M Padmakshan

  • Arbitration Act may help settle disputes faster

    Arbitration Act may help settle disputes faster

    A faster and cheaper alternative to litigation, for settling corporate disputes, remains unused in India despite the existence of a law enacted in 1996 — The Arbitration and Conciliation Act. This despite the fact that the alternate route for settlement can settle disputes much faster, often in days.

    India-run Mauritian firms taxable

    India-run Mauritian firms taxable

    The Indian authorities have taken a decision to tax companies incorporated in Mauritius if the company, for all practical purposes, is effectively controlled from India.

    Amnesty scheme may resurface

    Amnesty scheme may resurface

    This Budget may propose yet another amnesty scheme. A debate is currently on among top government officials on the feasibility of introducing an amnesty scheme, probably in line with the Voluntary Disclosure Scheme (VDIS) ’97, which generated over Rs 10,500 crore of undisclosed income.

    Govt may raise SSI excise limit

    Govt may raise SSI excise limit

    The government may increase the central excise duty exemption limit for small scale industries (SSIs) from the existing Rs 1 crore to Rs 1.5 crore. If the proposal is accepted, over 40 lakh SSI units in the country with a turnover of up to Rs 1.5 crore will not have to pay excise duty.

    Now, a PAN for NRIs doing business here

    Now, a PAN for NRIs doing business here

    Non-residents with business transactions with Indian companies may soon be issued permanent account numbers, if the government decides to implement the recommendation of the working group on taxation of non-residents headed by Vijay Mathur.

    Govt likely to regulate outbound investments

    Govt likely to regulate outbound investments

    Even as the liberalisation of exchange control gathers pace, the government is considering laws to check the loss of revenue arising from the flow of corporate profits to destinations abroad.

    Govt plans to curb outbound funds

    Govt plans to curb outbound funds

    The government is considering laws to check outflow of investments through subsidiaries set up in tax havens. Between '97 and '02, nearly $3bn have been transferred out of the country through this route.

    Panel wants tax parity for MNCs, local cos

    Panel wants tax parity for MNCs, local cos

    The working group on non-resident taxation, set up by the finance ministry and headed by the director-general of income-tax (international taxation), Vijay Mathur, has recommended parity in tax rate between Indian and foreign companies.

    Cos can claim tax break on VRS before '00-01

    Cos can claim tax break on VRS before '00-01

    Companies that have spent huge amounts on voluntary retirement schemes (VRS) are entitled to receive full exemptions on income-tax, the Income-tax Appellate Tribunal (ITAT) has ruled.

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