Entries by Staff

Budget 2023 and Gift IFSC: Making Things Happen

Anirudh Grover, Executive | finserv@vinodkothari.com Background and Existing Framework The International Financial Services Centre (“IFSC”) situated in the GIFT city is deemed to be a quasi-foreign territory from the lens of Foreign Exchange Management Act, 1999 however a domestic area under the tax regime. The objective of setting up specified territory lies in the benefits […]

A shocker for the bond markets: Withholding tax to apply on listed bonds, without grandfathering 

Team Financial Services | finserv@vinodkothari.com Section 193 of the Income Tax Act[1] provides for TDS payment in case of interest on securities. Currently listed debentures are exempt from TDS without any limit. The exemption comes way of clause (ix) of the proviso to sec. 193. The said clause is now sought to be deleted. The […]