Other Briefings
Residency Definition Clarified in Latest Discussion Paper on DTC
Jun. 18 – The newest version of the discussion paper on the Direct Tax Code has clarified the definition of residence for foreign companies in India assuaging fears that companies may be inevitably taxed on their global income. The paper offers a clearer definition of residency specifying that a foreign company will be considered an […]
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 […]
BCI Chief: Foreign Law Firms Not Welcome in India
Jun. 15 – The Bar Council of India’s (BCI) new chairman and solicitor-general of India, Gopal Subramaniam recently ruled out any possibility of allowing foreign law firms to practice in the country. Subramaniam said that the BCI will play an active role in improving legal education by working for a pan-India common law syllabus by […]
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 […]
India to Add Eight Overseas Tax Units to Fight Tax Evasion
Jun. 10 – India wants to open overseas tax units in Britain, Cyprus, France, Germany, Japan, Netherlands, United Arab Emirates, and the United States to fight tax evasion. The international trade of goods is making tax computation more complicated for both businesses and government. India is implementing measures that will provide transparency when it comes […]
Indian Government Amends Taxes Deducted at Source Rules
Jun. 9 – India’s Central Board of Direct Taxes (CBDT) recently updated regulations relating to the mode of payment, certificate issuance, and provision date for taxes deducted at source (TDS) in Notification No. 41/2010; SO No. 1261(E) dated May 31. The amended rules are backdated so as to begin April 1, 2010. Under the updated […]
SEBI Slows Licensing of Foreign Investment Vehicles from Mauritius
Jun. 8 – The Securities and Exchange Board of India (SEBI) will slow the issuing of licenses for foreign investment vehicles based out of the South Indian Ocean tax haven of Mauritius. Speculation is high that the Indian government is using subtle pressure tactics to try and rework a bilateral tax treaty signed 28 years […]
