Preity Zinta of KXIP, SRK and Jay Mehta of KKR are among the team owners the I-T sleuths have approached. List of shareholders in all the 8 teams | Full Coverage
The Delhi High Court has ruled that any liability to withhold tax would arise only if payments to overseas entities is liable to be taxed in India.
One of the tax havens which has been used to route funds is Cayman Islands.
The income-tax department will issue notices to the owners of the ten IPL franchisees early next week as the probe gathers momentum. IPL: Tharoor-Modi controversy
Corporates and banks will not have to establish a debt as a ‘bad debt’ in order to claim tax deduction, according to a recent Supreme Court ruling.
It has been a common complaint that revenue officials, under pressure to meet the fiscal’s target, tend to make irrational demand on tax payers. This high court order lends credence to such complaints.
Direct tax collections are set to fall short of the revised target in FY10, making the current fiscal year the second in a row in which the taxmen have failed to meet government-set targets.
In a judgement that will clear the air on the tricky issue of the income-tax department’s power to levy penalties on assessees, the Supreme Court has held that a penalty cannot be levied merely because the I-T authorities and taxpayers hold divergent views on calculation of income.
The tricky issue of unaccounted wealth stashed by Indians in Swiss banks and other offshore tax havens refuses to die down, with the Supreme Court (SC) admitting another petition asking the government to bring back the money.
Authority for Advance Ruling (AAR) on Monday held that E*trade Mauritius, the wholly-owned subsidiary of the US-based E*trade Financial Corporation, was not liable to pay tax in India on capital gains arising from the sale of its shares held in Indian company IL&FS Investment to HSBC in September 2008.
- No blogs yet have been written by the author, we’re sure the author will contribute one soon