Company News

India’s new General Anti-Avoidance Rules (GAAR) kicked in from April 1, and it looks like they will have an immediate impact on the use of Mauritius as a tax haven for investing in India.

Service tax is the tax charged on services offered, which has to be collected from the clients and paid to the government. If these taxes increase, there is an increase in many expenses such as mobile bills, insurance premiums, professional consultations, property purchases from the builder, courier expenses, and credit card bills.

The Ministry of Corporate Affairs informed the Upper House that, under the Companies Act (1956), there is no precise provision for compulsory registration of foreign companies engaged in online business practices.

India’s Ministry of Corporate Affairs informed the Upper House today that Indian chartered accountant (CA) firms are regulated by the Institute of Chartered Accountants of India (ICAI) in terms of provisions of the Chartered Accountants Act (1949) and the rules and regulations framed thereunder.

Overseas companies, organizations or an association of individuals are not required to file income returns with regards to liaison offices (LOs) on the grounds that such business is not permitted to be carried out in India.

Overseas companies, organizations or an association of individuals are not required to file income returns with regards to liaison offices (LOs) on the grounds that such business is not permitted to be carried out in India. In order to question the basic information of non-resident entities with respect to the kind of activities conducted by their liaison offices, the Indian Government initiated Section 285 to the Income Tax Act in the Union Budget 2011.

On February 6, India’s Central Board for Direct Taxes introduced a new regulation 114DA, notification 5/2012, as part of Section 285 of the Finance Act governing foreign-operated liaison offices in India.

The full form of ITR-V is “Income Tax Return – Verification form.” This form is expected when you E-file without using a digital signature. India’s Income Tax Department needs to validate the authenticity of income tax returns when filed online without using a digital signature.

India’s Supreme Court has ruled that the British telecom giant Vodafone does not have to pay taxes and penalties for the transaction in 2007 that saw the company acquire a 67 percent stake in Indian mobile phone operator Hutchison Essar.

The Indian government is loosening its foreign direct investment regulations and is now allowing foreign investors the opportunity to repatriate their original investment before the expiration of a three-year lock-in period from the day it completes its minimum capitalization norm for the sector.