Other Briefings
Why it Makes Sense to Be in India Right Now
Op/Ed Commentary: Chris Devonshire-Ellis Mar. 8 – Over the past three years, India has seen something akin to a minor revolution in terms of its attractiveness to foreign investment. This has culminated in four current truths about the Indian market that were not so easily apparent five years ago. Firstly, the Indian economy supported by […]
Karnataka State Budget Tax Proposals for 2010-11
Mar. 8 – The following are highlights of tax proposals submitted for the Karnataka State Budget 2010 -11 ranging from commercial taxes to luxury tax and entry tax. Value added tax VAT exemption on paddy, rice, wheat, pulses and products of rice and wheat extended for one more year beginning January 4, 2010 Tax on […]
New Document Format Needed for Adopting International Financial Reporting Standards
MUMBAI, Mar. 5 – India will soon adopt the International Financial Reporting Standards (IFRS) system with the government requiring that all companies shift to the new standards beginning April 1, 2011. This is a radical change that companies will have to prepare for by making sure that their accountants are adequately trained with the new […]
No Tax Breaks for Telecom Companies with 3G Services
Mar. 4 – Telecommunications companies with 3G services will no longer be allowed to avail of tax breaks found under Section 80 IA of the Income Tax Act. The tax breaks under Section 80 IA are given to companies building infrastructure. In the telecommunications sector, companies can choose a 10 year period out of the […]
Wider Scope for India’s Service Tax Proposed
Feb. 25 – India’s Central Board of Excise and Customs (CBEC) has proposed widening the scope for India’s service tax to include the entertainment business for the upcoming Union Budget 2010-11. Currently, entertainment is separately taxed by states and as a service tax by the central government with no prevailing uniformity on taxation since taxes […]
New Amendment Rules for Income Tax
Feb. 22 – India’s Central Board of Direct Taxes has amended the Income Tax Rules of 1962 applicable starting April 1, 2009. Changes include a new Form 16, Form 16A, Form 16AA, Form 27D, and forms showing breakup of Tax Deducted at Source and Tax Collection at Source for financial year 2009-10. Rules 30, 31 […]
Foreign Investment Board Allowed to Approve FDI Worth Up to US$258.7 Million
Feb. 15 – India’s Foreign Investment Promotion Board (FIPB) is now allowed to approve foreign direct investment proposals worth as much as US$258.7 million. This is a major procedural change and will streamline the FDI process and lessen the burden for Cabinet Committee of Economic Affairs (CCEA); the agency previously required to approve proposals amounting […]
Purchasing Manager’s Index at 17 Month High
Feb. 10 – India’s manufacturing Purchasing Managers’ Index, a key measure that indicates the mood in the manufacturing sector, rose to a 17-month high at 57.6 in January from 55.6 in December. Exports increased for the second month running and in December it grew by 9.3 percent to US$14.6 billion. An analyst from Nomura told […]
