In a trend reflective of the ongoing economic recovery, the direct tax collection is on course to cross the original target of Rs 3,70,000 crore fixed for the current fiscal ending March 31 (FY10).
The paraphernalia of power and status that go along with government jobs may be missing in private jobs, but this is adequately compensated by fat pay packets.
The case revolves around an interest-free loan lending of about $6 million by Perot Systems to its associate companies based in Bermuda and Hungary.
The forthcoming budget may have provisions binding on TPAs, the entities that network between insurers and hospitals to facilitate cashless treatment for policyholders, to deduct TDS before making payments to hospitals.
Over 1,600 such companies, who were asked to pay additional corporate taxes on account of their overseas transactions, now, have the option to appeal for redressal of their grievances.
The Authority for Advance Ruling (AAR) held that restructuring of businesses cannot be construed as an exercise for avoiding tax in India.
Vijay mallya-led United Spirits, the number-one spirits company in India, has emerged as the world’s second-largest spirits firm in terms of volume.
The Income-Tax authorities expect to raise nearly Rs 30 crore from Vidhu Vinod Chopra - the Bollywood film producer.
Individuals as well as corporates may have fewer occasions to meet the taxmen in future.
Tax authorities remain positive about meeting the projected direct tax collection of Rs 3.65 lakh crore.
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