March 1 - The Economic Times (India) - On the face of it, nothing seems to have changed for India Inc. Buoyant tax revenues and better compliance haven’t influenced the finance minister enough to prune the corporate tax rate, or even the surcharge. But, for overseas firms, acquiring companies in India just got costlier.
The FM may not have spelled it out in his speech, but the Budget fine-print reveals that the government has opened the doors for taxing cross-border deals. And that too with retrospective effect from June 2002.
The onus of paying capital gains tax on an acquisition in India will now rest with the buyer. The buyer is expected to deduct tax at source and failure to do so would leave him liable to pay the tax. Read More.
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