Other Briefings
Karnataka State Budget Tax Proposals for 2010-11
Mar. 8 – The following are highlights of tax proposals submitted for the Karnataka State Budget 2010 -11 ranging from commercial taxes to luxury tax and entry tax. Value added tax VAT exemption on paddy, rice, wheat, pulses and products of rice and wheat extended for one more year beginning January 4, 2010 Tax on […]
Establishing Liaison Offices in India
Mar. 5 – There are several options available to the foreign investor when it comes to establishing a Representative style office in India. Listed below are three separate scenarios, which are dependent upon the type of business model you wish to run. Businesses looking at invoicing for services, import export or manufacturing in India are […]
New Document Format Needed for Adopting International Financial Reporting Standards
MUMBAI, Mar. 5 – India will soon adopt the International Financial Reporting Standards (IFRS) system with the government requiring that all companies shift to the new standards beginning April 1, 2011. This is a radical change that companies will have to prepare for by making sure that their accountants are adequately trained with the new […]
No Tax Breaks for Telecom Companies with 3G Services
Mar. 4 – Telecommunications companies with 3G services will no longer be allowed to avail of tax breaks found under Section 80 IA of the Income Tax Act. The tax breaks under Section 80 IA are given to companies building infrastructure. In the telecommunications sector, companies can choose a 10 year period out of the […]
Proposed Tax Changes in the 2010-2011 Union Budget
Mar. 1 – The budget finance bill that Indian Finance Minister Pranab Mukherjee presented on Friday to the India Parliament set out three objectives: move the country back on the path of high GDP growth of 9 percent with the aim of increasing towards double digit growth; consolidate recent gains in making the country’s development […]
Wider Scope for India’s Service Tax Proposed
Feb. 25 – India’s Central Board of Excise and Customs (CBEC) has proposed widening the scope for India’s service tax to include the entertainment business for the upcoming Union Budget 2010-11. Currently, entertainment is separately taxed by states and as a service tax by the central government with no prevailing uniformity on taxation since taxes […]
Tax on Dividends, Royalty and Technical Fees for Foreign Companies
Feb. 24 – Foreign companies doing business in India will be levied tax on dividends, royalty and technical fees. According to India’s Income Tax Department, income-tax payable shall be aggregate of: The amount of income-tax calculated on the amount of income by way of dividends 20a[other than dividends referred to in section 115-O], if any, […]
Moody’s Set to Raise India Credit Ratings
Feb. 23 – India’s credit rating may be raised from junk if finance minister Pranab Mukherjee provides a comprehensive plan to roll back the fiscal stimulus and cut the budget deficit this week, said Moody’s Investors Service. “If we think the exit path is well articulated and well executed, the local currency rating could be […]
