12th March 2018
DVS Advisors, Chennai (India)
MSI's Chennai based accounting member DVS Advisors LLP provides an overview of important amendments in the Union Budget 2018 impacting foreign companies and non-residents in India.
The Union Budget 2018 in India was introduced on 1st February, 2018 and was one of the shortest budgets in the last 10 years considering the direct tax amendments. It wouldn’t be critical to say that it was a “financially prudent yet a popularly marketable” budget this year. The Budget focused on many important amendments such as a reduction in the corporate tax rate, increase in interest deductions for senior citizens, re-introduction of long term capital gains tax, redefining the concept of “business connection”, faceless amendments, rationalising the summary assessments, etc. In this article, we have highlighted crucial amendments which would impact non-residents and foreign companies doing business in India.
LTCG on Sale of Equity Shares, Equity Units and Units of Business Trusts
Long term capital asset being an equity share in a company or a unit of an equity oriented fund or a unit of a business trust shall be taxed at 10% of such capital gains exceeding one lakh rupees.
Conditions: This concessional rate of 10% will be applicable to such long term capital gains, if:
Powers of Central Government:
– full value of consideration received or accruing as a result of the transfer of the capital asset.
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DVS Advisors LLP is a contemporary tax, legal and financial solutions provider with a specific focus on Direct, International and Indirect Taxation.
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