Tax & Accounting

Indian Markets Up 20 Percent on Election Results


MUMBAI, May 19 – The Indian business community reacted strongly to the national election results yesterday, sending the primary Sensex up over 2,000 points to close at 14,284. In unparalleled scenes, the markets rose in just two minutes worth of trade before the exchange was forced to bring an end to the session as the […]

Gov’t Planning to Change Audit System


May 7 – The Indian government is planning to change to a new accounting system for its annual financial statements in five years time to accrual-based accounting for transparency. The new system will allow the government to record transactions although cash will change hands later on. This will be more effective in showing the government’s […]

Private Banks to be Excluded from New FDI Guidelines


Apr. 30 – India’s private sector banks may be excluded from the new foreign direct investment guidelines if their status is changed from “resident” to “‘foreign.” “There is a probability that we will exempt these banks from the guidelines on the lines of the exemptions in the insurance sector,” an official said told The Economic […]

India Cuts Tax Relief on Commercial Rentals


Apr. 24 – The Delhi High Court has announced that it would abolish service tax on commercial rentals, cutting central government earnings by Rs 8,000 crore annually. The regulation will help realtors, specially companies like retailers and call centers. Ernst & Young associate director Bipin Sapra told The Economic Times: “The high court order is […]

Dezan Shira & Associates Reorganizes Mumbai Office


Apr. 24 – The professional services firm Dezan Shira & Associates, taking advantage of recent regulatory changes, have registered an LLP in Mumbai, increased staff, and confirmed that the founder of the practice, Chris Devonshire-Ellis, will become the firm’s managing partner in India. Devonshire-Ellis, who resigned from the firm’s China practice in February, will formally […]

Reserve Bank of India Cuts Rates By 25 Points


Apr. 22 – The Reserve Bank of India (RBI) cut basis points on interest rates by 25 basis points yesterday, with interest loans for homes, cars and consumer goods set to drop further. Other banks are expected to follow. The RBI also cut it’s repo rate or the rate at which it lends to other […]

Indian LLP Status for Accountancy Practices Being Implemented


Commentary: Chris Devonshire-Ellis Apr. 14 – The ability for Indian chartered accountants, cost accountants and company secretarial practices to obtain limited liability partnership status will take some time, even though the government has initiated the process. Despite the government approval, the three regulators concerned, the Chartered Accountants of India (ICAI), the Institute of Cost and […]

Tax Authorities to Scrutinize Foreign Remittances


Apr. 7 – Foreign companies and non-resident individuals that need to send funds to foreign countries will need to notify the Income Tax authorities according to a new regulation by the Central Board of Direct Taxes. According to the new regulation 37BB, the company or individual that sends the money abroad will have to notify the income tax authorities before remitting money outside India so that the Indian tax authorities can keep a tab on the taxes paid on the remittances.

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