Other Briefings
PWC India Set to Increase Headcount to 10,000 in Next Two Years
Mar. 17 – PriceWaterhouseCoopers India has announced plans to increase staffing levels to up to 10,000 accountants, tax specialists and auditors from the current 6,500 in the next two years. PWC India Chairman Gautam Banerjee announced the move in an interview with the Financial Chronicle. He described India as “a vibrant economy, becoming more complex,” […]
New Cost Accounting Standards Applicable Beginning April 1
Mar. 15 – New cost accounting standards will be applicable starting April 1 with six of the 10 new standards to be made compulsory. The move is part of government efforts to improve cost auditing and more standards expected to be released in the next two years. Better cost audit mechanisms in place will lead […]
Residential Status and Taxable Income in India
Mar. 12 – Computing for taxable income for individuals in India is based on residential status and the amount of time an individual stays in the country in the relevant financial year and the following 10 years. If an individual stays in India for 182 days or more during the tax year or 60 days […]
Computing for Financial Assets under the New International Financial Reporting Standards
Mar. 10 – When India adopts the International Financial Reporting Standards (IFRS) in 2011, many changes will need to be made including ensuring that company staff are properly trained to apply the new rules. Financial assets defined as a financial asset of one entity and a financial liability or equity instrument of another entity including […]
New Construction Services Tax to Increase Real Estate Prices
Mar. 9 – A proposal to implement a construction tax under the new services tax will invariably hike prices for real estate projects still under construction or pending approval from authorities. The tax would apply to the construction of complex service or commercial or industrial construction services as well as services offering premium prices based […]
Karnataka State Budget Tax Proposals for 2010-11
Mar. 8 – The following are highlights of tax proposals submitted for the Karnataka State Budget 2010 -11 ranging from commercial taxes to luxury tax and entry tax. Value added tax VAT exemption on paddy, rice, wheat, pulses and products of rice and wheat extended for one more year beginning January 4, 2010 Tax on […]
Establishing Liaison Offices in India
Mar. 5 – There are several options available to the foreign investor when it comes to establishing a Representative style office in India. Listed below are three separate scenarios, which are dependent upon the type of business model you wish to run. Businesses looking at invoicing for services, import export or manufacturing in India are […]
New Document Format Needed for Adopting International Financial Reporting Standards
MUMBAI, Mar. 5 – India will soon adopt the International Financial Reporting Standards (IFRS) system with the government requiring that all companies shift to the new standards beginning April 1, 2011. This is a radical change that companies will have to prepare for by making sure that their accountants are adequately trained with the new […]
