Our collection of resources based on what we have learned on the ground
Resources
Q&A
What is custom duty under Indian law?
- January 2013
- Free Access
Custom duty is applicable to goods imported into or exported from India. The normal rate is ten percent of the transaction value of the im-/exported goods. Also, an extra two percent of education charge is normally levied on the transaction amount of...
Q&A
What is central value-added tax under Indian law?
- January 2013
- Free Access
Central value-added tax is levied on production or manufacturing of moveable goods. It comes at a rate of ten percent, with a maximum of 12 percent. The classification of which rate is applicable is to be found in Central Excise Tariff Act.
Q&A
What is wealth tax in Indian tax system?
- January 2013
- Free Access
Wealth tax is charged annually at a rate of one percent on individuals and companies with over INR 3 million in non-productive assets.
Q&A
What is withholding tax in India?
- January 2013
- Free Access
Withholding tax is one that is applied when the income is paid to outside India, which is also applicable if the payment is made to non-residents. When an income is paid out of India, the person responsible for payments to non-resident should deduct ...
Q&A
What is the relationship between Indian personal income taxation and residential...
- January 2013
- Members Access
Indian personal taxation functions on two premises: income source and residential status. Residential statuses include: resident and ordinarily resident, resident but not ordinary resident or non-resident. An individual is said to be resident in Ind...
Q&A
How does personal income tax operate in India?
- January 2013
- Free Access
In India, employers are obliged to withhold personal income taxes from the salary income payable to employees and deposit these funds with the Indian revenue authorities as taxes, given that the services are rendered in India, irrespective of the loc...
Q&A
What is a Permanent Account Number in India?
- January 2013
- Free Access
Permanent Account Number (PAN) is a 10-digit alphanumeric code, printed on an identification card, for the Income Tax Department. Companies in India are required to obtain a PAN during the establishment process in order to file an income tax return, ...
Q&A
How is salary defined in Indian tax law?
- January 2013
- Free Access
Salary is defined by Income Tax Act to include: Wages Pensions and annuities Gratuities Advance of salary Any fee, commission, perquisites, or profits in lieu of or in addition to salary or wages Any encashment of leave salary Any amount of ...
Q&A
How will an income qualify as salary in India?
- January 2013
- Free Access
The following conditions must be met for an income to be qualified as salary in India: There must be an employer-employee relationship between the payer and receiver of income; Salary income must be real and there must be an intention to pay and ...
Q&A
How will tax deductions affect enterprises in India?
- January 2013
- Free Access
All entities in India – including foreign representative offices and Indian setups, such as wholly-owned subsidiaries – are required to make tax deductions at source on employees’ salaries on behalf of the Income Tax Department. &n...
Q&A
Is there tax deduction when payments of withholding tax are paid to non-resident...
- January 2013
- Free Access
The Income Tax Act in India provides for deduction of tax at source on payment for withholding tax. These provisions are also applicable in case of payment made to non-residents. The person responsible for payments to non-resident should deduct tax a...
Q&A
How does tax deduction operate in India?
- January 2013
- Free Access
A tax deduction is a changeable amount that can be subtracted, or deducted, from an assessee’s gross income, lowering the amount of tax paid. All entities in India (including foreign representative offices and Indian setups like wholly owned su...
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