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    Amendment May Allow Large Consultancy Firms to Register in India

    Feb. 26 – A proposal to amend bills governing chartered accountants, cost accountants and company secretaries during India’s Budget session may allow large consultancy firms to register in the country. Changes will be made on the Institute of Chartered Accountants of India Act, the institute of Company Secretaries of India Act and the Institute of[…..]

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    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[…..]

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    Expectations for India’s 2010-11 Fiscal Budget

    Feb. 24 – Finance Minister Pranab Mukherjee will reveal India’s budget for the fiscal year 2010-2011 this coming Friday in a speech to the Indian Parliament. The contents of the budget are crucial this year especially as India climbs out of the economic downturn, and the business friendly Congress Party looks to balance books, encourage[…..]

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    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,[…..]

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    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[…..]

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    State Insurance Scheme to Raise Wage Ceiling

    Feb. 23 – India’s Employee State Insurance Corporation has agreed to raise the wage ceiling from Rs10,000 (US$216)  to Rs15,000 (Us$324) per month under the ESI Scheme. The social security scheme covers employees and their dependents during sickness, maternity, temporary or permanent physical disablement, death or injury during the time of employment.

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    New Amendment Rules for Income Tax

    Feb. 22 – India’s Central Board of Direct Taxes has amended the Income Tax Rules of 1962 applicable starting April 1, 2009. Changes include a new Form 16, Form 16A, Form 16AA, Form 27D, and forms showing breakup of Tax Deducted at Source and Tax Collection at Source for financial year 2009-10. Rules 30, 31[…..]

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    Air India Gets Government Refinancing

    Feb. 19 – The Indian government approved an equity infusion of US$177million in two equal monthly installments to the National Aviation Company of India Ltd, the holding company for Air India. NACIL is currently facing severe financial losses. Costly legacy assets, a weakening revenue stream and high cost structure are resulting in rising liabilities. The[…..]