Other Briefings
Business Visa Norms May be Revised for IT Industry
Feb. 5 – Business visa rules that prohibit foreigners from working in the country may be relaxed to adjust to the needs of the IT industry. Indian visa rules became stricter last year to clamp down on the thousands high and low-skilled Chinese workers illegally working in the country on power and steel projects using […]
Paid Fringe Benefit Tax Up for Adjustment or Refund
Feb. 4 – Taxpayers can now apply for an adjustment or claim a refund for Fringe Benefit Tax (FBT) paid in advance starting this year. The FBT was dissolved by the Finance Act 2009 effective 2010. The FBT, implemented in 2005, levied added benefits or perks given by the employer to the employee. Some companies […]
New Delhi Property Tax Rates to Increase in April
Feb. 3 – India is set to increase property tax rates in New Delhi starting April 2010. The Municipal Corporation of Delhi’s (MCD) has proposed higher tax rates for residential properties in the A to H category. A two percent increased for categories A and B, three percent in categories C and D with the […]
Foreign Companies Now Allowed to Appeal Transfer Pricing Taxes
Feb. 1 – Multinational companies asked to pay additional transfer pricing taxes for overseas transactions will be given the choice to appeal their case to the conventional forum of Commissioner or the Dispute Resolution Panel (DRP). Previously, a tax order coming from of a transfer pricing officer (TPO) was considered the final decision but now […]
New Goods and Services Tax Implementation Date to be Announced in April
Jan. 29 – The Indian government has officially announced the delay of the implementation of the new Goods and Services Tax (GST) with the new roll out date to be decided in April 1. The head of the empowered group of state finance ministers, Asim Dasgupta, said in a statement that the April 1 deadline […]
New Hotels to be Given 5 Year Tax Holiday
Jan. 27 – To encourage more hotels to open prior to the Commonwealth Games, India is giving a five-year tax holiday for new hotels completed in the national capital region before March 31. The rule will apply to 2, 3 and 4 star hotels and exclude 5 star hotels. An estimated 100,000 tourists are expected […]
India Signs Revised Double Taxation Treaty with Finland
Jan. 25 – India and Finland have signed a revised version of the Double Taxation Avoidance Agreement (DTAA). The new agreement will cut withholding tax rates on dividends to 10 percent from 15 percent in addition to setting a 10 percent rate for royalties and fees for technical services. It will expand the scope of […]
Government to Ease FDI Approval Process
Jan. 22 – India is considering relaxing norms for foreign direct investment to require that only projects worth about US$217 million to US$326 million will need final approval from the Cabinet Committee on Economic Affairs (CCEA). Currently, projects worth more than US$130 million need to cleared with the Finance Minister, the Foreign Investment Promotion Board […]
