of such illegal funds to foreign countries. On October 26, India signed a protocol to amend the […]
India Set to Release GAAR Final Draft
The Indian government is likely to announce the final draft of the General Anti-Avoidance Rules (GAAR) within the next 10 days, according to the country’s Finance Minister P. Chidambaram.
Benefits of Furnishing a Permanent Account Number
Oct. 16 – As per Section 206 AA, any individual who receives any sum or income or amount on which tax is deductible shall furnish his/her permanent account number (PAN) to the tax deducting authority. Failure to furnish a PAN card will attract tax deductions at higher rates under the following terms: At the rate […]
Annual Audit and Compliance for Foreign-Invested Entities in India
Annual audit and compliance procedures are relatively simple for foreign representation entities compared to Indian setup entities. We outline all of these procedures in this article.
