Other Briefings
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 […]
Computing for Financial Assets under the New International Financial Reporting Standards
Mar. 10 – When India adopts the International Financial Reporting Standards (IFRS) in 2011, many changes will need to be made including ensuring that company staff are properly trained to apply the new rules. Financial assets defined as a financial asset of one entity and a financial liability or equity instrument of another entity including […]
New Construction Services Tax to Increase Real Estate Prices
Mar. 9 – A proposal to implement a construction tax under the new services tax will invariably hike prices for real estate projects still under construction or pending approval from authorities. The tax would apply to the construction of complex service or commercial or industrial construction services as well as services offering premium prices based […]
