5

Tax environment and related issues

Abstract:

Taxation of income in India is governed by the provisions of the Income Tax Act, 1961, as amended annually by the Finance Acts. Recently, the tax authorities have adopted an aggressive approach to transactions where any form of exemption from taxation is sought. Their approach is even more hostile when the transaction has an offshore element. Offshore transactions should be structured in such a manner that legitimate tax exemptions are not challenged. The government has taken various policy initiatives in order to strengthen scientific research and development in various sectors, including the awarding of fiscal incentives in the pharmaceutical sector. Outsourcing arrangements must be carefully ...

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