Advance tax collection from overseas firms is set to drop sharply in the September quarter, as the global slowdown has affected their Indian operations as well.
Rising market has led to an increased collection of the Securities Transaction Tax (STT), a tax imposed on every transaction on India’s capital markets, resulting in the total receipts reaching the levels of the previous year.
The total direct tax collected from all over India in the April-to-September period has matched last year’s growth in collections, indicating that concerns of a lower mop up due to reduced corporate earnings are unfounded.
Having an effective management in India is not a sufficient ground to deny exemption from capital gains tax to a company that is based in Mauritius, ruled a Delhi bench of the Income-Tax Appellate Tribunal (ITAT).
Liquor outlets across Maharashtra, on Wednesday called off the three-week long boycott of Bagpiper and McDowell’s No 1 whisky, flagship brands of the Vijay Mallya-led United Spirits (USL), after the company agreed to restore the 3% margin to retailers.
The agitation in the state against the sale of United Spirits’ (USL) two flagship brands, Bagpiper Whisky and McDowell’s No 1, intensified on Monday with the Indian Hotels & Restaurants Association (AHAR) also joining in.
Gains arising from M&As of Indian co to be treated as income earned in india under new tax code
Foreign firms buying Indian cos argue that Indian tax authorities have no standing over deals outside India between two overseas parties. Fact sheet on proposed tax code
The provision in the new tax code provides for a system of selecting cases for scrutiny in accordance with the "risk management strategy" to be framed by CBDT.
A bill has been moved in Parliament for exempting independent directors of companies from criminal and civil liabilities, if they are not involved in the day-to-day functions of the company.
- No blogs yet have been written by the author, we’re sure the author will contribute one soon