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How is Corporate Income Tax (CIT) paid in India?

How is Corporate Income Tax (CIT) paid in India?

Income tax must be paid by all types of foreign-invested entities, except for liaison offices, which are not permitted to earn income. A tax return must be sent to the income tax authorities by September 30. In case of liaison offices, the foreign co...

Q&A

What taxes are applicable to companies in India, other than corporate income tax...

What taxes are applicable to companies in India, other than corporate income tax...

The applicable taxes would depend on the type of companies or the industry they are in: Companies that sell a product must file annual sales tax or submit their value-added tax returns. Companies located in states where professional tax registrat...

Q&A

What are the requirements on annual activity reporting in India?

What are the requirements on annual activity reporting in India?

Liaison and branch offices are obliged to demonstrate that they are operating within their legally permissible areas of activity once a year. This reporting takes the form of an Annual Activity Certificate, which must be produced in a specified forma...

Q&A

What does the Foreign Exchange Management Act regulate in India?

What does the Foreign Exchange Management Act regulate in India?

The Foreign Exchange Management Act (FEMA) regulates foreign exchange into and out of India. In accordance with this act, foreign exchange must be reported at two stages: Upon receipt of share application money from the non-resident parent company...

Q&A

How should a foreign-owned subsidiary bring money to India for expenses in its e...

How should a foreign-owned subsidiary bring money to India for expenses in its e...

Money should be brought to India through normal banking channels either as share capital or against service invoices. Many new entrants bring petty cash from outside India and use that cash for expenses in the subsidiary company. However, this violat...

Q&A

How should Corporate Income Tax be calculated in India?

How should Corporate Income Tax be calculated in India?

Corporate Income Tax is charged at 30 percent of a company’s profits. If the tax payable on the total income of the company is less than 18.5 percent of book profits , then the total income of the company shall be deemed to be equal to the book...

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Business Transition in China

Business Transition in China

This presentation was made by Angela Ma, a senior associate of DSA.

Q&A

Are there any restrictions for remitting foreign currency abroad from Chinese op...

Are there any restrictions for remitting foreign currency abroad from Chinese op...

In case of remittances with an amount higher than USD 30,000 to be sent abroad, banks will request a tax clearance certificate to obtain approval from the State Administration of Foreign Exchange, the department responsible for foreign exchange trans...

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