Other Briefings
Higher Withholding Tax for those with No Permanent Account Number
Apr. 8 – Beginning this month, tax deducted at source on payments will be higher for taxpayers providing no permanent account number (PAN). The higher withholding tax rate of as much as 20 percent for taxpayers with no PAN is aimed at improving tax management and compliance. Taxes are required to be withheld at withholding […]
Corporate Financial Disclosure Reduced to Within 45 Days
Apr. 7 – The Securities and Exchange Board of India (SEBI) announced in a circular that all listed companies are required to disclose their financial results within 45 days of the end of every quarter as a way of simplifying the reporting process and improving transparency. Previously, companies were given 30 to 60 days to […]
Delhi High Court Ruling Clarifies Withholding Tax Provisions
Apr. 2 – A recent decision made by the Delhi High Court clarifies that non-residents are required to withhold taxes only if the payments are taxable in India. Following the court decision, Indian companies will not be liable for procuring withholding tax orders from the Indian tax authorities in cases where the overseas payments are […]
Advance Tax Collection Increases in Mumbai
Mar. 22 – Advance tax collection for the January-March quarter in the Mumbai region was up by 3.5 percent compared to the same period last year, indicating better profits for corporate India despite the financial crisis. The Mumbai region contributes close to 40 percent of the total advance tax collections in India with the highest […]
Hotel Tax Holiday Extended to July 31
Mar. 19 – The Indian government has extended the five-year tax holiday for hotel projects from March 31 to July 31 in an effort to stimulate development in the industry prior to the Commonwealth Games in October. The five-year tax holiday previously applied to hotels finished and operational from April 1, 2007 to March 31, […]
PWC India Set to Increase Headcount to 10,000 in Next Two Years
Mar. 17 – PriceWaterhouseCoopers India has announced plans to increase staffing levels to up to 10,000 accountants, tax specialists and auditors from the current 6,500 in the next two years. PWC India Chairman Gautam Banerjee announced the move in an interview with the Financial Chronicle. He described India as “a vibrant economy, becoming more complex,” […]
New Cost Accounting Standards Applicable Beginning April 1
Mar. 15 – New cost accounting standards will be applicable starting April 1 with six of the 10 new standards to be made compulsory. The move is part of government efforts to improve cost auditing and more standards expected to be released in the next two years. Better cost audit mechanisms in place will lead […]
Residential Status and Taxable Income in India
Mar. 12 – Computing for taxable income for individuals in India is based on residential status and the amount of time an individual stays in the country in the relevant financial year and the following 10 years. If an individual stays in India for 182 days or more during the tax year or 60 days […]
