Other Briefings
Online Filing of Excise and Service Tax Compulsory from October 1st
To establish the Goods and Services Tax in 2012-13, India’s Finance Ministry has made it compulsory for taxpayers to file their central excise and service tax returns electronically from October 1.
Visit Days of NRIs to be Excluded for Finding Residential Status
Sept. 21 – Once an individual become resident in India as per the Income Tax Act, 1961 (IT Act), the individual’s international income becomes taxable. If an individual is a non-resident Indian (NRI), his/her income earned outside India is not taxable. Therefore, for a non-resident, there is always danger of taxation of global income if […]
India Simplifies Procedures for External Commercial Borrowings
Sept. 14 – The Reserve Bank of India (RBI) has eased the current modus operandi of external commercial borrowings (ECB) to relieve the flow of funds, likely benefiting ECB borrowers and lenders. The RBI has given chosen AD Category-I banks the authority to support the request from the ECB borrowers with respect to changes in […]
Easier Norms for Overseas Nationals to Obtain Indian PAN
In an attempt to develop greater fund flows and offer some steadiness to the irregular Indian bourses, India has tranquilized norms for foreign nationals and FIIs to obtain PANs that could also double up as KYC compliance for any investment.
Daily Wage Payments Cannot be Considered as Contractual Payments
Sept. 8 – Compensations made by the employer to workers employed by it on daily wage basis cannot be said to be a contractual disbursement and, as such, the assessee in such cases is not required to subtract tax from such payments u/s. 194 C of the Act. Such payments are not in the nature […]
Consequences for Nonpayment of TDS in India
Sept. 1 – If an individual fails to subtract the whole or any part of the tax at source, or, after deducting, fails to pay the whole or any part of the tax to the credit of the Indian Central Government within the agreed time-frame, the individual shall be legally responsible for the repercussions in […]
India’s MCA Cuts Down Company Registration Time
Aug. 25 – The Ministry of Corporate Affairs has cut down measures under MCA-21 to facilitate the registration of a company within 24 to 48 hours where there is no complexity about availability of names.
CSR Contribution Based on Net Profit
Aug. 17 – India’s Ministry of Corporate Affairs stated that the Department of Public Enterprises and the Ministry of Heavy Industries and Public Enterprises have issued complete guidelines on corporate social responsibility (CSR) for central public sector enterprises (CPSEs) in April 2010. In these guidelines, CPSEs are obligated, through a board resolution, to generate a […]
