Other Briefings
No Tax Breaks for Telecom Companies with 3G Services
Mar. 4 – Telecommunications companies with 3G services will no longer be allowed to avail of tax breaks found under Section 80 IA of the Income Tax Act. The tax breaks under Section 80 IA are given to companies building infrastructure. In the telecommunications sector, companies can choose a 10 year period out of the […]
Proposed Tax Changes in the 2010-2011 Union Budget
Mar. 1 – The budget finance bill that Indian Finance Minister Pranab Mukherjee presented on Friday to the India Parliament set out three objectives: move the country back on the path of high GDP growth of 9 percent with the aim of increasing towards double digit growth; consolidate recent gains in making the country’s development […]
Wider Scope for India’s Service Tax Proposed
Feb. 25 – India’s Central Board of Excise and Customs (CBEC) has proposed widening the scope for India’s service tax to include the entertainment business for the upcoming Union Budget 2010-11. Currently, entertainment is separately taxed by states and as a service tax by the central government with no prevailing uniformity on taxation since taxes […]
Tax on Dividends, Royalty and Technical Fees for Foreign Companies
Feb. 24 – Foreign companies doing business in India will be levied tax on dividends, royalty and technical fees. According to India’s Income Tax Department, income-tax payable shall be aggregate of: The amount of income-tax calculated on the amount of income by way of dividends 20a[other than dividends referred to in section 115-O], if any, […]
Moody’s Set to Raise India Credit Ratings
Feb. 23 – India’s credit rating may be raised from junk if finance minister Pranab Mukherjee provides a comprehensive plan to roll back the fiscal stimulus and cut the budget deficit this week, said Moody’s Investors Service. “If we think the exit path is well articulated and well executed, the local currency rating could be […]
New Amendment Rules for Income Tax
Feb. 22 – India’s Central Board of Direct Taxes has amended the Income Tax Rules of 1962 applicable starting April 1, 2009. Changes include a new Form 16, Form 16A, Form 16AA, Form 27D, and forms showing breakup of Tax Deducted at Source and Tax Collection at Source for financial year 2009-10. Rules 30, 31 […]
ICAI to Look into Foreign Audit Advertising
Op/Ed Commentary: Chris Devonshire-Ellis Feb 17 – The Institute of Chartered Accountants of India plans to investigate surrogate advertising practices of international firms with a presence in India and awards given by them for entrepreneurial excellence and the promotions for such events. The new president of the institute, Mr. Amarjit Chopra, has indicated that foreign […]
Reserve Bank of India Liberalizes Commercial Borrowings Policy
Feb. 16 – The Reserve Bank of India has liberalized the policy concerning commercial borrowings from overseas sources. The new policy makes the obtaining and changes in loans approvals process simpler and effectively decentralizes the process. Previously, applicants had to apply for approval from the RBI, and also complete documentation with the Department of Statistics […]
