Entries by Staff

Budget 2023 and Gift IFSC: Making Things Happen

February 1, 2023 /0 Comments/in , , /by

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 

February 1, 2023 /0 Comments/in , /by

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 […]

Finance Bill 2023 amends section 56(2)(viib): How will it impact the startups?

February 1, 2023 /0 Comments/in , /by

– Abhirup Ghosh, Partner | finserv@vinodkothari.com Background The Finance Bill 2023 has proposed amendments to section 56(2)(viib) of the Income Tax Act, which deals with tax on closely held companies for issuance of shares to residents at a premium where the shares are issued at a value higher than the fair market value. The objective […]

India’s “green growth”: is the green skin-deep?

February 1, 2023 /0 Comments/in , , , /by

– Payal Agarwal, Deputy Manager | corplaw@vinodkothari.com Talking about green growth may seem like rhetoric. From policy-makers to economists, from corporate governance experts to environmentalists, everyone seems to be having “green growth” on the top of the agenda. The Economic Survey dedicated a full chapter to climate change and related issues. The Budget also has […]