The Income Tax Appellate Tribunal’s (ITAT) recent decision against taxing NRIs working in UAE, in the Green Emirates Shipping and Travels case, has found support among the tax experts and courts abroad.
Now, the I-T tribunal will levy tax on training fees paid to foreign companies for import of knowhow.
After announcing his withdrawal from the race to acquire French champagne major, the Taittinger group, Vijay Mallya, chairman of the UB group is in the race to acquire Taittinger’s wine arm, Bouvet-Ladubay.
The commerce ministry has a set up a committee to look into the pros and cons of permitting foreign law firms to compete with their counterparts in India.
The Centre is likely to promulgate an ordinance in the next few days to provide relief to loss-making exporters who are collectively facing an additional tax demand of Rs 4,000 crore.
The income tax department cannot levy a penalty on a tax-payer who has concealed his income but incurred losses and has no taxable income to report. This is in accordance with a recent order of a division bench of the Bombay High Court.
Investors from United Arab Emirates (UAE) have to pay capital gains tax on their investments in India, according to a ruling by the Authority for Advance Ruling (AAR), a quasi judicial body which decides on the taxability of a cross-border ventures in advance.
The law ministry has raised some questions on the viability of future amnesty schemes.
The two months prior to the Budget usually see frenzied speculation about the likely movement in tax rates.
Amid reports of FIIs migrating from Mauritius to newer destinations seeking better tax and administrative environment, there comes good news for FIIs based in Mauritius.
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