All GLG News Analyses Filed Under: Tax Issues

Nitish GroverPrincipal, OwnerNitish Grover and Associates

FIN 48 -The Implications for Tax Provisions in Statements of Financial Position

July 17, 2006

Analysis of:FASB Hoist Red Flags Higher For Taxman | www.cfo.com

The  FASB  has  issued  the  expected  FIN  48 - Accounting  for  Uncertainty in  Income   Taxes  - An  Interpretation  of  FASB   Statement No. 109. The  FASB  opines  that  this  interpretation  will  make  for  more  qualitative  financial  reporting  and  is  in  line  with  CON 2 - Qualitative  Aspects  of  Accounting  Information

This  interpretation  while  giving  more  information  to  analysts  and  depressing  company  profits  in  certain  situations  will  also  strengthen  the  hands  of  revenue  officials  while  assessing the  tax  demands  on  Companies.

This  analysis  takes   a   look  at  the  possible  implications  of   the   implementation  of  this  new  interpretation  of   SFAS  109  -  Accounting  for  Income  Taxes  and  its  impact.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

The impact of Transfer Pricing Tax Regulations on India Operations

July 14, 2006

Analysis of:Transfer Pricing Cloud Over Foreign Banks | www.business-standard.com

The  operations  of  transnational  enterprises  operating  in  India  have  to  be  on  the  arms  length  principle  as  regards  to their  associated  enterprises. Recently,  the  tax assessments  of  several  foreign  banks  operating  in India  were  completed  for  the  financial  year  April  2002  to  March  2003  with an  addition  to  income  of  Rs  100 crores (US $ 200  million  approximately)

Nitish GroverPrincipal, OwnerNitish Grover and Associates

Of Taxmen, Shelters and Privacy

June 9, 2006

Analysis of:Disclosing Tax Returns | economictimes.indiatimes.com

Tax  authorities  in  the  US  and  in  India  would  love  it if:
1. Tax  payers  had  less  privacy
2. There  were  no  tax  exemptions
3. Accounting  rules  were  the  same  as  tax  rules

This  analysis  takes  a  look  at  these  aspects

Nitish GroverPrincipal, OwnerNitish Grover and Associates

The importance of Treaty Shopping

June 5, 2006

Analysis of:Tax Avoidance - Holes in the Net | www.economist.com

Treaty  shopping  by  transnational  corporations  is  not  a  new  phenomenon. However, companies  will  have to  be  careful  in  how  they  utilize  these  benefits. The  tax  authorities  in  most  major  nations  are  on  the  lookout  for  misuse  of   treaty  provisions  and  transfer  pricing  arrangements  meant  to  transfer  profits  to  the  lowest  tax  jurisdiction.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

New FASB and IRS requirements will give companies a taxing time

June 2, 2006

Analysis of:Tax Time Will be More Taxing | www.cfo.com

This  analysis  takes  a  look  at how  the  new  expected   interpretation  of  SFAS  109  and  the  requirements  of  Schedule  M-3  of  Form  1120  will  make  life  more  difficult  for  companies  and   easier  for  analysts  and  tax  authorities

Nitish GroverPrincipal, OwnerNitish Grover and Associates

India Government Proposes to Make Investing in India Still More Taxing

June 1, 2006

Analysis of:Govt. is now after the MFs; to impose Service Tax | economictimes.indiatimes.com

The  recent  draft  circular/instruction  of   the  CBDT  had  led  to  a  dramatic   fall  in   the  Indian  stock  markets. The  Government  continues  to  attempt   to  bring  taxes  through  the  executive  route. This  analysis  takes  a  look  at   the  effects  of   this  policy  of   the  Indian  Government  and  its  latest  attempt  to  tax  mutual  funds  which  are  otherwise  exempt  from  tax.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

INDIAN GOVERNMENT PROPOSES TO MAKE INVESTING IN INDIA TAXING

May 18, 2006

Analysis of:GOVT PROPOSES HIGHER TAX FOR FII'S | economictimes.indiatimes.com

The  Government   of  India  has  proposed  a  new  set  of  guidelines  aimed  primarily  at  hiking  the  tax liability  of  Foreign  Institutional  Investors   from  10%  to 40%. This  analysis  takes  a  brief  look  at  these  guidelines.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

Indian Government encourages IT with changes in SEZ rules

May 12, 2006

Analysis of:Area norms for IT SEZ's eased | www.businessstandard.com

The Indian Government has  proposed  to  change  the  rules regarding Special Economic Zones  for  the  IT  sector. These  changes will  have  a  significant  positive  impact  on  the  growth  and  profits  of   all  companies  in  this  sector including  majors  like  TCS, Mphasis, Wipro, Satyam, Infosys  and  also  smaller  companies.  Foreign companies  like  Microsoft, GE, Adobe System, Cognizant Technologies should  also  benefit  from  the  proposal.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

Transfer Pricing Issues - A headache for MNC's in India

May 2, 2006

Analysis of:India gets tough on transfer pricing | www.tax-news.com

Foreign companies  doing  business  in  India  are  subject  to  complex  tax  regulations. The  latest  complication  for  them  to  arise  is  in  the  area  of   transfer  pricing.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

Effect on Foreign Investors of recent changes in Indian taxation

May 2, 2006

Analysis of:Notes from Vada-Pav land | economictimes.indiatimes.com

Recent  amendments  to  Indian  tax  laws  proposed  in  February  have  now  become  effective  from  1st  April 2006. The effect  of  these  will  be  a  increase  in  taxation  on  the  capital  gains  income  of  all  foreign  companies  doing  business  in  India - especially  institutional  investors.

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