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The Finance Minister, in Union Budget 2020, had proposed introduction of a new direct tax amnesty scheme (Scheme). Consequently, The Direct Tax Vivad se Vishwas Bill, 2020 has now been tabled in the Parliament.

This edition covers updates for the months of November 2019 (Volume 1) and December 2019 (Volume 2). We hope you find these bulletin informative and useful.

Grant Thornton in India and Artery India invite you for a private walk at the India Art Fair 2020, which takes you through the highlights of the event, focusing on some key works and artists on display, while touching upon the industry and nuances of collecting.

Grant Thornton in India presents you a comprehensive analysis of the Budget announcements. We hope you find it informative and useful.

Tax Conundrum of Excess Consideration Received by Retiring Partner

As a country with the 7th largest economy globally and demonstrating consistent high economic growth, rural India has had a crucial role to play. Two-third of the population resides in villages and small towns in the country. And, to bridge the social divide and achieve a well-distributed, robust and sustainable economic growth, financial inclusion is key.

The taxpayer community and the public at large hope that the govt would announce some bold policy initiatives to further rationalise the direct tax regime in the upcoming Budget and take initiatives to leave more money in the hands of the common taxpayer

The Indian tax and regulatory space is changing at an unprecedented rate. We are witnessing policy announcements, legislative changes, judicial precedents and clarifications almost daily. This has made it challenging for corporate professionals to stay abreast of relevant developments. The aim of the TaxPod series is to keep you updated with key tax and regulatory developments of the past month, in under 5 minutes.

Finding best company for Union budget 2021-2022 analysis report? You just need to join us, as our panel of experts decode Budget 2021-22 and help you understand its impact.

Get detailed analysis of Budget 2022 here

Cyber risk has become a core concern for businesses across the world today, considering the destructive nature of cyber-attacks, data breaches and IT outages witnessed in 2019. With threat actors increasingly implementing advanced cyber-attack techniques, it has become essential to adopt a robust framework with solid cybersecurity controls. Businesses also need to follow a risk-based approach with continuous monitoring to mature their cybersecurity posture and address incidents proactively.

The quality and effectiveness of audit has become an extremely contested issue in recent times. A review around audit quality, the third of such reviews commissioned by the UK Government, was recently completed by Sir Donald Brydon.

India has the potential to be one of the pharma superpowers of the future. The industry has evolved over the years from selling generic drugs in India, investing in research and development of niche drugs and selling in highly regulated international markets. Despite a challenging environment amidst talks of slowdown, pricing pressure and regulatory actions, the industry maintained a reasonable growth.

This article discusses the key highlights of the India Data Protection Bill 2019 and how a well-defined structure and framework to position compliances in line with the Bill is the way forward for organisations.