Cash-strapped edtech firm Byju's is likely to pay its employees the April salaries this week, according to sources. The company is grappling with the issue of delays in paying salaries to employees. "There has been a delay in salary. It is expected to be now paid sometime this week," said a person.
'Personal income tax is growing by 27 per cent and most refunds have already been issued.'
In a bid to provide a level playing field, the government has decided not to levy 2 per cent digital service tax if goods and services are sold through Indian arm of foreign e-commerce players.
What the Budget could hold in store when it comes to tax rules like GAAR, MAT, PoEM, BEPS and ICDS.
Multinational companies operating in India will soon have to disclose details of their operations at the country of residence and their revenue income to the Income Tax authorities.
The government is studying suggestions on checking instances of double non-taxation and 'treaty shopping'
The US Trade Representative's (USTR) office will also conduct the Section 301 probe against nine others, including Austria, Brazil, Indonesia, Italy, Spain, Turkey, the Czech Republic, the UK, and the EU, for levying or considering digital services taxes "discriminating against US companies".
US proposal to raise the global corporate tax rate to 28% from 21% might face resistance from countries unwilling to give up their edge and compete with America on its terms.
The government said that far from targeting any US entity, the purpose was to ensure fairness, healthy competition, and to exercise the ability of governments to tax businesses having a nexus with the Indian market through digital operations.
The G20 in 2013 had unanimously agreed to a 15 point action plan to check BEPS
The existing double taxation avoidance agreements will not be covered by the proposed change, implying that in order to tax Facebook, Google and the like, India will require to renegotiate tax treaties.
A panel will draft direct tax legislation, keeping in mind the system in other countries, international best practices and economic needs of the country
Currently, companies are taxed in the jurisdictions in which they have a physical presence. However, digital businesses generate revenues from markets without a significant physical presence in a country.
India is on the brink of overhauling its tax system, implementing the BEPS project and seeing a further evolution of the GST at the same time as a general election. This makes 2019 an exciting and challenging year, note Maulik Doshi and Jigar Doshi.
The US is pressing for taxing digital economy through the 'marketing intangibles' principle and the UK through a 'user-base' principle.
A total of Rs 396 crore has been mopped up, as on August 20 against Rs 407 crore collected in the same period last year. This was despite the expansion of the levy to online e-commerce players from this financial year.
The Business Express Programme will offer a streamlined visa application process for those companies that send their employees to the UK on a frequent basis.
Acknowledging that effective taxation of mobile income is a key challenge, G20 leaders including Prime Minister Manmohan Singh on Friday vowed to take steps to change rules to tackle tax avoidance, harmful practices and aggressive tax planning.
E-commerce giants such as Amazon, Netflix and Flipkart, whose headquarters are not in India, potentially have to pay the additional levy of 2 per cent from April 1.
One of the key concerns of foreign investors is how the general anti-avoidance rule would apply in case an investor is availing benefits under double taxation avoidance agreement.
Court cases likely over interpretation of the new levy proposed in the Budget for digital economy.
Under the amended treaty with Mauritius, for two years beginning April 1, 2017, capital gains tax will be imposed at 50 per cent of the prevailing domestic rate.
The members resolved to foster a global economic governance architecture that is more effective and reflective of current global economic landscape
The Indian mrime minister supported a new global standard on automatic exchange of tax information
The government, Jaitley said, is committed to detecting and preventing generation of black money
PwC wants to know what will happen when a company with substantial reserves is merged into a new concern and the resultant entity is converted into a limited liability partnership.
Singapore is slated to bring in Singapore Variable Capital Company, a new legal entity which can be used as a vehicle for investment. SVACC is expected to simplify the process of redemption for open-ended funds.
The transformational reforms like GST, Bankruptcy Code and recapitalisation of banks, Black Money Act, demonetisation, flexible inflation targeting and adoption of fiscal discipline (FRBMA), etc, have temporarily and purposefully pulled us back only to propel us forward with greater velocity, Rajiv Memani.
It accounted for over a third of foreign direct investment flows into India between 2000 and 2015
Decoding four important provisions in the Finance Bill 2018.
'We need to do more to accelerate growth.'
The comments come at a time when the Supreme Court-constituted Special Investigation Team has detected funds worth about Rs 4,479 crore (Rs 44.79 billion) held by Indians in a Swiss branch of HSBC bank, while unaccounted wealth totalling Rs 14,958 crore (Rs 149.58 billion) have been traced within home.
The development is expected to pave way for greater transfer pricing cooperation between the two countries, enhance investment flow
Jaitley said, "I welcome this investigation. I think it is a healthy step that these kind of exposes are being made. I have been repeatedly saying that the world is now going to increasingly become more transparent, countries are cooperating with each other and slowly all this information is going to come out as a result of various global initiatives which have been launched."
The amendment would help check round-tripping of funds and boost the domestic consumption, Jaitley added
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