As part of the union budget, the Indian government has proposed legislative amendments to the income tax laws and has introduced changes through the Finance Bill, 2013, which are discussed below:
Income tax rates
A 10% surcharge has been proposed for individuals whose total income exceeds ₹10 million (US$185,000). A surcharge of 10% on tax payable will be levied on domestic companies which have a total income exceeding ₹100million. The surcharge rate for domestic companies with a total income of less than ₹100 million will remain at 5%. Foreign companies with income in excess of ₹100 million will pay a surcharge of 5% on tax while foreign companies with a total income of less than ₹100 million will continue to pay 2% surcharge on tax.
Securities transaction tax
Securities transaction tax (STT) has been exempted or reduced in the following cases:
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The legislative and regulatory update is compiled by Nishith Desai Associates, a Mumbai-based law firm. The authors can be contacted at nishith@nishithdesai.com. Readers should not act on the basis of this information without seeking professional legal advice.
