We have consolidated key updates and insights on our resource hub for ease of reference.
Primer on Doing Business in India
India is one of the fastest growing economies in the world, and the business and regulatory environment is rapidly evolving and improving. Various policy changes and initiatives have transformed India from a closed economy to a liberal one. The days of the “licence raj” have given way to a spate of reforms that are encouraging foreign investment in almost every sector. Draconian regulations and restrictions have been replaced with statutes and policies that are far better suited to the global business model. The message is loud and clear – India sees itself as a global player in the race for economic supremacy and is no longer just a bystander.
India – Union Budget 2023-24
India’s Union Budget was announced on February 1, 2023, and the Finance Bill, 2023 was tabled in Parliament. The Finance Bill will be discussed in Parliament before its enactment, and therefore, it is likely that the Finance Bill may be amended because of these discussions. Once enacted, unless specified otherwise, most of the income tax proposals in the Finance Bill will be effective from the financial year commencing on April 1, 2023.
We have summarized below some of the key income tax proposals made in the Budget.
India’s legal market opens up for foreign lawyers
The Bar Council of India (BCI) has, recently, permitted foreign lawyers to practice foreign law in India in non-litigious matters, subject to compliance with BCI’s registration guidelines. However, appearing in Indian courts, as also advising on real estate matters in India, has been specifically excluded.
Reciprocity is a key criteria, i.e., only if an Indian advocate is allowed to practice in the jurisdiction of the foreign lawyer, will the foreign lawyer be allowed to practice foreign law in India.