The government has decided to approve the lone price bid that was submitted in the final round of the open tender process called to select a company to operate the container terminal at Ennore in Tamil Nadu.
Corporate advance tax collections have recorded healthy growth in the fiscal first quarter, tax authorities say, in yet another indicator the ongoing economic recovery continues to gain momentum.
Tax authorities can now raise an additional Rs 600 crore or more after a Bombay High Court order that held that third party administrators (TPA)-companies that liaise between insurers and hospitals to facilitate cashless treatment for policyholders-are required to deduct taxes while making payment to hospitals.
The Indian tax authorities had advised British telecom major Vodafone to pay tax on its $11-billion acquisition of Hutchison Essar before it sealed the transaction, according to a recent income tax order.
The Income-tax department can tax even a payment made to a foreign entity outside India, if the transaction has a business connection within the country.
Radico Khaitan, manufacturers of 8 PM whisky, is all set to launch ‘After Dark’, a 100% grain-based whisky manufactured at its Rampur distillery.
A host of companies from Mumbai, said to be 367 in number and mostly multinational in nature, have moved the recently set up dispute resolution panel (DRP) to resolve issues related to cross-border taxation.
Many officers are likely to take up pvt jobs.
In an order highly critical of the Income-Tax department, the Bombay High Court has pulled up the department for its “cavalier” approach and on the way tax issues are decided by the department “without application of mind”.
In a decision that will help corporates restructure businesses, the Chennai bench of Income-tax Appellate Tribunal (ITAT) has held that tax benefit could not be denied to business restructuring, if the exercise fulfills all the conditions mentioned under the Income-Tax Act.
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