Tag: finance

The Income Tax Department announced on Thursday that it has attached more than 900 benami properties including flats, shops, jewellery, bank deposits and vehicles which have a total worth of over Rs 3,500 crore in its drive against black money. The I-T Department said in a statement that it has stepped up action under the Prohibition of Benami Property Transactions Act, which came into force from November 1, 2016. Read more…

Union finance minister Arun Jaitley has his work cut out for him. Not only is the government’s overall revenue target likely to slip, the international corporate tax environment is also changing radically, unlike any time in the recent past, placing tax competition front and centre on the international agenda. With the passage of the tax reform package in the US which has sharply brought down the peak corporate income tax (CIT) rate from a high 39.6% to a low 21%,…

For foreign nationals providing professional services outside their home country, it is important to understand the scope of taxation on the income earned and the corresponding withholding tax implications. With businesses going global, it is common for foreign nationals to expand their horizons by providing professional services outside their home country. Also, various multinationals depute their workforce across jurisdictions. Read more…