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Understanding the intricacies of the Indian tax system is essential for businesses and foreign investors looking to capitalize on the immense growth potential and abundant opportunities offered by India’s thriving economy and dynamic business environment. With its vast market, diverse consumer base, and entrepreneurial spirit, India has become an appealing investment destination for international investors. However, successfully navigating the complexities of the Indian business landscape requires a comprehensive understanding of its tax framework.

“Tax, Accounting, and Audit in India 2023-24” serves as a comprehensive guide and will equip businesses and foreign investors with the necessary knowledge and insights to effectively navigate India’s tax landscape. The guide covers a wide range of topics, including the rules triggering an entity’s tax liability in India, reporting obligations and their timeframe, and the scope of tax regulations. By leveraging the information provided in this guide, readers can optimize their tax efficiency while ensuring compliance with India’s diverse tax laws. Moreover, this guide acknowledges the wider economic and regulatory environment in India. It encompasses significant developments like the Union Budget 2023-24 and the New Foreign Trade Policy 2023, offering insights into the latest provisions, incentives, and regulatory frameworks that will impact businesses.

Created in June 2023, this guide incorporates the most up-to-date information available at the time. It was developed in consultation with Dezan Shira & Associates, a specialist foreign direct investment practice providing corporate establishment, business advisory, tax advisory and compliance, accounting, payroll, due diligence, and financial review services to multinationals investing in emerging Asia.

It is important to note that the Indian tax landscape is subject to frequent changes and updates. While every effort has been made to ensure the accuracy and timeliness of the information presented in this guide, readers are advised to consult professional tax advisors or refer to the relevant authorities for the latest updates or specific guidance related to their unique circumstances.

Tax, Accounting, and Audit in India 2023-24 covers the following topics:

• Overview of India’s Taxation System
• Macroeconomic Updates
• Key Tax Rules and Compliance Calendar
• Direct Taxation
• Goods and Services Tax
• Cross-Border Taxation
• Audit and Financial Reporting
• Foreign Trade Policy 2023