Global Tax Adviser, March 21, 2016. Finance in India has presented its 2016 Union Budget. The budget incorporates several key BEPS initiatives, including country-by-country reporting and provisions for taxation in the digital economy.
Many of the proposed amendments in the budget that relate to direct taxes will begin to apply during the 2017-18 assessment year. Unless another date is provided, changes in the budget to service tax provisions will come into effect either on April 1, 2016, or when Finance Bill 2016 is enacted.
Additional information about the Union Budget 2016 is provided on a dedicated webpage of KPMG in India.
For more information, see KPMG's TaxNewsFlash India: Tax Measures in Budget 2016 or contact your KPMG adviser.
Information is current to March 21, 2016. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500