India: Income Tax department identifies 2.17 million potential non-filers
After sending notices to 1.21 million Permanent Account Number (PAN) cardholders who had not filed their income tax returns, the income tax department has now identified another 2.17 million potential non-filers. It had already sent letters to
See MoreDTA between India and Malta enters into force
The new Income Tax Treaty and protocol between India and Malta entered into force on 7 February 2014 and will apply in India as from 1 April 2014 and as from 1 January 2015 in Malta. The new treaty was signed on 8 April 2013 and replaces the old
See MoreMorocco & India: Amending protocol of DTA approved
The Moroccan Council of Government approved the amending protocol to the India and Morocco Double Taxation Agreement (DTA) on 20 February 2014 and it was signed on 8 August 2013, . The protocol applies mainly to the exchange of tax information
See MoreIndia and Croatia Sign bilateral DTA
India and Croatia signed a Double Tax Agreement on 12 February 2014. This move is seen as an important step in the strengthening of the two countries’ economic cooperation. No further details of the agreement are currently
See MoreIndia: Finance Minister presents the Interim Budget
India’s Finance Minister presented the Interim Budget for 2014-15 in Parliament on 17 February 2014. In keeping with the convention in presenting an interim budget, amendments have not been proposed to the income tax laws. There have however been
See MoreIndia: Improvements to VAT compliance and administration procedures
Some improvements to the Indian VAT compliance and administration procedures have been announced to help traders. India’s VAT is a state level tax on the sale of goods. The changes include plans to reduce the number of Indian VAT audits, the
See MoreIndia and Fiji sign a DTA
On 30 January 2014 India signed a Double Taxation Avoidance Agreement (DTA) with Fiji for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income. The Indian Finance Minister commented that the need
See MoreIndia and Macedonia sign DTA
India has signed a Double Taxation Agreement (DTA) with Macedonia. The agreement provides a 10% withholding rate on dividends, interest and royalties in the source state. The treaty has a limitation of benefit article to ensure that treaty benefits
See MoreIndia-Albania: New DTA enters into force
An income tax treaty between India and Albania entered into force on 4 December 2013 and is effective from 2014. This was confirmed by an Indian notification 6 January 2014.
See MoreIndia – Belize TIEA enters into force
The Indian Government notified that the tax information exchange agreement (TIEA) between India and Belize entered into force on 25 November 2013. The notification was dated 7 January
See MoreSouth Korea and India will upgrade CEPA and revise DTA
South Korean President and India’s Prime Minister agreed on 16 January 2014 to upgrade their comprehensive economic partnership agreement (CEPA) and make effective a revised double taxation agreement (DTA) between the two countries. It is reported
See MoreIndia and US considering framework for resolving tax rows
India and the US could soon unveil details of a deal designed to resolve more than 100 outstanding tax disputes. The two sides almost finalized the outline of a mutual agreement procedure (MAP). Numerous discussions on the issue are said to have
See MoreDTA signed between Latvia and India
According to media reports, Latvia's parliament approved a law that would ratify the DTA and an accompanying Protocol signed between Latvia and India on December 19,
See MoreIndia is expected to post a Revenue Service office in Cyprus
India is expected to post a Revenue Service officer in Cyprus early in the new year, just months after it suspended its double tax avoidance agreement (DTAA) with the island. India has set up overseas Tax Units in various countries in an effort to
See MoreIndia – Arm’s length price for sourcing support services
The Delhi High Court has held that the Transfer Pricing Officer’s determination of an arm’s length price based on a 5% markup of the “free on board” (FOB) value of goods sourced for a related party’s contract with third parties was
See MoreIndia signs DTA with Macedonia to prevent income tax evasion
India signed a Double Taxation Avoidance Agreement (DTAA) with Macedonia on Dec 17, 2013, to prevent income tax evasion by entities in both the countries, a move that is also expected to increase economic cooperation. The agreement provides
See MoreIndia: Clarifies conditions of service tax amnesty
The Indian Finance Ministry has wanted to clarify concerns over its Service Tax Voluntary Compliance Encouragement Scheme (VCES) by commenting on issues raised by industry representatives. The Finance Minister recently settled a series of
See MoreTax treaty between India and United Kingdom – Indian decision on taxability of fees for technical services
The Indian Income Tax Appellate Tribunal (ITAT) issued its decision on 31 May 2013 in the case of Veeda Clinical Research Private Limited (ITA 1406/Ahd/2009) that the provision of market awareness and development in-house training services to an
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