Other Briefings
New Regulations on Digital Signature Registration Released
Aug. 18 – India’s Income Tax Department has released new regulations on registering digital signatures for filing income tax returns effective beginning today. The department has made revisions on its Digital Signature Certificate (DSC) registration process. The authorized signatory for the DSC has the option to follow the existing procedure or the new procedure highlighted […]
India Considers Opening the Private Banking Sector
Aug. 12 – The Reserve Bank of India has released a discussion paper that talks about possibly opening the private banking sector to new players. “The RBI clearly expresses its intent to expand the banking reach in the country while focusing on maintaining financial stability,” said CII director-general Chandrajit Banerjee. This will make bank capital […]
Minimum Alternate Tax Not Applicable to Companies with No Establishment in India
Aug. 11 – A verdict made by the Authority for Advance Ruling (AAR) in July has confirmed that minimum alternate tax (MAT) is not applicable to foreign companies with no permanent establishment in the country. The verdict was made regarding the case of Mauritius-based Praxair Pacific when it wanted to verify with AAR if the […]
India’s Tax Treaty with Mauritius Leading to Revenue Losses
Aug. 9 – India’s tax treaty with Mauritius is leading to revenue losses amounting to at least Rs. 20 billion annually. Under India’s Double Taxation Avoidance Agreement (DTAA) with Mauritius, capital gains from the sale of shares will be taxed in the investor’s country of residence. This works in favor of companies based in Mauritius […]
Income Tax Return Deadline Extended
Aug. 2 – India’s Central Board of Direct Taxes announced it would extend income tax return filing from July 31 to August 4. All returns, whether done electronically or not, as long as it is given on or before August 4 will be considered on time. The extension was announced after reports that the e-filing […]
Three Rate Structure Proposed for India’s Goods and Services Tax
Jul. 22 – A three-rate structure for the India Goods and Services Tax was proposed by Finance Minister Pranab Mukherjee yesterday as a way of streamlining implementation. Under his proposal, there will be a 20 percent levy on goods, 16 percent on services and 12 percent on essential items. The GST in India is scheduled […]
Six Things to Check When Filing Income Tax Returns
By Vikas Srivastava Jul. 21 – Following the Indian income tax law, filing tax returns is an annual mandatory procedure for all taxpayers in the country. This year, authorities have set the deadline for filing to Jul. 31 for the 2009-2010 financial year. Taxpayers tend to commit common mistakes while filing their returns that lead […]
Himachal Pradesh Increases VAT on Luxury Items
Jul. 19 – The north Indian state of Himachal Pradesh has announced that it would increase value-added tax on luxury goods from 12.5 percent to 13.75 percent beginning July 15. The higher tax will apply to goods classified under the Part III of Schedule A. Excise and Taxation Commissioner Jagdish Sharma said that petroleum products […]
