Finance bill passed ahead of coronavirus lockdown
Here are the amendments and clarifications concerning tax residence and dividend distribution tax. ... - Continue reading
Category: India
Swiss banks open the door for India’s tax evasion crackdown
As the famed secrecy walls of Swiss banks started to crumble, some Indians felt a chill down their spine. ... - Continue reading
India: DENIAL OF TAX TREATY BENEFITS- ARE GRANDFATHERED INVESTMENTS FAIR GAME?
A recent ruling by the Authority for Advance Rulings (AAR) in the case of Bidvest has stirred the proverbial hornets' nest when it comes to the issue of treaty protection, and has reignited the debate of substance over form when it comes to availing the benefits of a tax treaty. ... - Continue reading
Tax residency rules for NRIs changed
Budget 2020 and taxation of non-resident Indians. ... - Continue reading
India Budget 2020: The key takeaways
Here are some important tax proposals for India's 2020 Budget. ... - Continue reading
India wants fair share of $100 billion global taxes from Google, Facebook
The digital world continues to be under the lens of the OECD as India further pushes for better 'tax collection' methodology. ... - Continue reading
India’s Authority for Advance Rulings denies tax exemption under India-Mauritius treaty
Clarifications on the India-Mauritius tax treaty. ... - Continue reading
India: India Union Budget 2020 – Unveiling Issues On International Taxation
Clarifications on India Union Budget 2020. ... - Continue reading
Cabinet approves India-Sri Lanka Agreement amendment on double taxation, evasion
New Delhi: The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the signing and ratification of the protocol amending the Agreement between India and Sri Lanka for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income, according to a Press… – Continue reading
India: Expatriate Tax And Regulatory Issues And Best Practices In India
Movement of expatriates cross borders potentially creates several tax and regulatory issues. ... - Continue reading
Checking Evasion: Taxpayers’ bank accounts to be under GST lens
More measures against tax evasion. ... - Continue reading
India: Corporate Tax Rates Slashed To 22% For Domestic Companies And 15% For New Domestic Manufacturing Companies And Other Fiscal Reliefs
Changes to tax laws - Here are the key highlights. ... - Continue reading
India: Role Of Permanent Establishment Vis-A-Vis Indian Laws
India's position with respect to Permanent Establishment ... - Continue reading
Cabinet approves pact on avoidance of double taxation with Chile
The decision was taken at a meeting of the Union Cabinet chaired by Prime Minister Narendra Modi. ... - Continue reading
India launches Income Tax information portal
The portal is a repository of policy and technical circulars and guidance issued by the Central Board of Direct Taxes. In an attempt to reach out to financial institutions and account holders, the Central Board of Direct Taxes has created an exchange of information portal on the income tax department… – Continue reading
India, Switzerland call for greater information exchange in tax matters
The first transmission of financial account information on automatic basis between the two countries took place in September 2019 for enhanced cooperation in the fight against tax evasion. ... - Continue reading
Panama Papers and the ‘thin line’ for legal tax dodging
In the wake of the Panama Papers, thousands of taxpayers around the world received notices from their respective tax authorities seeking clarifications, issuing fines, or requesting payment of taxes dodged. ... - Continue reading
Balanced tax collection system soon: minister
Punjab Finance Minister Makhdoom Hashim Jawan Bakht has said that the government was making efforts for unification of taxes and harmonisation in revenue collection in all four provinces while clarifications would be made on the tax related litigations and GST on services related matters. The minister chairing a review meeting… – Continue reading
G20 finance ministers reaffirm support to tax digital companies
G20 finance ministers support taking the 'Unified Tax Framework' a notch higher - Multinational enterprises like Google, Facebook and Amazon with huge customer base to retain share of profits in concerned countries. ... - Continue reading
India: Rules To ‘Secondary Adjustment’ Rationalized And Clarified
The concept of 'Secondary Adjustment' was introduced in Finance Act 2017 by introducing new Section 92CE in the Indian Income Tax Act (the Act) to align transfer pricing provisions with international best practices. ... - Continue reading
OECD proposal on taxing MNEs to benefit countries like India, say experts
The OECD Secretariat has published a public consultation paper to advance international negotiations ... - Continue reading
What OECD’s tax plan for tech giants means for India
- OECD has proposed that profits of MNCs should be available for taxation in the country where their customers are, irrespective of any physical presence in that market
- A formula should be evolved for such taxation
Corporate tax cut to benefit organized retail sector with pricing power most: report
The corporate tax cut would reduce the reach of the unorganized retail sector as they lose their edge of tax evasion, a 2Point2 Capital report says ... - Continue reading
India: No Withholding Tax Applicable On Arbitral Award
The Delhi High Court ("Court") in Glencore International AG v. Dalmia Cement (Bharat) Limited has held that amounts paid to a non-resident pursuant to an international arbitration award would not be subject to withholding tax in India. ... - Continue reading
NRIs or RNORs are generally not liable to pay tax in India on foreign income
If you wish to retain the NRI status to avoid clubbing of US salary with Indian income for tax purposes, it would be advisable for you to restrict your stay in India to less than 60 days during FY20 ... - Continue reading
Despite big corporate tax cut gains, ITC’s stock has not fired up enough
- News flow on the potential sale of an 8% govt stake in ITC held by SUUTI has weighed on sentiments, say analysts
- Sure, the tax cut gives ITC room to delay price hikes and that may prove helpful
Indian court rules Hitachi Singapore’s liaison office is a permanent establishment
In a landmark ruling, the Delhi bench of the Income Tax Appellate Tribunal has concluded that a liaison office could be treated as a permanent establishment of a foreign entity in India. ... - Continue reading
India fires bazooka to lift economy, slashing corporate tax rates and enacting other tax relief
In a development that surprised businesses and the stock market, India’s Finance Minister on Friday announced a significant reduction in the corporate tax rates. ... - Continue reading
Panel to hear taxpayer before invoking GAAR under new set of rules
New rules mandate officials to refer a suspected case of tax avoidance to a panel of senior officials ... - Continue reading
Salary received abroad by ‘resident and ordinary resident’ is taxable in India
You may evaluate claiming foreign tax credits under the India-US Double Tax Avoidance Agreement, for the taxes, if any, paid in the US on the salary received during the assignment, subject to satisfaction of conditions ... - Continue reading
India: Whether A Foreign Company Is Required To File Its Tax Return In India?
A question arises is whether a foreign company which has earned income from a source in India is required to file its tax return in India. ... - Continue reading
Swiss banks start providing details of Indian accounts to Delhi
Banking details of Indians with accounts in Switzerland have been made available to tax authorities as the automatic exchange of information agreement starts between the two countries. “India will receive information of the calendar year 2018 in respect of all financial accounts held by Indian residents in Switzerland. This will… – Continue reading
Post Swiss Bank sharing, 100 HNIs shortlisted
The Automatic Exchange of Information mechanism between India and Switzerland is being seen as a major boost in India’s fight against suspected black money stashed abroad A joint team of officials from Central Boad of Direct Taxes (CBDT), Central Bureau of Investigation and other probe agencies, who are looking into… – Continue reading
India will start getting Swiss Bank details of Indians from today
India will start getting details of bank accounts held by its citizens in Switzerland from September, ending the era of Swiss bank secrecy. ... - Continue reading
If PIO is non-resident, no tax needs to be paid on sale of foreign properties
NRI taxpayer may choose to invest long-term capital gains in another house property or purchase capital gains bonds to prevent taxation of capital gains ... - Continue reading
India: Protocol Amending The Double Taxation Avoidance Agreement Between India And China
By virtue of the powers vested under, Section 90 of the Income Tax Act, 1961("the Act"), India has entered into the Double Taxation Avoidance Agreement on 18th July, 1994 with China signed at New Delhi. ... - Continue reading
Will a new direct tax law push up compliance?
- Numerous amendments over five decades, as well as the influence of case laws, often made it difficult to interpret the rules
- India is rewriting its direct tax law to make it simpler, more sophisticated and less prone to disputes.
Income tax department refutes harassment allegations
Industry leaders Kiran Mazumdar-Shaw and Mohandas Pai have made allegations of harassment by income tax dept officials ... - Continue reading
Taxation of gifts to non-residents: A word of caution
The proposal intends to tax gift of money exceeding ₹50,000 made by residents to non-residents that were earlier claimed to be outside the ambit of India taxation ... - Continue reading
Tighten scrutiny of tax exemption claims on farm income: CAG to I-T Departement
The CAG report also flagged the issue of abuse of tax exemption granted to charitable trusts and institutions ... - Continue reading
Money gifts to NRIs are taxable from July 5, 2019, property gift tax rules unchanged
With the passing of Finance Bill 2019, NRIs will have to disclose such gifts received and pay tax on it as per the tax rules applicable ... - Continue reading
How a small tax-paying elite funds the Indian state
The top 1% individual taxpayers contribute nearly one-third of India’s taxes, while the top 5% contribute nearly two-thirds of all the taxes collected ... - Continue reading
India: Doing Business in India : Considerations From a Switzerland-India Tax Perspective
India's traditional policy of non-alignment and the Swiss policy of neutrality, coupled with shared values of democracy and rule of law have forged close ties between the two countries. ... - Continue reading
India: Tax Street – June 2019
India experiences a generation of exceptional wealth on one hand and fiscal deficit and tax revenue targets on the other. As a result of this, it is expected that the government may consider exploring the possibilities of Inheritance tax to increase the tax kitty. ... - Continue reading
Amended India-China tax treaty protocol enters into force
An amending protocol to the China-India tax treaty entered into force from June 5, the Indian government announced on July 17. ... - Continue reading
Govt’s new buyback tax set to hit MF investors, shareholders alike
The new budget proposal to tax buybacks and dividends at the same rate of effectively 20% may curtail the flow of distribution—that companies undertake from time to time to give investors a share in their profits—to the shareholders. ... - Continue reading
India’s hedge funds threatened by higher taxes
So much of India’s private wealth is trapped in gold that any more will be a colossal social waste ... - Continue reading
Buyback tax: A loophole fixed or an anomaly made worse?
In the past three fiscals, Indian firms bought back shares at an average rate of ₹47,800 crore ... - Continue reading
Swiss banks accounts: Indian details to be transferred
Pointing to volume, Swiss office says several dispatches may be needed. According to the two Swiss agencies, India is among 73 countries with whom information on bank accounts will be shared this year — AEOIs were implemented with 36 countries last year. The stage is set for the first exchange… – Continue reading
India Budget 2019: key international tax and transfer pricing developments
New tax legislation for India's 2019 Budget ... - Continue reading
