The income-tax department last week sent notices to six Mumbai-based third party administrators (TPAs), who process insurance claims, asking them to cough up Rs 117 crore for two consecutive financial years, beginning 2008-09.
The Delhi Income-tax Appellate Tribunal (ITAT) has held that difference of opinion cannot be a ground for levying penalty in transfer pricing issues.
A special bench of the Income-Tax Appellate Tribunal, New Delhi, held that fees paid by Indian broadcasting companies to foreign satellite service providers can be taxed in India.
Senior income-tax officials expect tax collections to increase substantially by December 15, when the third installment of advance tax payable in the current fiscal is due.
Transfer pricing (TP) rules that were put in place by the government in the 2001-02 Budget has helped the country’s direct tax regime to earn an additional Rs 15,000 crore to date, according to figures available with the Income-Tax department.
Having a worksite and sub-contracted activities in the country alone are not reason enough to tax a foreign entity, according to the Authority for Advance Ruling.
The income-tax (I-T) department last week carried out a survey on a host of the third party administrators (TPAs) to facilitate cashless treatment for policyholders.
Buoyed by a resurgence in the stock market, collection of security transaction tax (STT), a tax levied on every transaction on stock exchanges.
The Income-Tax (I-T) department seeks to raise Rs 125 crore from stock brokers, who hold membership cards with the stock exchanges.
Tax deducted at source (TDS) collections in Mumbai for the April-September period have crossed last year’s figure with income-tax collections showing an 8% increase, according to figures available till last week.
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