There has been tremendous growth in the number of foreign enterprises which work on short-term projects in India. As per the prevailing tax deducted at source (TDS) provisions, their entire income is subject to TDS at the applicable rates which fully covers their Indian tax liability. The question then arises as to whether filing of a tax return is necessary in India. Rakesh Nangia, Managing Partner and Rahul Jain, Partner contributed an article on Tax deducted at source in full? Non-Resident corporates still required to file tax return in India for Financial Express.  

Dear All   The finance ministry has notified some kinds of share transactions as eligible for a lower 10 per cent long-term capital gains tax (LTCG) even if no securities transaction tax (STT) has not been paid on the transactions.   Rakesh Nangia, Managing Partner shares his views on aforementioned story for PTI. (News flashed by PTI has been picked up by 42 other news publications like Economic Times, Times of India, Business today , Business Standard, Telegraph, Bloomberg quint etc.)

Dear All US-based retailer Walmart Inc. has paid ₹ 7,439 crore tax on payments it made to buy out shares of 10 major shareholders of Flipkart but hasn’t yet done so for another 34 who exited the Indian e-commerce company in the $16 billion deal, tax officials have said. As many as 44 shareholders of Flipkart, including significant ones such as SoftBank Group Corp., Naspers Ltd, venture fund Accel Partners LP and eBay Inc., had sold their holdings to Walmart. Of the 44 shareholders in Flipkart who have sold shares, Walmart has deposited taxes for only 10 funds and entities. Rakesh Nangia, Managing Partner shares his views on aforementioned story for PTI. (This news has been picked up by 492 other news publication like Economic Times, Business Standard, Livemint, Hindu Business Line, The HINDU and many more..)