Doing Business in India
The Indian Government’s ‘Make in India’ campaign has received significant attention from countries across the globe. With the core objective of making India a global manufacturing hub by building the country’s capabilities and incentivising foreign companies to set up their facilities in India, the initiative has led to some important policy reforms and process improvements.
In our April issue of Connect the GAAP, we discuss the amendments to Schedule III - Format for Ind AS Financial Statements. With Ind AS pushing the preparation of financial statements of larger companies to a much-needed internationally accepted standard, the changes to Schedule III compliments the quality in preparation of financial statements with quality in its presentation and interpretation.
Foreign Tax Credit (FTC) assumes significance when a person earns income from more than one jurisdiction. A resident is generally taxed on his worldwide income and hence, it is the country of residence that typically provides relief from double taxation (i.e. taxed once in the country of source of income and again in the country of residence). Practically, while claiming FTC...