Other Briefings
India Passes Tax Cuts for Foreign Investors
India will cut the tax rate on income earned by non-residents from investments in corporate and government debt. The cut is part of India’s Finance Bill which was passed by the lower house of the Indian parliament on Tuesday.
Payroll Processing in India: Allowances and Outsourcing
Payroll , or employee compensation management, is a multifaceted process. To help shed some light on this complicated process, in this article we discuss allowances (including housing and leave travel assistance) and the benefits of outsourcing payroll.
India: World’s Largest Recipient of Global Remittances
Apr. 25 – The World Bank has listed India as the world’s largest recipient of remittances from its overseas diaspora in 2012 after having received over US$69 billion in remittances. Following India is China (US$60 billion), the Philippines (US$24 billion), Mexico (US$23 billion), Nigeria (US$21 billion) and Egypt (US$21 billion). Pakistan, Bangladesh, Vietnam and Lebanon are […]
New Issue of India Briefing: An Introduction to Audit in India
In this issue of India Briefing Magazine, we examine how India’s accounting standards differ from the globally accepted IFRS and IAS protocols, and why it is important to be aware of such discrepancies. We also outline the standard steps an auditor will go through during the audit process and explain pre-audit preparations that can be carried out to make the process easier to follow for foreign executives.
Individual Income Tax Rates and Deductions in India
Apr. 23 – Individual income tax (IIT) is the direct tax paid on personal income by an individual or a company to the central government. The Indian Income Tax department is governed by the Central Board for Direct Taxes (CBDT) and is part of the Department of Revenue under the Ministry of Finance. In this […]
Income Taxation for an Off-Shore Fund
By Himanshu Joshi, Accounts Associate, Dezan Shira & Associates Apr. 16 – In India, the Income Tax Act, 1961, provides special treatment for the taxation of the income of an off-shore fund. An off-shore fund is classified as a fund, institution, association or body, whether incorporated or not, established under the laws of a country […]
How are Capital Gains on Shares Taxed in India?
By Himanshu Joshi, Accounts Associate, Dezan Shira & Associates Apr. 4 – The Income Tax Act of India recognizes shares as capital assets. Therefore, any gains derived from the sale of shares are treated as capital gains, which are taxable. To determine the effective tax rate on capital gains derived from the sale of shares, […]
India Increases Customs Duties on Luxury Items
The Indian government has made some key changes in its 2013 Budget that will primarily affect the super-rich, with customs duties on imported luxury items, including high-end motor vehicles, motorcycles, yachts and other similar vehicles, being increased.
