13 December 2014
DTAA BETWEEN INDIA & BAHAMAS Agreement for Exchange of Information with Commonwealth of the Bahamas An Agreement between the Government of the Republic of India and the Government of the Commonwealth of the Bahamas for the Exchange of Information with respect to taxes was signed at Nassau, Bahamas on the 11th day of February, 2011. The date of entry into force of the said Agreement is the 1st day of March, 2011, being the date of later of the notifications of completion of the procedures as requ...
Read more →13 December 2014
DTAA BETWEEN INDIA & ARGENTINE Agreement For Exchange Of Information And Assistance In Collection Of Taxes With Argentine Agreement between the Government of the Republic of India and the Government of the Argentine Republic for the exchange of information and assistance in collection with respect to taxes was signed at Argentina on the 21st day of November, 2011 (hereinafter referred to as the Agreement); And whereas, the date of entry into force of the Agreement is the 28th day of January, 201...
Read more →9 December 2014
EXTERNAL COMMERCIAL BORROWINGS BY INDIAN COMPANIES *Compilation by CA A. K. Jain Indian Companies can access funds from abroad in the following ways: (i) External Commercial Borrowings ECBs refer to commercial loans in the form of bank loans, securitized instruments (eg. floating rate notes and fixed rate bonds, non-convertible, optionally convertible or partially convertible preference shares), buyers’ credit, suppliers’ credit availed of from non-resident lenders with a minimum average maturit...
Read more →8 December 2014
TAXATION OF TEMPLES IN INDIA *BY CA A. K. JAIN In India temples can be registered as Trusts, Societies or Section 25 of Companies Act. The Income Tax Act gives all categories same treatment, in terms of exempting their income or granting of 80G certificates. Temples set up for the social causes and approved by the Income Tax Department get not only exemption from payment of tax but also the donors to such trusts can deduct the amount of donation to the trust from their taxable income. The legal...
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Taxation Of ESOPs From Foreign Assignment 1st December 2014, Stock award is a popular method of rewarding talented and industrious employees. However, employees who render services across different jurisdictions may trigger a taxable presence in two or more jurisdictions. Such employees at times need to deal with the issue of double taxation on such benefits. A normal stock incentive plan has three phases – grant, vest and exercise. The trigger for taxation in India is allotment of shares to the...
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US Asks India To Address Tax Issues November 25th, 2014, United States has asked India to address the issue of uncertainty in taxation in a bilateral meeting on manufacturing on Monday in response to New Delhi's suggestion that American companies set up manufacturing base in India and help build smart cities. At the subcommittee meeting on manufacturing co-chaired by DIPP secretary Amitabh Kant and deputy USTR Robert Holleyman, India also asked US to relocate R&D to India and, producing low-cost...
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FICCI Lauds Government View On Not Filing Appeal In Vodafone Case November 27th, 2014, The Federation of Indian Chambers of Commerce and Industry has welcomed Attorney General Mukul Rohatgi's advice to the Income Tax department not to file an appeal against the Bombay High Court judgment in the Vodafone tax case. "FICCI welcomes the decision of the government not to appeal against the judgment relating to the transfer pricing tax issue involving Vodafone," FICCI president Sidharth Birla said in...
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DTAA a Constrain In Disclosing Names Of Foreign Account Holder - Arun Jaitley October 17th, 2014, After the government toed the UPA government's line in the Supreme Court, Finance Minister Arun Jaitley today blamed the agreement entered into by the Congress government with Germany in 1995 as a constraining factor in disclosing details of black money stashed abroad. He rejected the charge that the Modi government was reluctant to part with information about the names of persons having blackmoney...
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India Won't Take Adverse Decisions On Mauritius Bilateral Tax Treaty November 3rd 2014, India today told Mauritius that it will not take any decisions that will "adversely impact" bilateral relations while reassuring the country that amendments to the bilateral tax treaty would be made only after considering the legitimate interests of both sides. This was conveyed by External Affairs Minister Sushma Swaraj during her meetings with top leadership of Mauritius, including President Rajkeswur Purry...
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