Probable Amendments contemplated in Indian tax Law
A tax aficionado sent us this -
+ Any transaction in West Indies is now taxable in India since the word ‘Indies' substantially involves an Indian nexus. Similarly, if any Indian (Red Indians too) renders any service anywhere in the world, he should pay Service Tax to the Indian Government.
+ A retrospective amendment is also proposed to tax the income earned by ‘Indiana Jones' movies. So also, any movie shot in India, partly or wholly, by any foreign producer and released worldwide would also be subject to Indian Tax, either under Service Tax or Income Tax, to the extent of its revenues earned, except that earned in India, which is anyway taxable at the hands of the Indian distributor.
+ Use of number ‘0' anywhere in the world is subject to royalty taxation as it has been invented by the Indian mathematician and astronomer Aryabhata.
+ Fundamental basis for any decision issued by the Supreme Court in favour of a taxpayer would be deemed to be retrospectively amended without any requirement for a specific law to be passed in this regard.
+ Any income earned globally from the practice, training or any other manner whatsoever pertaining to yoga will be taxable in India including tantric sex.