India: Indirect transfer-related provisions; due dates of electronic filing of forms extended

KPMG reports about recent tax developments in India

KPMG reports about recent tax developments in India

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

  • Draft rules for implementing the withdrawal of retrospective application of "indirect transfer" related provisions: The Central Board of Direct Taxes (CBDT) has issued a press release and a draft notification concerning draft rules that have been proposed to implement an amendment made by the Taxation Laws (Amendment) Act, 2021. The aim of the amendment is to bring tax certainty and provide that once specified conditions are fulfilled, the pending income-tax proceedings would be withdrawn; the demand, if any, raised would be nullified; and the amount, if any, collected would be refunded to the taxpayer without any interest. Read an August 2021 report [PDF 355 KB]

  • Extended due dates for electronic filing of various forms: Taxpayers have been facing difficulties in electronic filing of various forms due to technical issues. The CBDT has decided to further extend the due dates for electronic filing of forms to provide relief to taxpayers. Read an August 2021 report [PDF 242 KB]

  • Draft rules and regulations for rationalisation of overseas investment regulations: The Reserve Bank of India has placed on its website two documents for public comments concerning draft rules and regulations for rationalisation of overseas investment regulations. The Reserve Bank of India has invited comments/feedback from all stakeholders on the draft documents on or before 23 August 2021. Read an August 2021 report [PDF 353 KB]

 

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