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    India Releases Income Tax Deduction Rates for 2009-2010

    Jan. 21 – India’s Income Tax Department recently released a circular detailing the tax deduction rates on salaries for the financial year 2009-2010. As per the Finance Act, 2009, income tax is required to be deducted under Section 192 of the Income Tax Act of 1961 from income chargeable for the financial year 2009-2010 (i.e.[…..]

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    Maharashtra to Charge Entertainment Tax for IPL Matches

    Jan. 21 – The Maharashtra government will begin charging an entertainment tax worth up to 25 percent of all ticket sales for T20 matches organized by the Indian Premier League (IPL). IPL matches played within municipal limits will be charged a 25 percent tax and matches held outside municipal limits will be levied a 20[…..]

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    Transfer Pricing Issues in India

    Jan. 20 – Transfer pricing in India was first implemented beginning 2001 and since then the regulation has served well to lift the quality of audits in the country and become a source of additional revenue for the government. The following emerged as common adjustment issues for companies undergoing transfer pricing audits: – tax authorities[…..]

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    New India Tax Laws a Boon for Audit, Consulting Firms

    Jan. 19 – India’s massive overhaul of tax laws and corporate regulations will be a boon for audit and consulting firms serving the Indian market when the new laws are finally enforced. India wants to adopt International Financial Reporting Standards (IFRS), Goods and Services Tax (GST), Direct Taxes Code and the new Companies Act soon.[…..]

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    India to Change Companies Act in Compliance with Accounting Standards

    Jan. 14 – The government is planning to soon revise the Companies Act to make it easier for Indian accounting standards to merge with the International Financial Reporting Standards. The schedule-VI and XIV will be changed along with other standard accounting rules to facilitate convergence. The government wants to adopt an internationally accepted accounting standard[…..]

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    GST in India Implementation Delayed

    Jan. 8 – The set April 1 deadline for the introduction of the new Goods and Services Tax (GST) is likely to be rescheduled government officials said yesterday. The mechanism for revenue sharing between the central government and the states have not been finalized yet in addition to the need for constitutional amendments for the[…..]

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    Orissa State Wants GST Deferred to 2011

    Jan. 7 – The east coast state of Orissa has requested that the Goods and Services Tax (GST) set to be implemented in April 1 be deferred to April 1,2011 and its Purchase Tax on foodgrain continued instead. Local officials say the state is not ready to adopt the new GST. “We are not at[…..]

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    India’s Corporate Direct Tax Collection Climbs 44 Percent in December

    Jan. 6 – India’s corporate direct tax collection reported a 44 percent growth year-on-year in December 2009 and a 14 percent climb for April-December 2009 period reports The Times of India. From April to December, corporate taxes rose to Rs 1.66 lakh crore (US$36.1 billion) compared to Rs 1.46 lakh crore (US$31.7) during the same[…..]

Showing 8 of 512 articles