Other Briefings
India Issues Re-Assurances over Tax and Retroactive Legislation
India’s Finance Minister Pranab Mukherjee has scotched media reports concerning the intentions of India’s new tax regulations, and has pulled back on GAAR until April 2013.
India Issues Ruling on Transfer Pricing Aspect of Royalty Payments
The High Court has ruled that royalty payments cannot be prohibited on instances of continuous loss where the spending was proven to be incurred “wholly and exclusively” for the purpose of the business of the Taxpayer.
Small Firms and Individuals May Be Exempt from GAAR, Postponement Also Possible
In an attempt to soften the blow of the General Anti-Avoidance Rules (GAAR), India’s Finance Ministry is considering postponing the implementation of the new regime and may completely exempt small firms and individuals.
Rupee Drops to Lowest Level Since January
Apr. 25 – India’s rupee closed at 52.68 to the U.S. dollar on Tuesday after briefly falling to 52.865, marking its lowest level in three and a half months. Experts believe the country’s wide current account deficit, stalled financial reforms, and doubts over monetary easing have all led to the rupee’s drop in value. “At […]
RBI Cuts Repo Rate, Sensex Surges
Apr. 17 – The Reserve Bank of India cut its short-term lending rate by a greater-than-expected half a percentage point today, raising hopes of cheaper home, auto and corporate loans and sending the Bombay Stock Exchange’s benchmark Sensex to surge by 207 points. The rate reduction down to 8.0 percent was the first time the […]
PAN Application Procedures For Foreign Nationals In India
Apr. 11 – In this article, we describe the proof of identity and proof of address requirements associated with the application of a permanent account number (PAN) for Indian citizens outside of India, foreign citizens located in India, and foreign citizens located outside of India. Citizen of India located outside India at the time of […]
Indian GAAR Impacts on Mauritius Tax Haven Use
India’s new General Anti-Avoidance Rules kicked in from April 1, and it looks like they will have an immediate impact on the use of Mauritius as a tax haven for investing in India.
India Increases Service Tax Rate
In the Annual Budget for 2012-13, the Finance Minister has proposed to increase service tax to 12 percent from the previous rate of 10 percent. The new rate came into effect from April 1, 2012.
