Other Briefings
Double Tax Avoidance Agreements Still Applicable Despite New Tax Code
Jun. 23 – The revised discussion paper on India’s new Direct Tax Code has assured that Double Tax Avoidance Agreements (DTAA) made with other countries will not be annulled when the new tax code is implemented. Specifically the paper says that, “The current provisions of the Income-tax Act provide that between the domestic law and […]
India’s Bio-Tech Industry Grows by 17 Percent
Jun. 22 – The country’s bio-tech industry grew by 17 percent to US$3 billion during the 2009-10 financial year compared to the previous period, with the bio-pharma market contributing to the majority of growth. According to a survey conducted by the Association of Biotechnology-led Enterprises and the BioSpectrum journal, the bio-pharma made up 60 percent […]
Berkshire Hathaway Enters India Market Via Wholly-Owned Subsidiary
Jun. 21 – Warren Buffett’s conglomerate Berkshire Hathaway has confirmed its entry to the Indian market via a wholly-owned subsidiary that will use a corporate agency license to sell motor insurance policies offered by Bajaj Allianz General Insurance. The modest entry into India will involve the company investing Rs. 500 million, or about US$11 million, […]
Income Tax Exemptions Not Available for New SEZs
Jun. 21 – Income tax exemptions for new special economic zones will no longer be available as confirmed by Revenue Secretary Sunil Mitra. Tax deductions on income will be applicable to existing SEZs based on the latest draft version of the Direct Tax Code. The proposed ruling may affect India’s plans to open 469 new […]
Minimum Alternate Tax May Be Credited Against Corporate Tax
Jun. 18 – India may allow companies in all sectors paying the minimum alternate tax (MAT) to credit it against corporate tax that can be carried forward for 10 years according to a revised discussion paper released on Tuesday. Currently, MAT is levied at 19.93 percent of book profits. The long awaited Direct Tax Code […]
Special Economic Zone Units Allowed to Relocate
Jun. 17 – The government will soon allow industrial units to transfer from one special economic zone to another pending consent from the Board of Approval (BoA). It is easier for an industrial unit to petition for a transfer to another special economic zone if the units have yet to begin operations or production as […]
India to Set Up Tribunals for Economic Disputes
Jun. 11 – India is considering establishing dispute resolutions panels and courts that will specifically address economic disputes. This could that could lead to revisions in Indian law. Initially, the proposal was presented by the Prime Minister’s Council on Trade and Industry. “Legislations dealing with sectors such as pension funds, insurance, banking, company affairs and […]
Sec. of State Clinton Urges India to Ease FDI Caps while Pres. Obama States Intent to Visit
Jun. 4 – U.S. Secretary of State Hillary Clinton pushed for India to relax constraints on foreign direct investment into the country during her opening address at the inaugural U.S.-India Strategic Dialogue in Washington on Thursday. “We urge India to ease caps on investment markets,” she said. Businesses in the United States are eager to […]
