Tax & Accounting

Taxation of India’s Outbound Remittances: LRS Scheme and Increased Tax Rate from October 1

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Effective October 1, 2023, the Indian government has increased the tax on outbound remittances from 5% to 20% – with certain exceptions.

Tax, Accounting, and Audit in India 2023-24 – New Publication from Dezan Shira & Associates

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This comprehensive guide, applicable for the financial year 2023-24, will enable foreign investors to stay tax efficient and compliant under India’s corporate and tax laws.

Amendments to IAS 12: Temporary Relief for Accounting Deferred Taxes under OECD Pillar Two Rules

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Recent amendments to IAS 12 offer temporary relief to MNEs from the accounting requirements for deferred taxes arising from the implementation of the OECD’s Pillar Two. Companies can immediately benefit from the temporary exception, while specific disclosures to investors are required for annual reporting periods starting on or after January 1, 2023.

Tax Compliance Calendar for Enterprises in India in June 2023

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We provide a tax compliance calendar for June 2023 that highlights important India income tax and GST due dates and obligations.

Mandatory GST E-invoicing in India: Annual Turnover Threshold Lowered

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GST e-invoicing will become mandatory for all businesses in India with an annual turnover of over INR 50 million starting August 1, 2023.

May 2023 Tax Compliance Calendar for Businesses in India

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This tax compliance calendar for May 2023 outlines the income tax and GST related deadlines and reporting requirements for businesses in India.

Indian Income Tax Tribunal Rules Against Using DTAA to Reduce Dividend Tax Liability for Domestic Companies

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Indian companies can’t use DTAA to offset liability towards DDT, ruled by income tax appellate authority, for Total Oil India Pvt Ltd’s case.

India’s Finance Act 2023: Essential Updates for Businesses

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India’s Finance Act, 2023, in effect from April 1, 2023, introduces significant tax changes for businesses operating in the country, necessitating careful consideration.

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