India might offer more tax breaks to encourage investment in the housing sector as Prime Minister Narendra Modi looks to revive economic activity in Asia's third-largest economy, two people familiar with the matter said.
Foreign investors are still concerned about the retrospective taxation in India, but the concerns have alleviated a little due to assurances by the government, says John Hobster, global head (transfer pricing), EY.
ClearTax is one of those refreshingly simple start-ups that can be described in less than 140 characters: it files income tax returns in India online. When I mention this to its founder, Archit Gupta, he chuckles and agrees.
Taxation can become a tricky affair if the laws are not clearly spelled in the Income Tax Act. In the absence of clarity, it's always the discretion of an assessing officer to interpret the law and take a decision.
A charitable institution is entitled to set apart 25 per cent of the total income for charitable purposes even if it is not spent in the assessment year. It is an option permitted in the Income Tax Act but the limit should be observed.
I am working for a software company located abroad. It has no establishment in India. I am a contractor for that company, not an employee. For my services, I am paid in US dollars, which gets converted into rupees when the inward remittance is received.