Company News

The Government of India is planning to propose a hike in the maximum foreign direct investment (FDI) capital allowed in broadcasting services – such as direct-to-home (DTH) and cable TV – to a uniform portion of 74 percent.

To aid tax and banking-related information exchange and prevent tax evasion, India signed a double taxation avoidance agreement (DTAA) with Macau on January 1. The agreement will also help to generate a better investment climate for Indian businesses in Macau – a special administrative region of the People’s Republic of China and well-known offshore financial center and tax haven.

The Indian government on Tuesday agreed to allow 100 percent foreign ownership in single brand retail stores, paving the way for international businesses such as Starbucks, Ikea and Adidas to operate independently in the country without having to involve local partners. Foreign single brand retailers were previously limited to 51 percent ownership.

The permanent account number (PAN) card, issued by the income tax authorities, is now broadly used in financial transactions and one of the most convenient proofs for identity.

The vendor has to accumulate tax from the payer who has purchased the following items:

The Central Government of India has recently made amendments to the list of rules for Unlisted Public Companies (known as the “Unlisted Public Companies Preferential Allotment [2011]”).

The government of India has already allowed 100 percent FDI into the pharmaceuticals industry. Recently, the government has reviewed its policy in the particular sector.

India’s Income Tax Department has initiated a separate permanent account number (PAN) application form for non-residents in which NRIs, PIOs and organizations wanting to set up an entity in India will have to provide additional information to the Central Board of Direct Taxes.

The Reserve Bank of India has further liberalized foreign exchange services for individuals under the Foreign Exchange Management Act (FEMA) 1999. The services are as follows:

To establish the Goods and Services Tax (GST) in 2012-13, India’s Finance Ministry has made it compulsory for taxpayers to file their central excise and service tax returns electronically from October 1.