Other Briefings
Panel Discussion to Be Held on GST
Aug. 15 – On August 19, 2011 the Empowered Committee of State Finance Ministers on the Goods and Services Tax (GST) will meet to discuss various issues related to the rollout of the ambitious indirect tax regime. The government is eager to launch the GST. This will be the first meeting of the board under […]
Conversion of India’s Post Offices into Banks
Aug. 3 – An estimated 150,000 post offices across India will soon go through a fundamental modification, transferring them into full-fledged banks on the anvil. The initiative has been taken up by Telecom Minister Kapil Sibal, who wants to reach out to the masses in the country’s rural areas with modern banking facilities through the […]
New Issue of India Briefing: Tax and Financial Management
In this new issue of India Briefing, we take a look at the Indian tax environment generally, including types of taxes, fees and key dates, and continue on to focus specifically on requirements for foreign companies. Next, we look closer at the generous tax benefits available in Special Economic Zones, contingent on sector and operating dates, and finally expand our focus to India’s international trade agreements.
India Considers New Law to Regulate Micro-lenders
The Indian government recently proposed to establish a new law in order to better regulate the country’s microfinance industry that is faced with complaints of aggressive lending practices and high interest rates.
HSBC India Foreign Bank Account Client Indicted on FBAR Tax Return Charges
Jul. 8 – The U.S. Department of Justice (DOJ) and Internal Revenue Service (IRS) announced last week the indictment of an HSBC India client on four counts of filing false tax returns and four counts of failure to file a Foreign Bank Account Report, form TD F 90-22.1 (FBAR). Each tax return charge can result […]
Payment of MCA 21 Fees/ROC Fees through NEFT
MCA 21 payments can be done via credit card, internet banking and physical challan currently. Now, the ministry has recognized five banks (Indian Bank, HDFC, ICICI, PNB and SBI) for collection of MCA 21 fees, which means that only the account holders of these banks can avail Internet banking facility.
Verifying the Accuracy of TDS Certificates
Jun. 28 – India’s National Securities Depository Ltd. (NSDL) has now begun an online service whereby any deductee can verify the accuracy of the TDS Certificate (Form 16A) issued by the deductor. For this particular purpose, the deductee must have the following details, or should have a copy of the TDS certificate issued by the […]
MCA Proposes Mandatory Demat Deposit Receipts of Public Companies
The Ministry of Corporate Affairs (MCA) has suggested vide notification dated June 6, 2011 that all public companies and their subsidiaries convert share certificates and bonds into an electronic (Demat) form.
