Other Briefings
Balance Sheets, Profit and Loss Accounts Now in XBRL Format
India’s Ministry of Corporate Affairs has decided to get the filing of Balance Sheet and Profit and Loss accounts in extensible business reporting language format. The financial statements to be filed will be based on taxonomies of XBRL as per the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006.
India Signs Double Taxation Avoidance Agreement with Ethiopia
May 31 – India signed a double taxation avoidance agreement (DTAA) with the Federal Democratic Republic of Ethiopia on May 25, 2011 for the prevention of double taxation and fiscal evasion with respect to taxes on income. The contract was signed by External Affairs Minister of India on behalf of the Government of India and […]
Escrow Mechanism
May 10 – The Reserve Bank of India (RBI) has allowed AD Category – I Banks (AD Banks) to permit assurance of shares of an Indian company seized by non-residents subject to under the following situation: Assurance in favor of Indian banks in India Reason: Shares may be assured to secure credit facilities comprehensive to […]
Local DIN Holders in India Need to Submit PAN
May 9 – Earlier, India’s permanent account number (PAN) system was not the mandatory field for directors identification number DIN-1 eForm. So in order to avoid Duplicate DIN, it has been decided that all the DIN holders who have not furnished their PAN earlier at the time of obtaining DIN, are required to furnish their […]
India’s Advance Tax Rulings Benefit Non-Resident Investors
Apr. 28 – Differences of opinions between the tax payers and the tax administration are a universal phenomenon. Advance tax is a mechanism by which such problems would be settled in advance and tax payers are aware of their liability. Therefore, the Indian government has set up an authority to provide advance tax ruling. The […]
India Exempts Visa Facilitators from Service Tax
Apr. 25 – India’s Finance Ministry has stated that the aid provided by visa facilitators to applicants does not come under the range of service tax. According to the circular from the Central Board of Excise and Customs (CBEC), visa facilitators, while providing visa assistance directly to individuals, do not act on behalf of the […]
‘Sugam’ Return Form to Simplify Life for India’s Tax Payers
Apr. 18 – The Union Budget 2011-12 has planned a singular prominence on reducing the compliance burden of small tax payers by projecting a simplified return form called “Sugam.” The finance minister of India, while presenting the Budget, said that the small tax payers who fall within the scope of presumptive taxation can utilize the […]
India Issues Tax Benefits for Garment Companies
Apr. 15 – In the annual budget presented by the finance minister, branded garment companies can get the benefit of CENVAT (central and value added tax) credit. It means the garment companies will be taxed on inputs. In the budget, the ministry has projected 10 percent excise duty on readymade garments and textile made ups […]
