Other Briefings
Registered Capital in India
Aug. 15 – In India, the Companies Act of 1956 made rules and regulations for the establishment of both public and private organizations. The most widely used business form is the limited company, unlimited companies being comparatively rare. An organization is formed by registering the Memorandum and Articles of Association with the State Registrar of […]
Date Extended for Filing of Income Tax
The Central Board of Direct Taxes (CBDT) has extended the due date for filing income tax returns for assessment year 2012-13 to August 31, 2012, in respect of assesses who are liable to file such returns by July 31, 2012. This has been done in response to the disruption caused by the recent power failure […]
India Tax Deadline Approaching
Jul. 27 – The tax filing date for the financial year 2011-12 is July 31, 2012. Returns can be filed after July 31, 2012 but before the relevant assessment year (March 31, 2013), however it is advisable to file the tax returns by the due date. The timelines for filing up of tax returns are […]
New Service Tax Regime Introduced from July 1, 2012
A new service tax system has been introduced this week in India based on a list of 38 exemptions, rather than the previous list of 119 explicitly taxed activities. Under this regime, a tax of 12 percent will be levied on all services not included in the negative list.
Individual Income Tax in India
Jun. 29 – Income tax in India is a tax paid to the central government on personal income. It is the direct tax paid on income by an individual or a company/firm within a given financial year. The Indian Income Tax Department is governed by the Central Board for Direct Taxes and is part of […]
India’s Goods and Service Tax Continues to Face Delays
By Ian Bhullar Jun. 19 – Although implementation of India’s new Goods and Service Tax (GST) continues to stall, recent developments raise hopes that this substantial tax reform will achieve its proposed implementation date of April 2013. The GST, which seeks to rationalize the indirect tax structure by consolidating India’s complex system of indirect taxes […]
India’s Goods and Service Tax
Jun. 7 – India’s goods and service tax (GST) is a nationwide comprehensive indirect tax levied on the manufacturing, sales and consumption of goods as well as services. GST is intended to create a single unified Indian market with fewer complications – in turn making it an attractive investment destination. Current scenario Currently, the indirect […]
Retrospective Taxation – Probably Not Applicable to Most Foreign M&A Deals
Jun. 5 – Foreign investors have been wary of investing in India since the beginning of the year after the budget introduced the General Anti-Avoidance Rules, or GAAR, and retrospectively changed the income tax law. Vodafone is expected to be the first victim of this tax and the press has subsequently dubbed the retrospective tax […]
