A little more than six months ago, Indian officials asked taxpayers to comment on a new 256-page document that ripped up the country's 49-year-old income tax law. This was the first time that a tax law had been passed to taxpayers for consultation of any sort. The document, known as the Direct Tax Code (DTC), introduced widespread changes to the tax system all in the name of simplification and ease of use. But now, Jack Grocott discovers taxpayers and tax professionals are concerned that the code needs a drastic overhaul if India is to operate with an internationally-respected tax system that attracts foreign investment.
Unlock this content.
The content you are trying to view is exclusive to our subscribers.
Authors from Khaitan & Co dissect a ‘welcome’ ruling, which found that the mere existence of a tax benefit would not, by itself, warrant a principal purpose test
Over two-thirds of survey respondents back the continuation of the UK’s digital services tax, research commissioned by the Fair Tax Foundation also found
Cinven’s latest investment follows its acquisition of a stake in Grant Thornton UK in December; in other news, a barrister listed by HMRC as a tax avoidance promoter has alleged harassment
ITR's parent company, LBG, will acquire The Lawyer, a leading news, intelligence and data-driven insight provider for the legal industry, from Centaur Media
KPMG UK’s Graeme Webster and KPMG Meijburg & Co’s Eduard Sporken outline the 20-year evolution of MAPAs, with DEMPE analyses becoming more prevalent and MAPA requirements growing stricter
Rishi Joshi, of the Institute of Chartered Accountants of India, warns of potential judicial overreach as assets are recharacterised to bypass a legislative exclusion