Other Briefings
Rupee Drops to Lowest Level Since January
Apr. 25 – India’s rupee closed at 52.68 to the U.S. dollar on Tuesday after briefly falling to 52.865, marking its lowest level in three and a half months. Experts believe the country’s wide current account deficit, stalled financial reforms, and doubts over monetary easing have all led to the rupee’s drop in value. “At […]
RBI Cuts Repo Rate, Sensex Surges
Apr. 17 – The Reserve Bank of India cut its short-term lending rate by a greater-than-expected half a percentage point today, raising hopes of cheaper home, auto and corporate loans and sending the Bombay Stock Exchange’s benchmark Sensex to surge by 207 points. The rate reduction down to 8.0 percent was the first time the […]
PAN Application Procedures For Foreign Nationals In India
Apr. 11 – In this article, we describe the proof of identity and proof of address requirements associated with the application of a permanent account number (PAN) for Indian citizens outside of India, foreign citizens located in India, and foreign citizens located outside of India. Citizen of India located outside India at the time of […]
Indian GAAR Impacts on Mauritius Tax Haven Use
India’s new General Anti-Avoidance Rules kicked in from April 1, and it looks like they will have an immediate impact on the use of Mauritius as a tax haven for investing in India.
India Increases Service Tax Rate
In the Annual Budget for 2012-13, the Finance Minister has proposed to increase service tax to 12 percent from the previous rate of 10 percent. The new rate came into effect from April 1, 2012.
General Analysis of the 2012-2013 Budget for Indian Citizens
Mar. 23 – Ordinary Indian citizens have a lot of hope for the Budget 2012-13 in terms of more income tax freedom, more income tax deductions, and the documents potential to rein in inflation. Even while the average citizen is also interested in growth and industrial development, that last point, inflation, will definitely be of […]
Service Tax for Directors for the Year 2012-13
Mar. 22 – Before the new budget was issued, there was ambiguity surrounding the dealing of director’s remuneration. There is inconsistency about whether it is considered salary income or business income chargeable under the head business and profession. However, in the new union budget, India has issued a new clause – clause 194(J) – clarifying […]
India’s New Tax Structure for the Year 2012-13
Income tax rates with respect to the assessment year 2012-2013 Mar. 20 – In respect to income of all categories of assessees accountable for tax during the assessment year 2012-13, the rates of income tax have been specified in Part I of the First Schedule to the Bill. These are the same as those laid […]
