Other Briefings
Interest Rate Increases on NRE and FCNR (B) Deposits
Nov. 29 – Because of the current market situation, it has been decided by the government of India that interest rates on non-resident external (NRE) rupee term deposits for one to three years maturity should not go above the LIBOR/SWAP rates plus 275 basis points, as on the last working day of the previous month, […]
Tax on Provident Funds in India
Nov. 23 – India’s Provident Fund (PF) is a clear payment arrangement – where each employee contributes 12 percent of their pay on a monthly basis and the individual’s employer is accountable for an equal contribution – out of which a part is remitted towards the pension fund. The employee may choose to submit an […]
Maharashtra Amends VAT Rules
Nov. 14 – The government of Maharashtra has decided to make amendments to the rules and regulations in the Value Added Tax Rules (2005), to dispense with the condition of the previous publication thereof under the proviso to sub-section (4) of section 83 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005). […]
New PAN Forms for India’s Non-Residents
India’s Income Tax Department has initiated a separate permanent account number application form for non-residents in which NRIs, PIOs and organizations wanting to set up an entity in India will have to provide additional information to the Central Board of Direct Taxes.
India Issues Exchange Rate Circular for Overseas Currencies
Oct. 31 – India’s Ministry of Finance (Department of Revenues) issued a circular stating that the rate of exchange for conversion of each of the foreign currencies listed in the tables below. Both Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect from November 1, 2011 be the […]
New Issue of India Briefing: India’s Goods & Service Tax and Retail Sector
In this new issue of India Briefing Magazine – titled India’s Goods & Service Tax and Retail Sector – we focus on two dramatic, ongoing initiatives by the Indian government to fuel economic activity in the country: the introduction of a dual goods and service tax and further opening in the retail sector.
No Mandatory Clause for Companies to Keep Two Books of Accounts
Oct. 21 – Organizations aspiring to move around to international auditing norms, the International Financial Reporting Standard (IFRS) may be spared from preserving two books of accounts — one under the Companies Act and the other for taxation purposes – if a Finance Ministry proposal gets implemented. The application, which was drafted in a discussion […]
Hike in India PayPal Payments Ceiling to US$3,000 per Transaction
Oct. 20 – Users of online payment web site PayPal in India can now accept up to US$3,000 per export-related transaction in their accounts, with the RBI raising this limit from US$500 per transaction earlier. The payment has to be withdrawn within seven days irrespective of the currency risk. Also, RBI has barred purchases abroad […]
