India Tax Survey 印度税收

,1',$7$;6859(<
5IF$IBOHJOH8PSMEPG5BY
5BY3JTL.BOBHFNFOUJT(BJOJOH'PDVT
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
)LJXUH6XUYH\UHVSRQGHQWV


&)2V )LQDQFH'LUHFWRUV
7D[0DQDJHUV
2WKHUV
7KHUHVSRQGHQWVUHSUHVHQWVRPHRIWKHPRVWSURPLQHQW ,QGLDQDQGPXOWLQDWLRQDOFRPSDQLHVLQWKHFRXQWU\DQG EHORQJWRDGLYHUVHUDQJHRILQGXVWULHVQDPHO\$XWRPRWLYH )0&*)LQDQFLDOVHUYLFHV,QIRUPDWLRQ7HFKQRORJ\ 3KDUPDFHXWLFDOV6HUYLFHV7HOHFRPDPRQJVWRWKHUV
#BDLHSPVOE
7KHVXUYH\ZDVFDUULHGRXWGXULQJWKHSHULRG6HSWHPEHUWR 1RYHPEHUE\PHDQVRIDTXHVWLRQQDLUHZKLFKZDVVHQW WRDQLGHQWLILHGSURILOHRILQGLYLGXDOVPDLQO\FRQVWLWXWLQJ &)2V )LQDQFH'LUHFWRUV7D[0DQDJHUVDQG2WKHUV UHVSRQVLEOHIRUNH\GHFLVLRQPDNLQJLQWKHILHOGRIWD[DQG DOOLHGDFWLYLWLHVLQWKHLURUJDQLVDWLRQ ILJXUH 7KHVXUYH\ ILQGLQJVDUHEDVHGRQWKHFROODWHGDQVZHUVRIUHVSRQGHQWV ZKRFRPSOHWHGWKHTXHVWLRQQDLUH

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
*/2%$/7$; $'9,625<6(59,&(6
*OEJB5BY4VSWFZ
,1',$7$;6859(<
0WFHale Waihona Puke BaiduWJFX
*OUSPEVDUJPO
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¶VILQDQFHV,QFUHDVHG VFUXWLQ\RIFRPSDQLHV¶WD[LVVXHVE\UHJXODWRUVOHJLVODWRUV WD[DXWKRULWLHVDQGWKHPHGLDLQFUHDVHGLQWHUHVWLQFRUSRUDWH WD[SROLFLHVE\VKDUHKROGHUVDXGLWFRPPLWWHHVDQG PDQDJHPHQWDQGDQRYHUDOOIRFXVRQWUDQVSDUHQF\DQG GLVFORVXUHZKLFKLWVHOILVDGLUHFWUHVXOWRIVXFKPDQGDWHVDV WKH6DUEDQHV2[OH\$FWWKH(XURSHDQ8QLRQ¶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