India: CBDT passes finance act 2024 with limited tax provisions
The Central Board of Direct Taxes (CBDT) in India has released the Finance Act 2024, passed on 15 February 2024, to execute the provisions of the Union Budget for 2024-2025. The finance Act includes the following key tax measures: The criteria
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India releases income tax return forms for assessment year 2024-25
India's Central Board of Direct Taxes (CBDT) has introduced new income tax return (ITR) forms, ITR-1 to ITR-6, for diverse taxpayers in the fiscal year 2023-24 (1 April 2023 to 31 March 2024), aligned with the assessment year 2024-25. Notifications
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India: Finance Minister presents interim union budget for 2024-2025
On 1 February 2024, Ms. Nirmala Sitharaman, the Finance Minister of India, presented the interim union Budget for 2024-25 to Parliament. The key tax-related highlights of the Union budget include: Corporate tax: Domestic companies currently
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India: CBDT issues circular explaining tax provisions under Finance Act 2023
On 23 January 2024, the Central Board of Direct Taxes (CBDT) of India released Circular No. 1/2024 explaining the tax provisions outlined in the Finance Act 2023. The circular is presented with the statement, "This circular elucidates the essence of
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India: CBDT issues notification for non-resident investors in financial products by IFSC capital market intermediaries
On 4 January 2024, India's Central Board of Direct Taxes (CBDT) issued Notification No. 4/2024 as per the provisions of Section 10, Clause 4G, of the Income Tax Act, 1961. This notification specifically addresses entities who are not residents and
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India: CBDT issues guidelines for withholding tax on e-commerce transactions
On 28 December 2023, the Central Board of Direct Taxes (CBDT) issued guidelines clarifying the deduction of withholding tax in e-commerce transactions under Section 194-O of the Income-tax Act, 1961. The details of the guidelines are outlined as
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India: CBDT updates safe harbor rules for intragroup financing
On 19 December 2023, the Central Board of Direct Taxes (CBDT) in India announced significant changes to the safe harbor rules for intragroup financing arrangements. These updates, outlined in Notification No. 104/2023, will take effect on 1 April
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India: CBDT extends transfer pricing Safe Harbor Rules
On 9 August 2023, the Central Board of Direct Taxes (CBDT) issued a Notification No. 58/2023, to extend the applicability of the transfer pricing safe harbor rules. The extension applies for the financial year 2022-23 and 2023-24 assessment years.
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India: CBDT issues notification to set arm’s-length variation for 2023-2024
On 26 June 2023, the Indian Central Board of Direct Taxes (CBDT) has issued Notification No. 46/2023, setting arm's-length pricing variation limits for the 2023-24 assessment year. The limits are 1 percent for wholesale trading and 3 percent for
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India: Supreme Court decides high courts responsible for adjudicating transfer pricing cases
On 19 April 2023, the Indian Supreme Court published a decision on whether High Courts should hear appeals challenging the findings of the Income Tax Appellate Tribunal on transfer pricing issues. The judgment pertains to cases where appeals
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India: CBDT extends time of Compulsory e-Filing of WHT Form 10F
On 28 March 2023, the Directorate of Income Tax declared that the relaxation granted for the e-filing of Form 10F for withholding tax by non-resident taxpayers who do not possess an Indian PAN number has been extended until September 30, 2023. In
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India: Finance bill 2023 passed in the lower house of Parliament
On 24 March 2023, the lower house of Parliament (Lok Sabha) passed the Finance Bill 2023 which implements tax proposals for the next fiscal year. The Bill received 64 official amendment proposals, among which one intends to remove extended tax
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India: Finance Minister presents Union Budget for 2023-2024
On 1 February 2023, Ms. Nirmala Sitharaman, the Finance Minister of India presented the Union Budget for 2023-24 to the Parliament. The budget includes the following key tax proposals: Corporate tax proposals: A provision for tax treaty
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India increases windfall tax on crude oil
On 2 January 2023, the Central Board of Indirect Tax and Customs (CBITC) of India has issued a Notification No. 01/2023 regarding the imposition of a Special Additional Excise Duty, known as the windfall tax, on domestic production of crude oil.
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UK: Negotiations for Free Trade Agreement with India
Following the conclusion of a fifth round of talks between India and the UK on a free trade agreement (FTA), a factsheet was issued by the UK’s Department of International Trade on 19 August 2022. The fifth round of negotiations involved
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India: CBDT notifies the arm’s-length pricing variation limit for 2022-23
On 28 June 2022, the Indian Central Board of Direct Taxes (CBDT) issued Notification No. 70/2022, clarifying the calculation procedure of the arm’s length price under the income tax act. The notification provides a tolerance range of 1 % for
See MoreBRICS Summit Declaration Notes Progress on Tax and Customs Cooperation
Following the virtual BRICS summit held on 23 June 2022, the Beijing Declaration emphasised the need to cooperate to promote economic recovery. The BRICS group of emerging powers – Brazil, Russia, India, China and South Africa – has
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India: CBDT updates guidance on MAP
On 10 June 2022, India's Central Board of Direct Taxes (CBDT) issued comprehensive updated guidance on the Mutual Agreement Procedure (MAP) and related matters. The guidance supplements the previous guidance published on 7 August 2020 and addresses
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