India Budget 2015

On Feb 28, 2015, India released the Finance Bill, 2015 (FB 2015) for financial year Apr 1, 2015-Mar 31, 2016. The FB 2015 proposes to amend the Indian tax law (ITL) to clarify the taxation of indirect transfers of Indian assets and defer implementation of the general anti-avoidance rules by two year...

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Bibliographic Details
Published inJournal of International Taxation Vol. 26; no. 6; p. 10
Main Authors Joseph, Riad, Gouri, Amit, Finnerty, Chris, Hongo, Jeff, Parsch, Kazuyo, Scott, Trang, Kapadia, Sudhir
Format Trade Publication Article
LanguageEnglish
Published Boston Thomson Reuters (Tax & Accounting) Inc 01.06.2015
Subjects
Capital gains
Corporate income tax
General anti-avoidance rule-GAAR
Institutional investments
International taxation
Investment advisors
Nonresidents
Proposals
REITs
Reporting requirements
Royalties
Tax legislation
Tax rates
Taxation
Withholding taxes
India
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Summary:On Feb 28, 2015, India released the Finance Bill, 2015 (FB 2015) for financial year Apr 1, 2015-Mar 31, 2016. The FB 2015 proposes to amend the Indian tax law (ITL) to clarify the taxation of indirect transfers of Indian assets and defer implementation of the general anti-avoidance rules by two years. Other significant proposals include a reduction of the corporate income tax rate to 25% over four years; introduction of a place of effective management concept as a test for determining corporate residency; taxation of interest that a branch of a foreign bank in India pays to its head office; taxation of offshore funds that have fund managers based in India; and treatment of a business trust. The FB 2015 contains many favorable provisions -- a corporate income tax rate reduction, deferral of GAAR, applicability and exemption of indirect transfer taxation, and a reduction in withholding tax on royalties and technical service fees.
ISSN:1049-6378