Tax & Accounting

India to Introduce Plastic Bank Notes

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Sept. 9 – The Reserve Bank of India is set to introduce plastic bank notes in the ten rupee denomination. The plastic bank notes would last longer by 4 years compared to one year for normal currency notes in addition to also being harder to counterfeit. The bank has initially decided to introduce 1 billion […]

Indian Economy Recovers by 6.1 Percent

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Sept. 1 – India’s economy grew by 6.1 percent from April to June despite the previous quarter’s 5.8 percent growth and the economic crisis stunting its manufacturing and services sectors. According to Delhi’s Central Statistical Organization, mining, electricity and financing sectors performed well during the quarter while there was a registered slowdown in  trade, hotels, […]

New Foreign Trade Policy Raises Duty Credit for Exporters

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By Chris Devonshire-Ellis Sept. 1 – India’s Ministry of Commerce and Industry recently released its new Foreign Trade Policy for 2009-14, effective immediately. New measures were introduced to counterbalance the effects of the global financial crisis on exporters. Among these are changes under India’s export promotion schemes that would allow exporters to claim higher duty […]

Criticism of India’s News Tax Code Unjustified

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Aug. 27 – India’s new tax code changes have led analysts to suggest that this would make the country a less attractive venue for foreign investment, according to The Financial Times. The draft of the tax code includes such changes as taxing assets regardless of whether investors have realized profits or not and giving tax […]

India to Revise Double Tax Avoidance Agreements

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Aug. 12 – India will soon revise its  double tax avoidance agreement (DTAA) with other countries with anti-abuse rules for agreements made before 2004, reports The Economic Times. Treaties made after 2004 already have anti-abuse rules in place that limit tax benefit provisions. For its treaty with Mauritius made after 2004, a joint working group […]

Income Tax Department Wants Hong Kong Included in Tax Pact with China

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Aug. 10 – India’s Income Tax Department wants its tax agreement with China to include Hong Kong SAR, to pursue a pending tax plea on Hutchison Telecommunications International (HTIL) when it sold its Indian conglomerate Hutchison-Essar to Vodafone for  US$11.1 billion in 2007. The government department is demanding US$1.7 billion tax on the deal. “HTIL […]

ICICI to Collect Credit Card Debt as Salary Deductions

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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

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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 […]

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