double taxation

Union Finance Minister, Shri Pranab Mukherjee made a statement in both the Houses of Parliament i.e., Lok Sabha and Rajya Sabha today on the Protocol signed between India and Switzerland yesterday to amend the existing Agreement and Protocol for Avoidance of Double Taxation with respect to Taxes on Income. Text of the statement is given below: Full Article

Even as America’s new Border Security Act raises hackles in India, government officials said the country will renew efforts to push for exemption of social security tax paid by top tech firms including TCS, Infosys and Wipro in the US. India’s $50-billion software outsourcing industry pays around $1 billion every year towards social security taxes to the US government, according to Nasscom. Full Article

Whereas, an Agreement and the Protocol between the Government of Republic of India and the Government of the Republic of Finland for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income was signed at New Delhi on the 15th day of January, 2010; Full Article

A revised Agreement and Protocol between India and Finland for Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income (DTAA) was signed by Sh. S.S.N.Moorthy, Chairman, CBDT on behalf of Government of India and Ms Terhi Hakala, the Ambassador of Finland to India, on behalf of Government of Finland, here today. Full Article

Business Processing Outsourcing (BPO) centers in India would be subjected to taxation under the new proposed Direct Tax Code (DTC) but some clarifications, especially on double taxation, were still needed, an expert said. The (tax) exception given to BPOs has to be withdrawn under section 10 (A) of Income Tax Act. There is no provision in DTC for any such extension of benefits. The BPOs can be taxed on the basis of the profit they make in India and also overall profit. Full Article

1. Central and state GST will apply on all transaction of goods and services.2. Tax paid as central GST will be allowed to taken as input tax credit.3. State GST will also be allowed to be taken as input tax credit. Full Article

An ‘NRI’ is a citizen of India or a person of Indian origin* who is not a resident in India. Residency for tax purposes is decided based on a person’s physical stay in India. There are three conditions that could trigger non residency for tax purposes. First, when an individual’s stay in India is less than 60 days in a particular tax year. Second when the stay exceeds 60 days but is less than 182 days and the cumulative stay in the four years preceding the year i.. Full Article

NOTIFICATION NO: 5/2009, Dated : January 7, 2009 Whereas the annexed Convention between the Government of Republic of India and the Council of Ministers of Serbia and Montenegro for the Avoidance of Double Taxation with respect to Taxes on Income and on Capital was signed at New Delhi on the 8th day of February, 2006; [...] Full Article