India: Protocol to tax treaty with Singapore; indirect transfer FAQs

India: Protocol to tax treaty with Singapore

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

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  • Protocol signed with Singapore, amending income tax treaty: A Protocol has been signed by India and Singapore to amend the India-Singapore income tax treaty. Read a December 2016 report [PDF 354 KB] and a January 2017 report [PDF 282 KB]
  • FAQs on indirect transfers: The Central Board of Direct Taxes (CBDT) issued a list of “frequently asked questions” (FAQs) clarifying provisions of indirect transfer under the Income-tax Act, 1961. Read a December 2016 report [PDF 332 KB]
  • Relief proposals for provident funds: Proposals have been presented to the government concerning: (1) the provident fund interest rate; (2) relief for past defaults; (3) guidelines for streamlining surrender of exemption; and (4) reduction of administrative charges. Read a December 2016 report [PDF 352]
  • Employee liability to pay interest: The Supreme Court of India held that an employee is not liable for underpayment interest in relation to any income taxable as the employee’s salary, since tax on such income would be the responsibility of the employer. The case is: Ian Peters Morris. Read a December 2016 report [PDF 370 KB]
  • Deemed profit rate reduced for taxpayers accepting digital payments: The CBDT, in an effort to move away from a cash-based economy and to encourage small traders/businesses to accept payments by digital means, announced that the deemed profit rate of 8% is reduced to 6% for amounts of total turnover or gross receipts received through banking channels (digital means) for the financial year 2016-17 and provided more guidance of the tax benefits made available. Read a December 2016 report [PDF 298 KB] 
  • Provident funds campaign: An enrolment campaign for 2017 began 1 January 2017 and runs through 31 March 2017. Read a January 2017 report [PDF 332 KB] 

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