Quick Summary. Situated in South East Asia, India is the second most populous country in the world. India is comprised of 28 states and eight union territories. A democratic republic founded by the constitution of India, its seat of government is located in New Delhi.
India taxes resident companies on worldwide income; non-resident companies are tax on Indian-sourced income. The Taxation Laws (Amendment) Act 2019 provide for beneficial, lowered rates with respect to certain newly established domestic manufacturing companies. In addition, India imposes a Minimum Alternative Tax (MAT).
Recent tax reforms include The Finance Act of 2020, which abolished the levy of the dividend distribution tax (DDT) effective April 1, 2020. The recently-enacted Direct Tax Vivad se Vishwas Act, 2020 (Scheme) provides a program for settling direct tax litigation. Moreover, the scope of the equalization levy was extended by the Finance Act, 2020 to e-commerce related providers.
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