M Padmakshan

  • Mumbai opens purse strings, pays 92% more corporate tax

    Mumbai opens purse strings, pays 92% more corporate tax

    The Mumbai income tax department, which usually accounts for 35-40% of the all-India corporate tax mop-up, has registered an unprecedented 92% increase in corporate tax collection to Rs 2,514 crore for the three months ended June '06.

    Dads can't claim tax sops on sons' foreign studies

    Dads can't claim tax sops on sons' foreign studies

    In a major setback to those who spend on the overseas education of their children and claim tax deduction by classifying them as business expenditure, a Mumbai bench of Income-tax Appellate Tribunal (ITAT) held that tax is payable on such expenses even if the education has a bearing on the business of the company.

    Cos reap it rich in backward areas

    Cos reap it rich in backward areas

    The Income-Tax (I-T) department suspects that several corporates have made bogus claims of tax exemption on units set up in backward areas.

    Novartis in a soup over snapping deal with distributor

    Novartis in a soup over snapping deal with distributor

    In a rare case of its kind, a magisterial court in Mumbai has ordered the police to register First Information Report against pharma major Novartis on a complaint filed by another pharma company Wanbury.

    UB plans to toast wine market here

    UB plans to toast wine market here

    Vijay Mallya who has just bought a 150-year-old French wine-maker Bouvet-Ladubay, is learnt to be making an all out effort for a foothold in the fledgling Indian wine market.

    Kingfisher shelves IPO plan

    Kingfisher shelves IPO plan

    After toying with the idea for over a year, the UB group-promoted Kingfisher Airlines has abandoned the plan for an IPO.

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