Other Briefings
ICAI to Look into Foreign Audit Advertising
Op/Ed Commentary: Chris Devonshire-Ellis Feb 17 – The Institute of Chartered Accountants of India plans to investigate surrogate advertising practices of international firms with a presence in India and awards given by them for entrepreneurial excellence and the promotions for such events. The new president of the institute, Mr. Amarjit Chopra, has indicated that foreign […]
Reserve Bank of India Liberalizes Commercial Borrowings Policy
Feb. 16 – The Reserve Bank of India has liberalized the policy concerning commercial borrowings from overseas sources. The new policy makes the obtaining and changes in loans approvals process simpler and effectively decentralizes the process. Previously, applicants had to apply for approval from the RBI, and also complete documentation with the Department of Statistics […]
New Companies Bill to Be Approved During Monsoon Session
Feb. 12 – India’s new Companies Bill is expected to be approved during Parliament’s monsoon session. The new bill will replace the current Companies Act that has been in place since 1952. Corporate secretary R. Bandyopadhay told Press Trust of India: “With the speed at which the parliamentary standing committee is proceeding with the discussions, […]
Common Deductible Items When Computing for Taxable Income
Feb. 11 – When computing for taxable income we often forget to include certain items that can be claimed as tax deductible. Below is a list of common items eligible for a tax deduction: Medical treatment of specified ailments under section 80DDB A deduction can be filed for medical expenses for ailments like AIDS, cancer […]
India to Continue Special Economic Zones Tax Benefits
Feb. 10 – The government is expected to formally clarify that special economic zones (SEZs) will continue to maintain its specific tax benefits even after the implementation of the new direct taxes code. India’s Commerce Department has been calling for the clarification on SEZ tax to assure investors that tax benefits will still be applicable […]
India GST Rate Favored at 16 Percent
Feb. 9 – India’s Finance Ministry is considering a rate of 16 percent for the proposed Goods and Services Tax (GST) for both Center and states combined on companies and traders with annual turnover of US$21,609 and above. The new tax will help simplify goods production by setting one tax structure instead of India’s current […]
Varanasi Nagar Nigam Launches House Tax Drive
Feb. 8 – Varanasi Nagar Nigam in Uttar Pradesh has launched a major drive to collect pending house taxes focusing on households that have not paid house tax of more than US$1,082 initially. “The drive has started in all the five wards of the city with notices being served to big defaulters,” municipal commissioner SN […]
Paid Fringe Benefit Tax Up for Adjustment or Refund
Feb. 4 – Taxpayers can now apply for an adjustment or claim a refund for Fringe Benefit Tax (FBT) paid in advance starting this year. The FBT was dissolved by the Finance Act 2009 effective 2010. The FBT, implemented in 2005, levied added benefits or perks given by the employer to the employee. Some companies […]
