ASSOCHAM suggests changes to CBDT in FTC rules
The Dollar Business Bureau As the government is in the process of fine-tuning the tax regime with the nations which already have double taxation avoidance agreement (DTAA) with India, the industry body ASSOCHAM has suggested Central Board of Direct Taxes (CBDT) to make some changes in the planned Foreign Tax Credit rules to ascertain the Indian tax payers are subjected to double taxation incidence on income. ASSOCHAM said in a statement “Difference in accounting practices followed by different countries would lead to a double taxation on the income of an Indian taxpayer.” Recently, ASSOCHAM had invited Rani Singh Nair, a member of the CBDT, and held a detailed discussion on the matter. CBDT has formed a committee to suggest the procedure for grant of Foreign ...
Indian firms ride high on trade in foreign tech collaboration
Sai Nikesh | The Dollar Business The manufacturing sector holds a dominant share of exports and imports by the Indian companies reporting Foreign Technical Collaboration (FTC) agreements, during 2012-14 period. This was the outcome of the Reserve Bank of India’s survey report on ‘Foreign Collaboration in Indian Industry: 2012–2014,’ released on Tuesday, in which 303 Indian companies reported 528 FTC agreements of the total 826 companies that responded. In its tenth round of survey covering the years 2012-13 and 2013-14, the RBI further said, “Under industry-wise distribution of FTC agreements, the share of manufacturing sector increased substantially during 2012-14, while the services decreased.” The construction sector and agriculture-related activities witnessed a rise in their share in FTC agreements in 2012-14, compared ...
