India: CBDT signs record number of advance pricing agreements in FY 2024-25
The Indian Central Board of Direct Taxes (CBDT) announced that India has entered into a record 174 Advance Pricing Agreements (APAs) with Indian taxpayers in FY 2024-25. These include Unilateral APAs (UAPAs), Bilateral APAs (BAPAs) and Multilateral
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India enacts Finance Act 2025, offers support for targeted sectors of the economy
India's Central Board of Direct Taxes (CBDT) has released the Finance Act 2025 on 29 March 2025. The Act was officially enacted on 29 March 2025, following the President's assent, implementing the provisions outlined in the 2025–2026
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Oman ratifies protocol amending tax treaty with India
Oman ratified the amending protocol to the India-Oman Income Tax Treaty (1997) on 27 March 2025 through Royal Decree No. 36/2025. Earlier, Oman and India signed an amending protocol to their existing tax treaty in Muscat, the announcement was
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India: CBDT expands transfer pricing safe harbour rules and raises transaction limits for select services
India’s Central Board of Direct Taxes (CBDT) issued Notification No. 21/2025 on 25 March 2025, introducing the Income-tax (Sixth Amendment) Rules, 2025. This encompasses three key modifications to the safe harbour rules for international
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India to abolish 6% equalisation levy on online advertising from April 2025
India is set to remove the 6% equalisation levy on online advertising services starting 1 April 2025, following government approval of amendments to the Finance Bill 2025 as part of the 2025-2026 Budget. The levy was first introduced in the 2016
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India proposes amendments to direct tax laws in Union Budget 2025
India’s government has introduced revisions to the proposed amendments to the Income-tax Act, 1961, as outlined in the Finance Bill, 2025. The Lok Sabha passed the Finance Bill 2025 on 25 March 2025, incorporating 35 government amendments. The
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India: CBDT consults development of income-tax rules, related forms consequent to the 2025 Income Tax Bill
India's Central Board of Direct Taxes (CBDT) published a release on 18 March 2025 inviting stakeholder feedback for the development of Income-tax Rules and associated forms in line with the provisions of the Income Tax Bill 2025. The Income Tax
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India: CBDT clarifies application of the Principal Purpose Test
The Indian Central Board of Direct Taxes (CBDT) has issued a clarification on 15 March 2025 regarding Circular No. 1/2025 concerning the application of the Principal Purpose Test (PPT) provision under India’s Double Taxation Avoidance Agreements
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India proposes temporary duty on steel imports
India has proposed a temporary 12% safeguard duty on certain steel products for 200 days, to protect its domestic industry from the surge in imports, on 19 March 2025. The Directorate General of Trade Remedies (DGTR) cited the influx of steel
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US to impose reciprocal tariffs on India and other countries
The US will implement reciprocal tariffs on imports from countries imposing high tariffs on US goods, including India starting 2 April 2025. President Donald Trump announced this measure during a joint session of Congress, criticising India's 100%
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India, Qatar sign new income tax treaty
India and Qatar signed a new income tax treaty on 18 February 2025. The treaty will become effective upon the exchange of ratification instruments and once in effect, will supersede the 1999 tax treaty between the two countries. This announcement
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India: CBDT releases details on Income Tax Bill 2025
India's Central Board of Direct Taxes (CBDT) has released details about the Income Tax Bill 2025 , which was presented in parliament on 13 February 2025. Earlier, the Indian Union Cabinet approved the Income Tax Bill 2025, which will supersede
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India: Cabinet approves Income Tax Bill for 2025
The Indian Union Cabinet has approved the Income Tax Bill 2025, which will supersede the old Income Tax Act of 1961. The proposed legislation seeks to streamline tax laws, remove outdated provisions, and simplify compliance processes. Union
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Oman, India sign amending protocol to tax treaty
Oman and India signed an amending protocol their existing tax treaty in Muscat, the announcement was made by Foreign Ministry of Oman on 27 January 2024. The protocol aims to strengthen economic ties and enhance cooperation in the tax sector
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India issues guidance on principal purpose test in tax treaties
India's Central Board of Direct Taxes has issued Circular No. 01/2025 on 21 January 2025, clarifying the application of the Principal Purpose Test (PPT) provisions in tax treaties. The Circular confirms that PPT provisions, including those
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India 2025 Budget: Everything we know so far
India’s Finance Minister Nirmala Sitharaman presented the Union Budget 2025-2026 on 1 February 2025 to the parliament, which included the Finance Bill 2025 (The Bill) outlining amendments to various direct and indirect taxes as well as various
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India: Finance Minister unveils new tax proposals in 2025 budget
India's Union Budget 2025-2026, presented by Finance Minister Nirmala Sitharaman on 1 February 2025, introduced several key tax proposals. Key highlights include: Non-resident taxation A presumptive taxation regime for non-residents
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India, Sri Lanka sign amending protocol to tax treaty
India and Sri Lanka signed an amending protocol to their 2013 income tax treaty on 16 December 2024. This marks the first revision to the agreement, which will come into force after the exchange of ratification instruments. The treaty was
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