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    SBS WIKI E Journal FEB 2018

    Key Topics Covered:

    • INCOME TAX
    • COMPANIES ACT, 2013
    • GST
    • AUDIT

    This article is contributed by Partners of SBS and Company LLP - Chartered Accountant Company. You can be reached at This email address is being protected from spambots. You need JavaScript enabled to view it.

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    HIGHLIGHT’S OF DIRECT TAX PROPOSALS IN UNION BUDGET 2018-19

    RATES OF INCOME TAX
    Tax Rates
    Additional benefit -Salaried employees
    Profits and gains of Business or Profession
    Capital Gains, etc

    This article is contributed by Partners of SBS and Company LLP – Chartered Accountant Company You can be reached at This email address is being protected from spambots. You need JavaScript enabled to view it.

    Tags:
    HIGHLIGHT’S OF DIRECT TAX PROPOSALS UNION BUDGET 2018-19

    RATES OF INCOME TAX
    Tax Rates
    Additional benefit -Salaried employees
    Profits and gains of Business or Profession
    Capital Gains, etc

    This article is contributed by Partners of SBS and Company LLP – Chartered Accountant Company You can be reached at This email address is being protected from spambots. You need JavaScript enabled to view it.

    Tags:

    Business Responsibility Report 

    ?NationalVoluntary Guidelines on Social, Environmental and Economic Responsibilities of Business – by MCA in July 2011 

    ?SEBICircular No. CIR/CFD/DIL/8/2012, dated 13/08/2012 

    ?Regulation 34 (2) (f) of SEBI (LODR) Regulations, 2015, dated 

    ?SEBICircular No. CIR/CFD/CMD/10/2015, dated 04/11/2015 

    ?SEBI(LODR) (Amendment) Regulations, 2015, dated 22/12/2015 

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    Over past few decades India has witnessed rapid growth in international business transactions and thanks to Modi Government as the international trade flow has increased dramatically post 2014. Even in the recent DAVOS conference, many CEO’s of international MNC’s have promised to do business in India. Accordingly, the stupendous growth in international business has steered to increase in tax issues as well. Therefore, the topic of Permanent Establishment (‘PE’) has become even more important as many MNC’s establish their subsidiaries, offices, distribution networks, etc in jurisdictions such as BRIC nations. 

    International tax rules have used physical presence to allocate taxing rights. However, by virtue of digital technologies, businesses are able to have a significant economic presence without necessarily having a substantial physical presence. Accordingly, to bring such transactions into Tax bracket, Budget 2018 proposes to expand the scope of the ‘business connection’ test (the equivalent of permanent establishment) by including a ‘significant economic presence test’ (“SEP Test”). Under the SEP Test, download of data or software, or solicitation of business activities through digital means in India could lead to non-residents coming within the tax net. The basic intent behind this SEP test is to expand the Tax bracket without having a fixed place of business or a dependent agent thereto. Hence, the question of existing definition of PE being inconsistent with the underlying tax principles is avoided. Interestingly enough, OECD in the BEPS Action Plan is still evaluating various options to tax the digital economy transactions. 

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