Other Briefings
Tax Collected at Source in India
Dec. 8 – The vendor has to accumulate tax from the payer who has purchased the following items: Alcoholic liquor for human consumption Tendu leaves Timber obtained under a forest lease Timber obtained by any mode other than under a forest lease Any other forest produce not being timber or tendu leaves
Fluctuations in India’s Rupee Rate and its Economic Impact
Dec. 5 – After depreciating to a record low of 52.73 against the U.S. dollar on November 22, the Indian rupee (INR) rose in value to 51.206 per dollar on Friday to complete the currency’s first weekly advance since October. The Indian rupee is under great stress as overseas investors are paring their exposure to […]
Updating of PAN Card Specifications in India
Dec. 1 – The permanent account number (PAN) card, issued by the income tax authorities, is now broadly used in financial transactions and one of the most convenient proofs for identity. Therefore, it is essential to keep the PAN card updated to reflect your current details. The tax information network, operated by the National Securities […]
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 […]
