Other Briefings
Power of Attorney and Letter of Authority
Dec. 15 – A Letter of Authority (LOA) can be used for most tasks, but should not be used for tasks that are more complicated. When large transactions are involved Power of Attorney (POA) is a better option because POA sets out the manner in which an action is to be carried out. An LOA […]
Tax Collected at Source in India
Dec. 8 – The vendor has to accumulate tax from the payer who has purchased the following items: Alcoholic liquor for human consumption Tendu leaves Timber obtained under a forest lease Timber obtained by any mode other than under a forest lease Any other forest produce not being timber or tendu leaves
Updating of PAN Card Specifications in India
Dec. 1 – The permanent account number (PAN) card, issued by the income tax authorities, is now broadly used in financial transactions and one of the most convenient proofs for identity. Therefore, it is essential to keep the PAN card updated to reflect your current details. The tax information network, operated by the National Securities […]
FDI in India’s Aviation Sector May Be Increased
Nov. 24 – The Indian government has indicated that it will move speedily to save the country’s deteriorating aviation industry by liberalizing rules on foreign investment. A draft cabinet note on foreign direct investment has put the FDI cap for foreign airlines at 26 percent against 24 percent planned originally by the Civil Aviation Ministry […]
Tax on Provident Funds in India
Nov. 23 – India’s Provident Fund (PF) is a clear payment arrangement – where each employee contributes 12 percent of their pay on a monthly basis and the individual’s employer is accountable for an equal contribution – out of which a part is remitted towards the pension fund. The employee may choose to submit an […]
Amendments in India’s Industrial Policy
Nov. 15 – The main purposes of India’s Industrial Policy of the Government are to maintain a sustained growth in productivity, to enhance gainful employment, to achieve optimal utilization of human resources, to attain international competitiveness, and to transform India into a major partner and player in the global arena. The Policy focus is on […]
Amendments in FDI Policy for India’s Pharma Sectors
The government of India has already allowed 100 percent FDI into the pharmaceuticals industry. Recently, the government has reviewed its policy in the particular sector.
New PAN Forms for India’s Non-Residents
India’s Income Tax Department has initiated a separate permanent account number application form for non-residents in which NRIs, PIOs and organizations wanting to set up an entity in India will have to provide additional information to the Central Board of Direct Taxes.
