Other Briefings
Tax on Fringe Benefits Dissolved
Jul. 6 – India’s Finance Minister Pranab Mukherjee has announced the cancellation of the fringe benefit tax applied to non-salary perks given by companies to their employees. The tax has been in place since 2005 but Indian businesses have since rallied to have the tax removed. Soon the fringe benefit taxes charged on a company’s […]
IT Tax Benefits May be Extended for a Year
Jul. 2 – The government may extend tax exemptions to March 31, 2010 for the exports earnings of information technology units doing business in the Software Technology Parks of India (STPI) in a bid to help the country’s sliding export market. According to the Times of India, IT businesses working in the STPI have been […]
First Sea Bridge Now Open in Mumbai
Jul. 1 – India’s first open sea one was inaugurated last Tuesday by ruling Congress party chief Sonia Gandhi. The Bandra-Worli Sea Link is named after Ms. Gandhi’s deceased husband and former prime minister Rajiv Gandhi. It is the country’s longest bridge at 5.6 kilometers with an eight-lane capacity that shortens time between Bandra and […]
Government Forecasts US$15 Billion Income from New Tax
Jun. 30 – India’s new tax system is projected to earn the government US$15 billion annually through the Goods and Service Tax as well as provide more employment, spread the tax burden and increase exports when it is implemented in April, 2010. The new tax system, which will replace all major central and state taxes, […]
FDI Cap on Radio, TV to be Raised
Jun. 29 – The Indian government is contemplating raising the foreign direct investment (FDI) cap on FM radio broadcasters and direct-to-home TV service providers. The FDI limit on broadcasters is to be changed from 20 percent to 24 percent and 49 percent to 74 percent for television service providers, according to the proposal submitted by […]
Infosys CEO to Head First National ID System
Jun. 26 – The co-founder of Infosys Technologies has resigned from his post to head the agency tasked to gather data from citizens for the first national identification system. Nandan Nilekani will lead the National Unique Identification Authority as chairperson with the monumental task of organizing data from the nation’s more than 1 billion citizens. […]
India Considers Tax Incentives In Energy Sector
Jun. 24 – The Indian government is considering a series of tax holidays, including a seven year tax break, to assist with the development of exploration in its oil and gas sectors and lessen its dependence on imports. Currently three quarters of India’s oil and gas consumption is imported, and the decision to approve tax […]
Minister to Propose New Tax Breaks for Tourism Industry
Jun. 23 – India’s Tourism Minister, Kumari Selja, will be submitting a set of proposals for industry tax breaks and exemptions to the Finance Minister, Pranab Mukherjee later this week. The proposal includes a ten-year tax break for new hotels, service tax and excise duty exemptions and allowing hotels to be considered as infrastructure along […]
