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.
The Authority for Advanced Ruling has ruled that if an Indian company pays a commission to an overseas company to promote its business in that country, such payment will not be taxable in India.
The king of good times is in a bit of a spot. The over 1,600 retailers in Maharashtra have threatened to stop selling Bagpiper and McDowell's, the flagship whisky brands of United Spirits.
Undistributed dividends of foreign corporations controlled or owned by Indian companies will be taxed in the near future, said income tax (I-T) department sources.
The Bombay High Court, in a recent order, came down heavily on the Income-Tax Department, which unilaterally injected an application for exemption for scientific and industrial research, without seeking guidance of experts on the matter.
California-based E&J Gallo, the world’s second-largest winery by the number of cases sold, has drawn elaborate plans to introduce brands from its global portfolio in India, from September 2009.
The tribunal, a JV between Motherson Sumi Systems India and Germany-based Schefenacker International, sent the adjustment back to the transfer pricing officer for re-examination.
If you don’t have a permanent account number (PAN), your tax deducted at source (TDS) could be higher.
Disputes between multinational companies and Indian tax authorities now stand a better chance of quick resolution, with the government announcing the setting up of a collegium of commissioners to look into the issue.
The Budget has proposed to provide 100% tax exemption to electoral trusts.
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