Tax & Accounting

ICICI to Collect Credit Card Debt as Salary Deductions


Jul. 27 – India’s largest private sector lender, ICICI Bank, has announced that it will soon be allowed to request companies to deduct money from an employee’s  salary to cover credit card debts. The new terms and conditions of banking with ICICI are effective starting July 23 and and is expected to be adopted by […]

ICAC Proposes Major Audit Changes


Jul. 24 – India’s audit regulator, the ICAC, has recommended new changes to audit procedures in India in the wake of the recent Satyam scandal. These include the appointment of joint auditors for large businesses, and the rotation of auditing partners assigned to specific clients every five years. The changes are recommended due to the […]

New Direct Tax Proposal to be Released within 45 Days


Jul. 8 – India’s Finance Minister Pranab Mukherjee indicated during his Union Budget speech last Monday that a new Direct Taxes Code will be released within 45 days to streamline the tax structure. The code will finally address the problems of the currently used Income Tax Act of 1961. When the new code is released […]

Tax on Fringe Benefits Dissolved


Jul. 6 – India’s Finance Minister Pranab Mukherjee has announced the cancellation of the fringe benefit tax applied to non-salary perks given by companies to their employees. The tax has been in place since 2005 but Indian businesses have since rallied to have the tax removed. Soon the fringe benefit taxes charged on a company’s […]

Government Forecasts US$15 Billion Income from New Tax


Jun. 30 – India’s new tax system is projected to earn the government US$15 billion annually through the Goods and Service Tax as well as provide more employment, spread the tax burden and increase exports when it is implemented in April, 2010. The new tax system, which will replace all major central and state taxes, […]

India Considers Tax Incentives In Energy Sector


Jun. 24 – The Indian government is considering a series of tax holidays, including a seven year tax break, to assist with the development of exploration in its oil and gas sectors and lessen its dependence on imports. Currently three quarters of India’s oil and gas consumption is imported, and the decision to approve tax […]

India May Rollback Service Tax to 12 Percent


Jun. 11 – The Indian government is considering a rollback of service tax to its previous level of 12 percent in the wake of rising state expenses and shrinking revenue. Last February, the service tax rate was lowered to 10 percent as part of the country’s third stimulus package. According to estimates, service tax collection […]

New Indian Goods and Services Tax Regime in Place by 2010


May 26 – The Indian government is studying tax reforms that will sweep away part of the current VAT system, a variety of state level direct and indirect taxes, excise duties, service tax and luxury tax and replace them with a single Goods and Services Tax (GST). The GST will require legislative and constitutional changes […]

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