Other Briefings
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 […]
Court Ruling Says No Tax on Transfer of Goods at SEZs
Jul. 15 – The transfer of goods to special economic zones from outside suppliers are not subject to export duty said a Supreme Court ruling made on Tuesday. The court denied an appeal from the national government that defined any transfer of goods from an area outside the zone referred to as a domestic tariff […]
India’s Direct Tax Code Versus Double Tax Avoidance Agreements
By Vikas Srivastava Jul. 14 – As India moves ahead with the revised version of its new direct tax code, the intricacies of taxation get complicated and this time the battle is between the new revised direct tax code and double tax avoidance agreement. At present, the DTAA in India supersedes the domestic tax law […]
Companies Now Required to Electronically File Income Tax Returns with Digital Signatures
Jul. 14 – Companies are required to file their income tax returns electronically with a digital signature by July 31 according to an announcement made by the Central Board of Direct Taxes (CBDT) last Monday. Form No ITR-6 must be submitted with digital signatures as opposed to an earlier regulation that accepted forms without digital […]
