Is “De novo” or   “fresh” investigation is a remedy for defective investigation?

K. MAHESWARI, The Honourable Andhra Pradesh high court has recently while disposing a writ petition filed by way of public interest litigation has spotted the investigating and prosecuting agencies with regard to their failure of discharging duties. The Lordships in the said writ petition i.e., in Prof Rama shankarnarayan Vs. State of AP (Ayesha meera… Read more » The post Is “De novo” or   “fresh” investigation is a remedy for defective investigation? appeared first on Legal News / Law News & Articles – Free Legal Helpline – Legal Tips : Legal India.…
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Italian Investment into India

In the 2015 financial year, Italian companies invested US$334.7 million into India. In this article, we explain how India’s tier II cities are attracting Italian manufacturers, and highlight the active role Italy can play in India’s “Smart Cities” initiative. The post Italian Investment into India appeared first on India Briefing News.…
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Make in India: Still Falling Short after Three Years

Make in India was launched in 2014 by Prime Minister Modi to transform India into a manufacturing powerhouse, and boost investor interest. Here we assess what has been Make in India’s real impact on the ground – what has worked for the program and what needs to get done. The post Make in India: Still Falling Short after Three Years appeared first on India Briefing News.…
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The IT Sector: Time to Invest in India

In this edition of India Briefing Magazine, we make the case for why now is the right time for foreign firms to invest in India’s IT sector. India is the world’s leading outsourcing destination, and its IT sector is updating its SMAC capabilities, and up-skilling the existing labor pool. The post The IT Sector: Time to Invest in India appeared first on India Briefing News.…
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India-Myanmar Relations: Growing Multifaceted Bilateral Ties

Prime Minister Modi held his first bilateral talks with Myanmar between September 5 and 6. Relations between the two countries are multifaceted, with both sides sharing key concerns over maritime security and economic development. The post India-Myanmar Relations: Growing Multifaceted Bilateral Ties appeared first on India Briefing News.…
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MAT Audit in India: Tax Department Notifies Revised Reporting Form 29B

By Dezan Shira & Associates India’s federal tax agency, the Central Board of Taxes (CBDT), recently notified new revisions for Minimum Alternate Tax (MAT) audit reporting under the Income Tax (22nd Amendment) Rules 2017. The MAT is a local tax that India has levied on companies since 1987, and ensures that companies who are able to reduce their tax liability (up to zero percent) despite earning substantial book profits – due to various provisions under India’s Income-tax Act (IT), 1961 – are brought under the tax net. RELATED: Tax Compliance Advisory CBDT introduces revised Form 29B, mandates e-filing The updated Form 29B for MAT Audit reporting was notified, with immediate effect, under Section 115JB on ‘Computation of Book Profits of a Company’ of the Income-tax Act. The amendment also mandates online filing of the MAT audit report under Section 115JC of the Act, but this mechanism has yet to be launched by the CBDT. RELATED: Capital Gains Tax in India: An Explainer Application of MAT in India MAT is applicable to all companies – except those engaged in infrastructure and power sectors. Income arising from free trade zones (FTZs), charitable activities, and investments by venture capital companies are excluded from the purview of MAT.…
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India Implements WTO’s TFA – Boost to Trade Linkages, Ease of Doing Business

By Dezan Shira & Associates India is one of 112 countries to have ratified the World Trade Organization’s (WTO) Trade Facilitation Agreement (TFA), which took force on February 22 this year. Intended to overcome the global slowdown in trade, the TFA introduces new best practices for member-states to ensure the easier movement of goods across international borders. Nations who have ratified the agreement will be expected to implement changes to their customs infrastructure within two to three years. However, the basic set of provisions have to be implemented by the least-developed countries (LDC) within one year. In recent times, growing protectionism and doubts over the effectiveness of trade liberalization have put a damper on long-standing trade relationships across the world, including among western countries. The TFA is, therefore, an important international institutional mechanism; if successful – it will allow states to consolidate their trade linkages, and better engage with the global trading network. Below, we ask key questions on how will the TFA boost business in India, reduce costs, and improve the overall quantum of international trade. RELATED: Pre-Investment, Market Entry Strategy Advisory What is the TFA? The TFA stands for a series of reforms that will improve transparency, mobility, and predictability in the conduct of trade across borders.…
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Australian Investment into India: Skill India, Clean Energy Market

By Bradley Dunseith Australia’s growth prospects in India are expanding. Among key opportunities identified by the country’s entrepreneurs are: investing in India’s higher education and vocational sectors and India’s growing renewables market. India’s rapid growth has resulted in the need for complex, skill-oriented jobs on one hand, and accelerated its energy consumption and requirements, on the other. When looking at the Indian education and training sector, Australian investors observe that India’s large labor supply does not automatically serve the country’s high employment targets. Rather, the availability of labor is now becoming a challenge for the government as industrial innovation and automation necessitates up-skilling and technical training. Accordingly, this sector has captured the imagination of startups and foreign investors – incentivized by the Modi government’s support for private sector participation. In the case of India’s energy markets, Australia’s trade and business relationship with India previously centered on the former being a major supplier of coal to India. Today, as India is focused on developing its clean and renewable energies industry, Australian companies are embracing new opportunities in the fast-growing market.  In this article, we focus on how Australian businesses are investing in the above industries – education and clean energy. Lastly, we discuss how Australian investors can improve their experience in India by approaching the country’s markets on a state-by-state basis.…
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Remitting Money from India – Choosing the Right Repatriation Strategy

By Dezan Shira & Associates Funds can be repatriated from one country to another in various ways. The obvious implications are that such transactions entail foreign exchange risks, and companies also need to account for regulatory and tax risks. Investors and companies should, therefore, note that choosing the right strategy to repatriate funds can reduce their tax burden and increase revenue. In turn, such cost savings make it possible for reinvesting in innovation and improving the productivity of the business. This risk-reward calculus becomes more complex in India, which has a unique business environment. To aid their assessment, the following sections will critically evaluate the repatriation strategies highlighted in the below graph. Dividends A foreign company that makes an equity contribution to its Indian subsidiary often demands dividend payouts. The payout may be annual or at a predetermined time interval and is usually a share of the profits that the Indian subsidiary has earned. The Indian entity that is distributing profits through dividends is liable to pay tax. The tax, namely the Dividend Distribution Tax (DDT), is currently charged at 15 percent plus applicable surcharges and education cess. In terms of tax deductibility, dividends and DDT are not deductible expenses, as prescribed by Section 115-O(5) of the IT Act.…
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