India: Service Tax on Bank Fees and Commission
Non-Resident Indians (NRIs) will have to pay more to remit money to India as the government of India has imposed a service tax on “fees or commission” levied by banks and financial institutions for facilitating remittances from abroad. The
See MoreIndia: Implementation of the new Bill on Goods & Services Tax from 2016
The Indian Goods & Services Tax (GST) implementation plans took a big step forward last week as a new Bill was published included resolutions to many of the issues that have long-held up the reforms to the existing indirect tax regime. The new
See MoreThe protocol to treaty between Denmark and India has been approved
Recently, Denmark approved the amending protocol, signed on 10 October 2013, to the Denmark - India Income and Capital Tax Treaty
See MoreIndia: Decision on whether the Taxpayer could be regarded as an “assesse in default”
Recently, The Supreme Court (SC) of India issued its decision in the case of CIT v. NHK Japan Corp. (SLA No. 24913 of 2012) on 11 August 2014, that a Taxpayer cannot be regarded as an "assesse-in-default" on account of non-withholding of taxes when
See MoreCyprus agrees to exchange of information on tax with India
Cyprus has accepted a key condition put forward by India on effective exchange of information on tax avoiders, hoping its move, which comes amid continuing talks on amending their mutual tax treaty, will persuade India to “rescind the
See MoreChina: Termination of Anti-dumping Measures Applicable to Imports of Pyrocatechol originated in the EU
On August 25, 2009, the Ministry of Commerce issued Announcement No.53 of 2009, deciding to continue to impose anti-dumping measures against imports of pyrocatechol originated in the EU in accordance with Announcement No. 41 of 2003, Announcement 61
See MoreIndia: LinkedIn profiles can be used as evidence for determination of permanent establishment
The Income Tax Appellate Tribunal (ITAT) delivered its decision in the case of GE Energy Parts Inc. v. ADIT (ITA No. 671/Del/2011) dated 4 July 2014 that, from now LinkedIn profiles of employees of overseas entities working in India can be used to
See MoreIndia: Government to approve GST by the end of the year
Recently, the Indian Finance Minister presenting the 2014-2015 budgets and stated that the government will work to introduce GST by the end of this year. Although similar statements have been made during the past five years, so it is uncertain as
See MoreIndia: Amended the transfer pricing rules in budget 2014
On 10 July 2014, the Finance Minister proposes amendments to India’s transfer pricing rules in India’s budget of 2014. The Budget 2014 proposes to amend the rules to provide that an APA entered into with regard to a future transaction may also
See MorePoland – India DTA enters into force
On 1 June 2014, the double taxation agreement between Poland and India has been entered into
See MoreBRICS nations agree to create BRICS bank
Leaders of the BRICS group of emerging powers on Tuesday created a Shanghai-based new international development bank and multi-billion emergency lending pools. The development bank will have initial capital of $50 billion that could rise to $100
See MoreIndia: Tax benefits could be available for certain CSR activities
Recently with the Union budget the government has provided simplicity on tax aspects of corporate social responsibility (CSR). Clarifying the government's attitude on the issue of possible tax benefits for CSR activities Central Board of Direct
See MoreIndia: Introduces new rules aim to reduce transfer pricing tax disputes
The government of India introduced new tax rules with their new budget target to reducing litigation with multinational firms over cross-border transactions the government considers tax avoidance schemes. Now days, transfer pricing is an application
See MoreIndia – Budget for 2014-15
India’s new government announced their first Union Budget 2014-15 on 10 July 2014. Among the tax provisions in the budget are measures concerning India’s most awaited tax reform a uniform goods and services tax (GST).According to the budget, the
See MoreIndia: Payments for BSP link services are not ‘Fees for Technical Services’ under India-France tax treaty by virtue of MFN clause
The Income Tax Appellate Tribunal (ITAT) provided a decision on 11 June 2014 in the case of DDIT v. IATA BSP India that payment towards BSP Link services is not fees for technical services (FTS) by virtue of the most favored nation (MFN) clause in
See MoreIndia: With US reached an “agreement in substance” Status of Model 1 IGA under FATCA
India and the United States reached an “agreement in substance" for a Model 1 intergovernmental agreement (IGA) for purposes of implementing the FATCA (Foreign Account Tax Compliance Act) regime. The Reserve Bank of India declared in 30 June
See MoreOECD: BEPS project update with developments of Asian countries
In order to stop tax avoidance and evasion Asian countries are actively taking part with the Organization for Economic Cooperation and Development (OECD)’s plan. The OECD’s Action Plan is far reaching and will help support local Asian
See MoreIndia: New government will present its first federal budget on 10 July 2014
Indian Finance Ministe r will present the budget for the 2014/15 financial year on July 10,
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