India: Capital gains on transfers of shares of foreign company; due dates for electronic filing extended

The KPMG member firm in India has prepared reports on recent tax developments

The KPMG member firm in India has prepared reports on recent tax developments

The KPMG member firm in India has prepared reports about the following tax developments (read more at the hyperlinks provided below).

  • Proposal concerning indirect transfer-related provisions: Capital gains arising from the transfer or sales of assets located in India realized through the transfer of shares of a foreign company (that is, an indirect transfer of Indian assets) are currently taxable in India if such shares, directly or indirectly, derive value substantially from the assets located in India. Legislation recently introduced in the Lok Sabha proposes to withdraw, retroactively, the statutory amendments relating to such “indirect transfer” taxation. Read an August 2021 report [PDF 310 KB]

  • Due dates for electronic filing of certain income tax forms extended: The government launched a new e-filing portal with an aim to simplify the e-filing process for taxpayers. However, because of certain technical issues with the portal, the Central Board of Direct Taxes announced further extensions of the due dates for electronically filing certain forms. Read an August 2021 report [PDF 214 KB]

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