India Budget 2023 UpdatesJuly 2023
The standard deduction of Rs 50,000 has been introduced under the new tax regime for salaried taxpayers.
India Corporate Tax CutSeptember 2019
The Indian finance minister announced on September 20, 2019 new corporate rate cuts. Domestic Indian companies will pay 22% tax instead of 30% subject to certain terms.
New industrial companies incorporated after October 2019 will pay 15% tax instead of 25% when starting operation before March 2023.
The new cuts are expected to result in about & 20.4 billion decline in the government annual income.
India Corporate Tax CutApril 2018
Starting April 1, 2018 the corporate income tax rate for domestic companies was cut from previous 30% rate to 25%, before surcharge and cess.
The reduction relates to companies with a turnover of less than INR 2.5 billion in FY 2016-2017.
India Mauritius Tax TreatyJuly 2017
The 2016 double tax treaty, DTA, between the two countries applies in Mauritius from July 1, 2017.
According to the DTA the tax withholding rates for payment of dividends are 5%/15%.
The withholding rates for interest are 0%/7.5%, for royalties 15% and 10% for technical fees.
India Service TaxNovember 2015
Starting November +15, 2015 the new service tax rate in India is 14.5% compared to the previous 14% rate.
The rise in the service tax is due to a new 0.5% cess,Swachh Bharat which was imposed to finance a project of cleaning the infrastructure in India.
India Croatia Tax TreatyMarch 2015
The 2014 double tax treaty, DTA, between the two countries entered into force on February 11, 2015 applying in Croatia from January 1, 2016 and in India from April 1, 2016.
The tax withholding rates according to the DTA are 5%/15% for dividends, 5% for recipients holding at least 10% of the paying company capital. The withholding rate for interest and royalties is 10%.
India Algeria Tax TreatyFebruary 2014
The double tax treaty, DTA, which was signed by the two countries in 2013 entered into force on December 4, 2013.
The tax treaty applies in Algeria starting January 1, 2014 and in India starting April 1, 2014.
India Tax Rates 2011-2012February 2012
The personal income tax rates for 2011-2012 vary from 10% to 30% before CESS.
The Indian corporate income tax rate before surcharge and CESS is 30% for local companies and 40% for foreign companies.
The standard V.A.T. rate in India is 12.5%. There are also reduced rates of 4% and 1%.
India Estonia Double Tax TreatySeptember 2011
India and Estonia signed on September 19 a new double tax treaty, DTA, to boost the bilateral economic ties between the countries.
The two countries also signed an agreement for cooperation in the fields of information, communication and technology, education and e-governance.
India 2010 Tax UpdateJune 2010
There are some significant changes compared to 2009.
The previous 10% surcharge was abolished for individuals and reduced for domestic companies from the previous 10% to 7.5%.
Personal income tax rates of 10%-30% remain unchanged while the exempt income band increased from INR 150,000 to INR 160,000.The threshold for wealth tax imposed on individuals increased from INR 1.5 million to INR 3 million.
India Albania Double Taxation TreatyJanuary 2009
The Indian government approved on January 29, 2009 an agreement for double taxation treaty between India and Albania.
The agreement will be signed in due course and enter in force after completion of the procedures required by both countries.
The agreement aims to stimulate the flow of capital and technology between the two countries and contribute to the tax stability and mutual cooperatin.
Source :India Press Information Bureau pib.nic.in.
India Tax Rates 2008February 2008
There are no significant changes in the Indian tax rates in 2008.
Personal income tax rates are 10%-30% , before a 10% surcharge and a 3% education tax, CESS.
India's corporate tax rate in 2008 is 30% for local companies and 40% for
foreign companies, before a 10% surcharge, depending on the income sum and a 3% CESS.
The standard VAT rate in 2008 is 12.5%.There are also reduced rates of 4% and 1% .
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