OECD: Stage Two Peer Review Report on India’s compliance with BEPS action 14
On 26 July 2021 the OECD published the stage 2 peer review report on India in relation to making dispute resolution mechanisms more effective under action 14 of the action plan on base erosion and profit shifting (BEPS). The BEPS action 14
See MoreIndia further extends the deadlines of tax compliances due to COVID-19
On 25 June 2021, India’s Central Board of Direct Taxes (CBDT) has issued Notifications No. 74 and No. 75, Circular No. 12/2021 granting further extension in timelines of certain tax compliances related to corporate taxation
See MoreIndia: CBDT issues thresholds for triggering “significant economic presence” in India
On 3 May 2021, the Central Board of Direct Taxes (CBDT) issued a Notification No.40/2021 which sets the revenue and user thresholds for the application of a new nexus rule for nonresidents in the form of “significant economic presence” (SEP) in
See MoreIndia: CBDT issues notification regarding CbC report and Master file
On 5 April 2021, the Indian Central Board of Direct Taxes (CBDT) has released a Notification No. 31/2021 which include the changes of CbC reporting threshold and Master file requirement. Accordingly, the threshold for CbC reporting has been
See MoreEU: BASIC countries express concern at the proposed Carbon Border Adjustment Mechanism
A Joint Statement issued on 8 April 2021 at the conclusion of the 30th BASIC Ministerial Meeting on Climate Change has expressed concern about the insufficiency and inadequacy of the support provided by developed countries; and is concerned that
See MoreIndia: Lok Sabha passes the Finance Act 2021
On 23 March 2021, the Lok Sabha passed the Finance Bill, 2021 with certain amendments. The adopted Finance bill has proposed that the consideration related to equalisation levy shall not include for sale of such goods/ provision of services which
See MoreIndia further extends the deadlines for audit, reassessment and penalty proceedings
On 27 February 2021, the Central Board of Direct Taxes (CBDT) released a Notification No. 10/2021 that provides the further extension of deadlines for the completion of audit, reassessment, and penalty proceedings due to COVID-19
See MoreIndia: Finance Minister presents the Union Budget 2021-22
On 1 February 2021, the Finance Minister presented the Union Budget 2021-22 containing following tax proposals. The budget proposed to reduces the length of time for assessment procedures from 24 months to 21 months (measured from the end of the
See MoreIndia further extends the time limits for income tax returns
On 30 December 2020, the Press Information Bureau of India published a notice providing further extensions of the deadlines for the furnishing of income tax returns and audit reports for FY 2019-20 (AY 2020-21) as a result of the challenges faced
See MoreIndia: Rationalisation of Labour laws – What’s in it for Hirers and Employees?
By Suraj Nangia,Partner and Sandeep Jhunjhunwala, Partner, Nangia Andersen LLP In the seven-decade era of independent country, India housed a complex regime of labour laws affecting every person in India working for their livelihood, right
See MoreIndia: Insolvency and Bankruptcy Code – Miles travelled but miles to go!
By Suraj Nangia, Partner and Sandeep Jhunjhunwala, Partner, Nangia Andersen LLP In an attempt to overhaul the insolvency and bankruptcy regime, India had enacted the Insolvency and Bankruptcy Code 2016 (Code) on May 28, 2016. Introduction of
See MoreIndia: Direct Tax highlights for 2020
By Sachin Garg, Partner- Direct Taxation, Nangia Andersen LLP Sachin.garg@nangia-andersen.com+91 93502 93097 The year 2020 has already become an unforgettable year to the unprecedented global pandemic across the world, nation-wide
See MoreIndia: CBDT releases Equalisation levy (Amendment) Rules,2020
On 28 October 2020, the Central Board of Direct Taxes (CBDT) has published the Notification No.87/2020 Equalisation levy (Amendment) Rules, 2020 to further amend the Equalisation levy Rules, 2016. The rules amend the Equalisation levy Rules, 2016
See MoreIndia: CBDT extends deadline to make payment under Vivad Se Vishwas scheme
On 27 October 2020, India's Central Board of Direct Taxes has published a notification extending the deadline (third time) for making payment under the direct tax dispute settlement scheme 'Vivad Se Vishwas' by three months to March 31,
See MoreIndia further extends the due date of furnishing of ITR and audit reports
On 24 October 2020, the Indian Finance Ministry published a notice regarding further extension of due date of furnishing of income tax returns and audit reports as a result of the challenges faced by taxpayers due to the COVID-19 outbreak. In
See MoreIndia issues notification on transfer pricing tolerance range for 2019–20
On 19 October 2020, India’s Central Board of Direct Taxes has released the Notification No. 83/2020 setting the arm’s length pricing variation limit for assessment year 2020-21. Accordingly, the variation between the arm’s length price
See MoreIndia: CBDT publishes guidance on mutual agreement procedure (MAP)
On 7 August 2020, the Central Board of Direct Taxes (CBDT) has published new Mutual Agreement Procedure (MAP) Guidance. The Guidance comprises of four sections, including: (A) introduction and basic information; (B) access and denial of
See MoreIndia: CBDT once again extends the income tax return filing deadline for FY 2018-19
On 29 July 2020, the Central Board of Direct Taxes of India has published a Notification No 56/2020 providing further extension of income tax return for AY 2019-20. The deadline for filing the annual return (ITR) for FY 2018-19 (AY 2019-20) has
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