Other Briefings
India Considering Rule Change on Foreign Ownership of Banks
Apr. 30 – India is considering changing some investment rules on foreign ownership of banks according to industry secretary R.P. Singh. Singh told Dow Jones Newswires on Friday that the government may treat fresh investments by banks that are majority owned by foreign investors as local. Under the current rules, any investment made by foreign […]
India Considers Cutting Export Costs
Apr. 28 – The Indian government is looking for ways to cut costs for exporters to make them more competitive in world markets. This may involve simplifying procedures and transparency issues as well as doing away with cost inefficiencies. The Minister of State for Commerce and Industry Jyotiraditya Scindia is heading a task force to […]
Report: Foreign Service Recipients Account for Majority of Tax Evasion Cases
Apr. 26 – Local firms receiving services from overseas firms accounted for a quarter of service tax evasion during the period 2008-09, according to a Comptroller and Auditor General (CAG) report. Current tax regulations dictate that the receiver of services in India must pay service tax for services received from a non-resident with no office […]
IMF: India to Grow by 8.8 Percent, Inventory Demand Growing
Apr. 22 – The International Monetary Fund (IMF) says strong domestic demand will support recovery in India when total world output increases by 4.2 percent and its economy grows by 8.8 percent this year. The agency has revised its January estimates for India by 1.1 points for 2010 and 0.6 points for 2011 in its […]
3G License Bidding Reaches US$1.36 Billion
Apr. 20 – On the eighth day of India’s ongoing auction of third generation (3G) licenses, bids increased by an estimated 73 percent from the original base price set by the government to Rs.60.7 billion, or about US$1.36 billion. “Earlier, I said the auction could fetch Rs. 30,000-35,000 crore, but now I am optimistic that […]
Assocham: Exempt Foreign Earnings from Income Tax
Apr. 14 – The Associated Chambers of Commerce and Industry of India (Assocham) has proposed that earnings made by Indian companies from overseas firms be exempted from income tax should their stake in the company be more than 10 percent. This would make it easier for Indian companies to reinvest income earned abroad locally and […]
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 […]
