India: Tax bill addressing “black money” | KPMG | GLOBAL
Share with your friends

India: Tax bill addressing “black money” and other items

India: Tax bill addressing “black money”

The KPMG member firm in India has prepared reports about the following tax developments (read more at the hyperlinks provided below).


Related content

  • Legislation aimed at addressing “black money” in tax law changes: As a step forward to curb “black money,” bank notes of existing series of denomination of the value of Rs.500 and Rs.1000 were recently withdrawn from circulation by the Reserve Bank of India. There have been concerns also that certain existing provisions of the Income-tax Act, 1961 can possibly be used for concealing black money. India’s government introduced a bill in Parliament that would amend tax law provisions to determine that “defaulting taxpayers” are subjected to tax at a higher rate and that stringent penalty provision would apply. Read a November 2016 report [PDF 289 KB]
  • No capital gains on transfers in a demerger: The Mumbai Income-Tax Appellate Tribunal held that no capital gain tax is to be levied (absent any consideration received / accrued to the taxpayer) for transfers of undertakings under a plan of demerger. The tribunal observed that absent a connection between the transfer of the undertaking and the revaluation of the investment, neither can be considered as arising on account of the demerger, nor considered to be the full value of the consideration. The case is: Aditya Birla Telecom Limited. Read a November 2016 report [PDF 346 KB]
  • Business connection of offshore funds: The Central Board of Direct Taxes issued guidance (a notification) amending the rules concerning the business connection of offshore funds. Read a November 2016 report [PDF 309 KB]

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor 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 on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us


Request for proposal