The excruciating delays in getting tax refunds from the Income Tax Department will hopefully end next month, I-T department promises.
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.
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.
Sake, the Japanese alcoholic beverage, is emerging as a lifestyle drink of the elite Indian consumer.
The Income-Tax (I-T) department suspects that several corporates have made bogus claims of tax exemption on units set up in backward areas.
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.
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.
After toying with the idea for over a year, the UB group-promoted Kingfisher Airlines has abandoned the plan for an IPO.
The decision provides relief to NRIs in UAE who remit about Rs 4,000 crore annually in India.
Payment by issue of shares, for the purpose of acquiring know-how, is eligible for tax deduction, according to a ruling by Income-Tax Appellate Tribunal (ITAT), Pune, in the case of Mercedes Benz India.
- No blogs yet have been written by the author, we’re sure the author will contribute one soon