India Tax Updates

The Indian government has introduced new tax rules and amendments to the existing Income Tax Act, affecting non-resident Indians, foreign investors, and taxpayers in general. The new rules include changes to tax filing, passport fees, credit card rewards, and Aadhaar updates. Foreign investors are receiving unexpected tax notices, even for transactions where no profit or dividend was earned. The tax department is also slapping notices on foreign investors with no earnings, and there are new rules for valuers and empanelment with the State Bank of India.