At the union budget 2017, Arun Jaitley, the Union Finance Minister highlighted the importance of tourism and hospitality sector as a major employment generator. The tourism industry had some takeaways but the long pending demands of conferring the industry status and reducing tax burden had no response.
The Federation of Associations in Indian Tourism & Hospitality (FAITH) had suggested the “Holiday in India”, however, it did not make it to the final list. The final list had the five new special tourism zones. The budget also announced the launch of “Incredible India- II” across the world. Continue reading
Nowadays, for any business or organization, IT plays a major role. An IT audit is used to evaluate the information systems and the safeguards present to protect these systems. The purpose of the IT audit is to determine whether or not these controls are used to secure information assets are working properly or not. The wider business must realize the importance of the IT auditing to enjoy the maximum benefits. Continue reading
The Taxation Laws (Second Amendment) Act, 2016 has come into force on 15th December, 2016. The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (the Scheme) introduced vide the said Act shall commence on 17th December, 2016 and shall remain open for declarations up to 31st March, 2017. The rules in this regard have been notified vide Notification No.116 dated 16th December, 20162. Continue reading
India revised tax treaty with Singapore to provide capital gains taxation similar to revised India-Mauritius treaty. The amendment provides for source-based taxation of capital gains arising from shares acquired on or after 1st Apr 2017.
Revised treaty provides that capital gains on investments made upto March 31, 2017 will be exempt subject to fulfilment of conditions in Limitation of Benefits (LOB) clause as per 2005 protocol; For the period of 2 years starting from April 1, 2017, capital gains will be taxed at the rate limited to 50% of the domestic tax rates and capital gains will be fully taxable in India from April 1, 2019. Continue reading