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
Changes to tax laws - Here are the key highlights. ... - Continue reading
India's position with respect to Permanent Establishment ... - Continue reading
The decision was taken at a meeting of the Union Cabinet chaired by Prime Minister Narendra Modi. ... - Continue reading
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
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
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
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 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
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
The OECD Secretariat has published a public consultation paper to advance international negotiations ... - Continue reading
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
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
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
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
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
New rules mandate officials to refer a suspected case of tax avoidance to a panel of senior officials ... - Continue reading
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
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
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
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 details of bank accounts held by its citizens in Switzerland from September, ending the era of Swiss bank secrecy. ... - Continue reading
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
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
Industry leaders Kiran Mazumdar-Shaw and Mohandas Pai have made allegations of harassment by income tax dept officials ... - Continue reading
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
The CAG report also flagged the issue of abuse of tax exemption granted to charitable trusts and institutions ... - Continue reading
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
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'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 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
An amending protocol to the China-India tax treaty entered into force from June 5, the Indian government announced on July 17. ... - Continue reading
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
So much of India’s private wealth is trapped in gold that any more will be a colossal social waste ... - Continue reading
In the past three fiscals, Indian firms bought back shares at an average rate of ₹47,800 crore ... - Continue reading
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
New tax legislation for India's 2019 Budget ... - Continue reading
The Vice President of India, M. Venkaiah Naidu has called upon all nations to join hands in ensuring automatic exchange of information on black money and speedy extradition of economic fugitives. Shri Naidu asserted that all countries must speak with one voice to eliminate terror and economic frauds. “As we… – Continue reading
Funds may lose tax benefit after rule amendment. Mumbai: The Mauritius government’s proposal to amend tax residency rules for companies is giving jitters to foreign funds operating from the tax haven. Mauritius has recently announced that it is amending rules for determining tax residency for companies so that a company… – Continue reading
ISLAMABAD: Terming Indian model as good to replicate Foreign Exchange Management Accounts (FEMA) in case of Pakistan, Chairman FBR Shabbar Zaidi said that $40 billion was remitted out from Pakistan, so there was need to bring changes in existing Pakistani laws related to management of foreign exchange. He pointed out… – Continue reading
The Government of India (Union Cabinet) has approved the ratification of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) and India's final position to the same. ... - Continue reading
BERNE/NEW DELHI: SWISS authorities are in process of sharing details of at least 50 Indian nationals having accounts in Switzerland-based banks, with regulatory and enforcement agencies in the two countries tightening their noose on individuals suspected to have amassed illicit wealth. These individuals largely include businessmen associated with companies, including… – Continue reading
The union cabinet, chaired by Prime Minister Narendra Modi on Wednesday approved the ratification of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). The Convention will modify India’s treaties in order to curb revenue loss through treaty abuse and base erosion… – Continue reading
Which jurisdiction is India’s largest source of Foreign Direct Investment (FDI) in the 2018-19 financial year?
Britain reprimanded by India? ... - Continue reading
Minh Phu Seafood JSC, one of Vietnam’s biggest shrimp processors, is suspected of selling imported Indian shrimp to evade anti-dumping tariffs. On May 12, Illinois representative Darin LaHood said he had received an email petition accusing Minh Phu of evading anti-dumping duties on Indian shrimp in the U.S. The email… – Continue reading
Dual Residency gets attracted when an expat in the year of move qualifies as a resident of the host country (i.e., the country in which he is deputed) as well as home country (i.e., the country of his residence). On account of dual residency, an expat can be doubly taxed… – Continue reading